Newark Valley, New York Property Taxes
The median property tax rate in Newark Valley, NY is 3.60%, 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 Newark Valley, the typical annual property tax bill reaches $3,760, exceeding the national median of $2,690. Property taxes in Newark Valley 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 Newark Valley'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 Newark Valley 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
Newark Valley, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.6%
Estimate Property Tax Bill
$4,141
$4,094
Ownwell’s Newark Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newark Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newark Valley 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 Newark Valley, New York
Property taxes in Newark Valley, 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 Newark Valley is 3.60%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Newark Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newark Valley 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 Newark Valley's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 13811 has the highest median property tax rate of 3.60%, while also having the lowest median tax rate of 3.60%. Understanding how these areas compare with Newark Valley 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 Newark Valley Tax Rate
3.60%
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 Newark Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13811 | 2.70% | 2.70% | 3.60% | 3.61% | 3.62% |
Source: Ownwell
Property Tax Assessment Values Across Newark Valley, New York
In Newark Valley, 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 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 Newark Valley, 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 Newark Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Newark Valley's highest and lowest median tax bills are both $3,760 in the zip code 13811.
Average Newark Valley Assessed Value
$115,022
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 Newark Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13811 | $33,962 | $66,038 | $115,022 | $156,913 | $224,729 |
Source: Ownwell
Property Tax Bills Across Newark Valley, New York
In Newark Valley, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the home's location, size, and market value significantly influence the assessed value. For instance, the median home price in Newark Valley is $115,022, and tax bills can vary widely. Homeowners in the 25th percentile pay around $2,387, while those in the 75th percentile face bills of approximately $5,125. At the 90th percentile, tax bills can reach as high as $6,834. These property taxes fund essential local services, including schools, public safety, and infrastructure. While the national median property tax rate is 0.99%, the rates in Newark Valley often result in higher tax bills due to the specific needs and budgetary requirements of the area. Homeowners need to account for these taxes in their annual budgeting to avoid financial strain.
Average Newark Valley Tax Bill
$3,760
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 Newark Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13811 | $1,227 | $2,387 | $3,760 | $5,125 | $6,834 |
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 |