Cayuga, New York Property Taxes
The median property tax rate in Cayuga, NY is 2.52%, 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 Cayuga at $155,100, the typical annual property tax bill reaches $3,811, exceeding the national median of $2,690. Property taxes in Cayuga 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 Cayuga'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 Cayuga 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
Cayuga, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.52%
Estimate Property Tax Bill
$3,909
$3,864
Ownwell’s Cayuga Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cayuga with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cayuga 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 Cayuga, New York
Property taxes in Cayuga, NY, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cayuga is 2.52%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cayuga set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cayuga 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 Cayuga's effective property tax rate to other regions and the national median. For comparison, the zip code 13034 has the highest median property tax rate of 2.52%, while the same zip code also has the lowest median tax rate of 2.52%. Understanding how these areas compare with Cayuga provides valuable insights into the varying tax landscape across Cayuga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cayuga Tax Rate
2.52%
Average Cayuga County Tax Rate
2.43%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cayuga, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13034 | 2.11% | 2.17% | 2.52% | 2.78% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Cayuga, New York
In Cayuga, 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 Cayuga 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 Cayuga, 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. For example, the median home price in Cayuga is $155,100, with tax bills ranging from $2,564 at the 25th percentile to $8,597 at the 90th percentile. The zip code with the highest and lowest median tax bill is 13034, both at $3,811. By understanding 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 Cayuga helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cayuga Assessed Value
$155,100
Average Cayuga County Assessed Value
$136,353
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cayuga, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13034 | $61,697 | $103,333 | $155,100 | $250,300 | $405,581 |
Source: Ownwell
Property Tax Bills Across Cayuga, New York
Property tax bills in Cayuga, NY, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is based on the market value of the property, which is influenced by factors such as location, size, and condition. In Cayuga, the median home price is $155,100, and property tax rates are applied to this assessed value to calculate the tax bill. Homeowners in Cayuga can expect varying tax bills depending on their property's value and specific location within the county. The 25th percentile tax bill is $2,564, while the 75th percentile tax bill reaches $5,745. For those in the 90th percentile, tax bills can soar to $8,597. The highest and lowest median tax bills in Cayuga are both $3,811, indicating a uniformity in tax rates across different areas within the county. These property tax bills significantly impact homeowners by influencing their overall housing costs. Higher property taxes can lead to increased monthly mortgage payments, affecting affordability and financial planning for residents.
Average Cayuga Tax Bill
$3,811
Average Cayuga County Tax Bill
$3,328
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Cayuga, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13034 | $1,598 | $2,564 | $3,811 | $5,745 | $8,597 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Cayuga Assessment Review Commission | |
| Website | ccgis.cayugacounty.us |