Little Valley, New York Property Taxes
The median property tax rate in Little Valley, NY is 1.52%, 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 Little Valley, the typical annual property tax bill reaches $1,409, exceeding the national median of $2,690. Property taxes in Little 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 Little 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 Little 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
Little Valley, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$1,411
$1,395
Ownwell’s Little Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little 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 Little Valley, New York
Property taxes in Little Valley, New York, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Little Valley is 1.52%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Little Valley set these rates annually, and they can vary across different neighborhoods. Each year, Little 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 Little Valley's effective property tax rate to other areas in Cattaraugus County and the national median. For comparison, the zip code 14755 in Little Valley has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these figures compare with Little Valley provides valuable insights into the varying tax landscape across Cattaraugus County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Little Valley Tax Rate
1.52%
Average Cattaraugus County Tax Rate
1.53%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14755 | 1.27% | 1.48% | 1.52% | 1.53% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Little Valley, New York
In Little 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 Cattaraugus County Assessor 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 Little 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. The median home price here is $92,830, with tax bills ranging from $892 at the 25th percentile to $3,094 at the 90th percentile. The zip code with both the highest and lowest median tax bills is 14755, with a median tax bill of $1,409. Being aware of these valuation processes in Little Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Little Valley Assessed Value
$92,830
Average Cattaraugus County Assessed Value
$88,597
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Little Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14755 | $35,100 | $59,806 | $92,830 | $142,452 | $200,780 |
Source: Ownwell
Property Tax Bills Across Little Valley, New York
In Little Valley, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the tax rate set by the local government to determine the annual tax bill. Factors influencing the tax bill include the property's market value, any applicable exemptions, and the local tax rate. For homeowners in Little Valley, the median home price is $92,830. The tax bills vary significantly, with the 25th percentile tax bill at $892 and the 75th percentile at $2,182. At the 90th percentile, tax bills can reach up to $3,094. These figures indicate a wide range of property tax burdens, which can significantly impact homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, the tax rates in Little Valley highlight the importance of understanding local property tax calculations and their implications on personal finances.
Average Little Valley Tax Bill
$1,409
Average Cattaraugus County Tax Bill
$1,508
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Little Valley, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14755 | $529 | $892 | $1,409 | $2,182 | $3,094 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Cattaraugus Assessment Review Commission | |
| Website | maps.cattco.org |