Gainesville, New York Property Taxes
The median property tax rate in Gainesville, New York, is 3.12%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $91,000, the typical annual property tax bill in Gainesville reaches $2,806, surpassing the national median of $2,690. Property taxes in Gainesville are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gainesville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Gainesville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gainesville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.12%
Estimate Property Tax Bill
$2,839
$2,807
Ownwell’s Gainesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gainesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gainesville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Gainesville, New York
Property taxes in Gainesville, New York, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Gainesville is 3.12%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Gainesville set these rates annually, and they can vary considerably across different neighborhoods. Each year, Gainesville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Gainesville's effective property tax rate to other counties in New York and the national median. For comparison, the 14066 zip code has the highest median property tax rate of 3.12%, while the same zip code also has the lowest median tax rate of 3.12%. Understanding how these cities compare with Gainesville provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gainesville Tax Rate
3.12%
Average Wyoming County Tax Rate
2.98%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gainesville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14066 | 2.31% | 2.71% | 3.12% | 3.35% | 3.51% |
Source: Ownwell
Property Tax Assessment Values Across Gainesville, New York
In Gainesville, New York, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Wyoming County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Gainesville, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Gainesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both found in the 14066 zip code, each at $2,806.
Average Gainesville Assessed Value
$91,000
Average Wyoming County Assessed Value
$124,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gainesville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14066 | $33,828 | $61,842 | $91,000 | $144,000 | $215,905 |
Source: Ownwell
Property Tax Bills Across Gainesville, New York
In Gainesville, Wyoming County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in this region experience a range of tax bills, with the 25th percentile at $1,771 and the 75th percentile reaching $4,083. The highest median tax bill in the area is $2,806, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations made to the property. These factors can result in varying tax bills even within the same neighborhood. High property taxes can impact homeowners by increasing the overall cost of homeownership and potentially affecting the affordability of maintaining their homes. Understanding how these taxes are calculated can help homeowners better plan for their financial obligations.
Average Gainesville Tax Bill
$2,806
Average Wyoming County Tax Bill
$3,932
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Gainesville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14066 | $851 | $1,771 | $2,806 | $4,083 | $5,932 |
Source: Ownwell