Keuka Park, New York Property Taxes
The median property tax rate in Keuka Park, NY is 1.68%, considerably higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Keuka Park at $325,000, the typical annual property tax bill reaches $5,482, exceeding the national median of $2,690. Property taxes in Keuka Park are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Keuka Park'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 Keuka Park 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
Keuka Park, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$5,460
$5,398
Ownwell’s Keuka Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keuka Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keuka Park 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 Keuka Park, New York
Property taxes in Keuka Park, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keuka Park is 1.68%, higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Keuka Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keuka Park 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 Keuka Park's effective property tax rate to other counties in New York and the national median. For comparison, the 14478 zip code has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Keuka Park provides valuable insights into the varying tax landscape across Yates County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keuka Park Tax Rate
1.68%
Average Yates County Tax Rate
1.79%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keuka Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14478 | 1.66% | 1.68% | 1.68% | 1.68% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Keuka Park, New York
In Keuka Park, 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 Yates County Assessment Office 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 Keuka Park, 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 Keuka Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $5,482, found in zip code 14478.
Average Keuka Park Assessed Value
$325,000
Average Yates County Assessed Value
$166,700
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keuka Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14478 | $119,000 | $169,900 | $325,000 | $545,000 | $745,200 |
Source: Ownwell
Property Tax Bills Across Keuka Park, New York
In Keuka Park, located in Yates 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 a percentage of the home's market value. Homeowners in Keuka Park experience varying tax bills due to differences in property values and local tax rates. For instance, the median home price in this area is $325,000. Homeowners can expect their property tax bills to fall within a range influenced by the assessed value and specific tax rates. The tax bill at the 25th percentile is $2,898, while at the 75th percentile, it rises to $9,083. The 90th percentile tax bill can be as high as $12,014. These figures highlight the significant impact of property values and local tax rates on what homeowners pay annually. Compared to the national median property tax rate of 0.99%, Keuka Park's property tax rates can result in substantial financial obligations for homeowners, emphasizing the importance of understanding local tax assessments.
Average Keuka Park Tax Bill
$5,482
Average Yates County Tax Bill
$3,654
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Keuka Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14478 | $2,072 | $2,898 | $5,482 | $9,083 | $12,014 |
Source: Ownwell