Penn Yan, New York Property Taxes
The median property tax rate in Penn Yan, NY is 1.80%, 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 Penn Yan, the typical annual property tax bill reaches $3,947, exceeding the national median of $2,690. Property taxes in Penn Yan 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 Penn Yan'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 Penn Yan 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
Penn Yan, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,222
$3,186
Ownwell’s Penn Yan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Penn Yan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penn Yan 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 Penn Yan, New York
Property taxes in Penn Yan, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penn Yan is 1.80%, significantly higher than the U.S. national median of 0.99%. Local government entities within Penn Yan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penn Yan 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 Penn Yan's effective property tax rate to other counties in New York and the national median. For comparison, the 14527 zip code has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these cities compare with Penn Yan 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 Penn Yan Tax Rate
1.80%
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 Penn Yan, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14527 | 1.62% | 1.72% | 1.80% | 2.86% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Penn Yan, New York
In Penn Yan, 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 Appraisal District 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 Penn Yan, 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 Penn Yan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Penn Yan is $3,947, both found in the 14527 zip code.
Average Penn Yan Assessed Value
$179,000
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 Penn Yan, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14527 | $82,070 | $117,625 | $179,000 | $372,300 | $694,020 |
Source: Ownwell
Property Tax Bills Across Penn Yan, New York
In Penn Yan, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. The assessed value is then multiplied by the tax rate set by Yates County to determine the annual tax bill. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions. Homeowners in Penn Yan experience varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $2,741, while the 75th percentile reaches $6,775. The 90th percentile can go as high as $11,538, reflecting the diverse range of property values and tax burdens in the area. Comparatively, Penn Yan's property tax rate is higher than the national median rate of 0.99%, which can significantly impact homeowners' annual expenses. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Penn Yan Tax Bill
$3,947
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 Penn Yan, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14527 | $1,727 | $2,741 | $3,947 | $6,775 | $11,538 |
Source: Ownwell