Binghamton, New York Property Taxes
The median property tax rate in Binghamton, NY is 4.70%, 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 $108,000 in Binghamton, the typical annual property tax bill reaches $5,073, far exceeding the national median of $2,690. Property taxes in Binghamton 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 Binghamton'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 Binghamton 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
Binghamton, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.7%
Estimate Property Tax Bill
$5,076
$5,019
Ownwell’s Binghamton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Binghamton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Binghamton 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 Binghamton, New York
Property taxes in Binghamton, 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 Binghamton is 4.70%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Binghamton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Binghamton 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 Binghamton's effective property tax rate to other areas in Broome County and the national median. For comparison, the 13905 zip code has the highest median property tax rate of 6.41%, while the 13901 zip code has the lowest median tax rate of 3.40%. Understanding how these areas compare with Binghamton provides valuable insights into the varying tax landscape across Broome County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Binghamton Tax Rate
4.70%
Average Broome County Tax Rate
3.50%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Binghamton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13901 | 2.89% | 2.90% | 3.40% | 3.97% | 6.41% |
| 13903 | 3.48% | 3.58% | 6.41% | 6.41% | 6.41% |
| 13904 | 2.45% | 2.97% | 6.04% | 6.41% | 6.41% |
| 13905 | 3.22% | 3.54% | 6.41% | 6.41% | 6.41% |
Source: Ownwell
Property Tax Assessment Values Across Binghamton, New York
In Binghamton, 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 Broome 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 Binghamton, 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 Binghamton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 13905 at $5,526, while the lowest is 13901 at $4,555.
Average Binghamton Assessed Value
$108,000
Average Broome County Assessed Value
$113,808
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Binghamton, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13901 | $63,247 | $88,148 | $123,964 | $164,078 | $228,104 |
| 13903 | $61,032 | $80,486 | $105,085 | $145,763 | $227,119 |
| 13904 | $62,222 | $78,519 | $95,631 | $120,862 | $181,846 |
| 13905 | $62,296 | $81,481 | $107,606 | $136,000 | $178,689 |
Source: Ownwell
Property Tax Bills Across Binghamton, New York
In Binghamton, Broome 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 tax assessor and aims to reflect the market value of the property. Homeowners in Binghamton experience varying tax bills depending on several factors, including the property's location within different zip codes. For instance, the highest median tax bill in the area is $5,526 in the 13905 zip code, while the lowest is $4,555 in the 13901 zip code. The tax bill also varies significantly across different percentiles. At the 25th percentile, homeowners can expect to pay around $3,844, while those at the 75th percentile see bills closer to $6,650. The top 10% of homeowners face tax bills as high as $8,806. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the region's higher-than-average property taxes. This substantial variability in tax bills affects homeowners by influencing their overall cost of living and financial planning.
Average Binghamton Tax Bill
$5,073
Average Broome County Tax Bill
$4,421
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Binghamton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13901 | $2,693 | $3,536 | $4,555 | $5,637 | $7,319 |
| 13903 | $2,803 | $4,037 | $5,310 | $7,078 | $10,312 |
| 13904 | $2,466 | $3,515 | $4,940 | $6,013 | $7,054 |
| 13905 | $3,155 | $4,192 | $5,526 | $7,431 | $9,464 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Broome Assessment Review Commission | |
| Website | gis.broomecountyny.gov |