Swain, New York Property Taxes
The median property tax rate in Swain, NY is 4.39%, 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 Swain, the typical annual property tax bill reaches $2,870, exceeding the national median of $2,690. Property taxes in Swain 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 Swain'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 Swain 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
Swain, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.39%
Estimate Property Tax Bill
$2,924
$2,891
Ownwell’s Swain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swain 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 Swain, New York
Property taxes in Swain, 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 Swain is 4.39%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Swain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swain 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 Swain's effective property tax rate to other counties in New York and the national median. For comparison, the 14884 zip code has the highest median property tax rate of 4.39%, while the 14884 zip code also has the lowest median tax rate of 4.39%. Understanding how these cities compare with Swain 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 Swain Tax Rate
4.39%
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 Swain, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14884 | 4.33% | 4.33% | 4.39% | 4.39% | 4.44% |
Source: Ownwell
Property Tax Assessment Values Across Swain, New York
In Swain, 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 Swain, 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 median home price in Swain is $66,600, with tax bills ranging from $1,989 at the 25th percentile to $5,405 at the 90th percentile. 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 Swain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Swain Assessed Value
$66,600
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 Swain, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14884 | $23,380 | $45,150 | $66,600 | $91,050 | $125,020 |
Source: Ownwell
Property Tax Bills Across Swain, New York
In Swain, NY, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, the median home price in Swain is $66,600. Homeowners in Swain face a variety of tax bills, with the 25th percentile tax bill at $1,989 and the 75th percentile at $3,943. The highest tax bills can reach up to $5,405 for the 90th percentile. These figures are significantly higher than the national median property tax rate of 0.99%. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially making it more challenging to afford and maintain their properties. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Swain Tax Bill
$2,870
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 Swain, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14884 | $1,039 | $1,989 | $2,870 | $3,943 | $5,405 |
Source: Ownwell