Lowman, New York Property Taxes
The median property tax rate in Lowman, NY is 2.88%, 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 Lowman, the typical annual property tax bill reaches $3,059, exceeding the national median of $2,690. Property taxes in Lowman 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 Lowman'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 Lowman 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
Lowman, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$3,221
$3,184
Ownwell’s Lowman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lowman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowman 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 Lowman, New York
Property taxes in Lowman, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowman is 2.88%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lowman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowman 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 Lowman's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14861 has the highest median property tax rate of 2.88%, while the same zip code also has the lowest median tax rate of 2.88%. Understanding how these cities compare with Lowman provides valuable insights into the varying tax landscape across Chemung County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lowman Tax Rate
2.88%
Average Chemung County Tax Rate
2.93%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowman, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14861 | 2.40% | 2.70% | 2.88% | 2.91% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Lowman, New York
In Lowman, 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 Chemung 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 Lowman, 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 Lowman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 14861 has the highest median tax bill at $3,059, which is significant given the national median property tax rate of 0.99%.
Average Lowman Assessed Value
$111,831
Average Chemung County Assessed Value
$104,684
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lowman, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14861 | $39,948 | $70,423 | $111,831 | $153,200 | $209,515 |
Source: Ownwell
Property Tax Bills Across Lowman, New York
In Lowman, Chemung County, NY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is intended to reflect the market value of the property. Homeowners in Lowman can expect a tax bill that varies significantly depending on the value of their property. For instance, the tax bill at the 25th percentile is around $1,842, while at the 75th percentile, it jumps to approximately $4,298. Those at the 90th percentile can see tax bills as high as $5,832. The median home price in Lowman is $111,831, and the property tax rate in this area is relatively high compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both recorded at $3,059 in the zip code 14861, indicating a consistent tax rate across different properties. These tax bills can significantly impact homeowners' budgets, particularly for those with higher-valued properties.
Average Lowman Tax Bill
$3,059
Average Chemung County Tax Bill
$3,435
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowman, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14861 | $1,033 | $1,842 | $3,059 | $4,298 | $5,832 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Chemung Assessment Review Commission | |
| Website | www.arcgis.com |