Houghton, New York Property Taxes
The median property tax rate in Houghton, NY is 3.26%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Houghton at $107,450, the typical annual property tax bill reaches $3,485, far exceeding the national median of $2,690. Property taxes in Houghton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Houghton'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 Houghton 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
Houghton, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.26%
Estimate Property Tax Bill
$3,503
$3,463
Ownwell’s Houghton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Houghton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Houghton 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 Houghton, New York
Property taxes in Houghton, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Houghton is 3.26%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Houghton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Houghton 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 Houghton's effective property tax rate to other counties in New York and the national median. For comparison, the 14744 zip code has the highest median property tax rate of 3.26%, while the same zip code also has the lowest median tax rate of 3.26%. Understanding how these cities compare with Houghton 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 Houghton Tax Rate
3.26%
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 Houghton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14744 | 2.76% | 2.99% | 3.26% | 3.65% | 3.65% |
Source: Ownwell
Property Tax Assessment Values Across Houghton, New York
In Houghton, 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 Houghton, 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. For instance, the zip code with the highest median tax bill is 14744, amounting to $3,485. 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 Houghton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Houghton Assessed Value
$107,450
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 Houghton, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14744 | $45,960 | $75,850 | $107,450 | $141,675 | $172,140 |
Source: Ownwell
Property Tax Bills Across Houghton, New York
In Houghton, located in Allegany County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and is intended to represent the market value of the property. For homeowners in Houghton, the median home price stands at $107,450. The property tax rate in Allegany County is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Houghton, the 25th percentile tax bill is $2,398, while the 75th percentile reaches $4,737, and the 90th percentile can go up to $5,775. These figures highlight the range of property tax obligations homeowners might face, depending on their property's assessed value and any exemptions they qualify for. Compared to the national median property tax rate of 0.99%, Houghton homeowners might experience varying degrees of financial impact, reinforcing the importance of understanding local property tax calculations.
Average Houghton Tax Bill
$3,485
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 Houghton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14744 | $1,357 | $2,398 | $3,485 | $4,737 | $5,775 |
Source: Ownwell