Chenango Forks, New York Property Taxes
The median property tax rate in Chenango Forks, NY is 2.99%, considerably higher than both the national median of 0.99% and New York's state median of 2.39%. With a median home value of $106,208 in Chenango Forks, the typical annual property tax bill reaches $3,329, exceeding the national median of $2,690. Property taxes in Chenango Forks 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 Chenango Forks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Chenango Forks 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
Chenango Forks, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$3,176
$3,140
Ownwell’s Chenango Forks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chenango Forks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chenango Forks 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 Chenango Forks, New York
Property taxes in Chenango Forks, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chenango Forks is 2.99%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Chenango Forks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chenango Forks 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 Chenango Forks' effective property tax rate to other areas in New York and the national median. For comparison, the entire Chenango Forks area has a consistent median property tax rate of 2.99%, which is also the highest rate in the region. Understanding how Chenango Forks compares with other areas 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 Chenango Forks Tax Rate
2.99%
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 Chenango Forks, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13746 | 2.83% | 2.95% | 2.99% | 3.41% | 3.50% |
Source: Ownwell
Property Tax Assessment Values Across Chenango Forks, New York
In Chenango Forks, NY, 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. Assessment notices in Chenango Forks 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 example, in the zip code 13746, the median tax bill is $3,329. 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 Chenango Forks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Chenango Forks, New York
Source: Ownwell
$57,486
$113,543
$169,600
Average Chenango Forks Assessed Value
$106,208
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 Chenango Forks, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13746 | $34,440 | $60,000 | $106,208 | $154,680 | $214,582 |
Source: Ownwell
Property Tax Bills Across Chenango Forks, New York
In Chenango Forks, Broome County, NY, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate to calculate the annual tax bill. Factors influencing the tax bill include the property's location, size, and any applicable exemptions. For instance, the median home price in Chenango Forks is $106,208, and property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $1,904 annually, while those at the 75th percentile could see bills as high as $4,703. The highest tax bills, at the 90th percentile, can reach up to $6,604. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting homeowners' financial responsibilities and the quality of community services. Compared to the national median property tax rate of 0.99%, Chenango Forks' rates reflect the local economic and governmental landscape.
Average Chenango Forks Tax Bill
$3,329
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 Chenango Forks, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13746 | $1,057 | $1,904 | $3,329 | $4,703 | $6,604 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
|---|
Links | |
|---|---|
| Broome Assessment Review Commission | |
| Website | gis.broomecountyny.gov |