Versailles, New York Property Taxes
The median property tax rate in Versailles, NY is 1.59%, significantly higher than the national median of 0.99% but lower than the New York state median of 2.39%. With a median home value of $85,000 in Versailles, the typical annual property tax bill is $1,733, which is below the national median of $2,690. Property taxes in Versailles are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Versailles' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Versailles 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
Versailles, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$1,352
$1,336
Ownwell’s Versailles Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Versailles with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Versailles 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 Versailles, New York
Property taxes in Versailles, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Versailles is 1.59%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Versailles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Versailles 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 Versailles' effective property tax rate to other counties in New York and the national median. For comparison, the 14168 zip code has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Versailles 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 Versailles Tax Rate
1.59%
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 Versailles, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14168 | 1.45% | 1.57% | 1.59% | 2.66% | 3.21% |
Source: Ownwell
Property Tax Assessment Values Across Versailles, New York
In Versailles, 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 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 Versailles, 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 in Versailles is $85,000, with annual property tax bills ranging from $1,229 at the 25th percentile to $2,895 at the 90th percentile. The zip code 14168 has both the highest and lowest median tax bill, at $1,733. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Versailles Assessed Value
$85,000
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 Versailles, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14168 | $65,720 | $69,100 | $85,000 | $105,500 | $187,180 |
Source: Ownwell
Property Tax Bills Across Versailles, New York
In Versailles, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in this area is $85,000. Homeowners can expect their tax bill to vary significantly depending on several factors, including the assessed value of their property and the specific tax rates set by local taxing authorities. For instance, the tax bill at the 25th percentile is $1,229, while at the 75th percentile, it rises to $2,209, and at the 90th percentile, it reaches $2,895. The highest median tax bill in the county is $1,733, which is notably higher than the national median property tax rate of 0.99%. These figures highlight the range of tax burdens homeowners in Versailles may face. Understanding these factors is crucial for homeowners as property taxes can significantly impact their annual expenses, influencing decisions on property investments and long-term financial planning.
Average Versailles Tax Bill
$1,733
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 Versailles, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14168 | $925 | $1,229 | $1,733 | $2,209 | $2,895 |
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 |