Allentown, New York Property Taxes
The median property tax rate in Allentown, NY is 4.69%, 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 Allentown at $46,700, the typical annual property tax bill reaches $2,142, which is below the national median of $2,690. Property taxes in Allentown 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 Allentown'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 Allentown 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
Allentown, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.69%
Estimate Property Tax Bill
$2,190
$2,166
Ownwell’s Allentown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Allentown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Allentown 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 Allentown, New York
Property taxes in Allentown, New York, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Allentown is 4.69%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Allentown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Allentown 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 Allentown's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14707 has the highest median property tax rate of 4.69%, while the same zip code also has the lowest median tax rate of 4.69%. Understanding how these cities compare with Allentown provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Allentown Tax Rate
4.69%
Average Allegany County Tax Rate
3.64%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Allentown, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14707 | 3.97% | 4.59% | 4.69% | 4.69% | 4.69% |
Source: Ownwell
Property Tax Assessment Values Across Allentown, New York
In Allentown, 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 Allegany 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 Allentown, 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. For instance, the highest median tax bill in Allentown is $2142 in the 14707 zip code, while the lowest is also $2142 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Allentown Assessed Value
$46,700
Average Allegany County Assessed Value
$72,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Allentown, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14707 | $26,540 | $36,000 | $46,700 | $69,300 | $79,220 |
Source: Ownwell
Property Tax Bills Across Allentown, New York
In Allentown, located in Allegany County, NY, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines the assessed value, which is then multiplied by the local tax rate to calculate the annual tax bill. With a median home price of $46,700, homeowners can expect varying tax bills depending on the assessed value and specific tax rates applied in their area. Factors such as property size, location, and improvements can influence the assessed value, leading to differences in tax bills. For instance, tax bills in the 25th percentile are around $1,615, while those in the 75th percentile can reach up to $3,137. The impact on homeowners can be significant, particularly when compared to the national median property tax rate of 0.99%. In Allentown, the highest median tax bill reported in the region is $2,142, indicating a substantial range in tax liabilities. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Allentown Tax Bill
$2,142
Average Allegany County Tax Bill
$2,710
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Allentown, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14707 | $1,227 | $1,615 | $2,142 | $3,137 | $3,664 |
Source: Ownwell