King Ferry, New York Property Taxes
The median property tax rate in King Ferry, NY is 1.99%, 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 King Ferry at $212,092, the typical annual property tax bill reaches $4,108, exceeding the national median of $2,690. Property taxes in King Ferry 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 King Ferry'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 King Ferry 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
King Ferry, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$4,221
$4,173
Ownwell’s King Ferry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in King Ferry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in King Ferry 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 King Ferry, New York
Property taxes in King Ferry, 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 King Ferry is 1.99%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within King Ferry set these rates annually, and they can vary significantly across different neighborhoods. Each year, King Ferry 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 King Ferry's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 13081 has the highest median property tax rate of 1.99%, while it also has the lowest median tax rate of 1.99%. Understanding how these figures compare with King Ferry 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 King Ferry Tax Rate
1.99%
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 King Ferry, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13081 | 1.59% | 1.94% | 1.99% | 1.99% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across King Ferry, New York
In King Ferry, 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 King Ferry, 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 King Ferry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $4,108 in the 13081 zip code.
Average King Ferry Assessed Value
$212,092
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 King Ferry, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13081 | $75,541 | $129,144 | $212,092 | $350,688 | $519,449 |
Source: Ownwell
Property Tax Bills Across King Ferry, New York
In King Ferry, located in Cayuga County, NY, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and aims to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or abatements. For instance, the median home price in King Ferry is $212,092, and the property tax bill can range significantly. At the 25th percentile, homeowners might pay around $2,536, while those at the 75th percentile could see bills as high as $6,509. The 90th percentile tax bill reaches up to $9,272. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting homeowners by ensuring community development and maintenance.
Average King Ferry Tax Bill
$4,108
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 King Ferry, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13081 | $1,414 | $2,536 | $4,108 | $6,509 | $9,272 |
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 |