Belmont, New York Property Taxes
The median property tax rate in Belmont, NY is 3.37%, 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 $64,600 in Belmont, the typical annual property tax bill reaches $2,351, which is still below the national median of $2,690. Property taxes in Belmont are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Belmont'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 Belmont or another part of Allegany County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belmont, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.37%
Estimate Property Tax Bill
$2,177
$2,152
Ownwell’s Belmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmont 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 Belmont, New York
Property taxes in Belmont, 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 Belmont is 3.37%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Belmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmont 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 Belmont's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14813 has the highest median property tax rate of 3.37%, while the lowest median tax rate in the area is also 3.37%. Understanding how these cities compare with Belmont 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 Belmont Tax Rate
3.37%
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 Belmont, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14813 | 3.18% | 3.37% | 3.37% | 4.11% | 4.11% |
Source: Ownwell
Property Tax Assessment Values Across Belmont, New York
In Belmont, 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 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 Belmont, 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 Belmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Belmont is $2351 in zip code 14813, which is also the lowest median tax bill, highlighting the uniformity in tax assessments within the area.
Average Belmont Assessed Value
$64,600
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 Belmont, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14813 | $25,620 | $42,950 | $64,600 | $96,400 | $149,580 |
Source: Ownwell
Property Tax Bills Across Belmont, New York
In Belmont, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Belmont is $64,600, and property tax rates are applied to this assessed value to determine the tax bill. Factors such as property location, size, and improvements can influence the assessed value. Belmont's property tax bills vary significantly, with the 25th percentile at $1,526 and the 75th percentile reaching $3,439. For homeowners in the 90th percentile, tax bills can go up to $5,231. These taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Belmont's rates are relatively high, reflecting the local government's funding needs. Homeowners in Belmont must budget for these taxes, as they represent a significant annual expense. The highest and lowest median tax bills in the county both stand at $2,351, highlighting some consistency within the region.
Average Belmont Tax Bill
$2,351
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 Belmont, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14813 | $911 | $1,526 | $2,351 | $3,439 | $5,231 |
Source: Ownwell