Chenango Forks, New York Property Taxes
The median property tax rate in Chenango Forks, NY is 2.98%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Chenango Forks at $127,750, the typical annual property tax bill reaches $3,895, exceeding the national median of $2,690. Property taxes in Chenango Forks 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 Chenango Forks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Chenango Forks 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
Chenango Forks, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$3,807
$3,764
Ownwell’s Chenango Forks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chenango Forks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chenango Forks 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 Chenango Forks, New York
Property taxes in Chenango Forks, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chenango Forks is 2.98%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Chenango Forks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chenango Forks 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 Chenango Forks' effective property tax rate to other counties in New York and the national median. For comparison, the 13746 zip code has the highest median property tax rate of 2.98%, while the same zip code also has the lowest median tax rate of 2.98%. Understanding how these cities compare with Chenango Forks provides valuable insights into the varying tax landscape across Chenango County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chenango Forks Tax Rate
2.98%
Average Chenango County Tax Rate
3.08%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chenango Forks, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13746 | 2.91% | 2.98% | 2.98% | 3.04% | 3.55% |
Source: Ownwell
Property Tax Assessment Values Across Chenango Forks, New York
In Chenango Forks, 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 Chenango 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 Chenango Forks, 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 Chenango Forks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $127,750, with tax bills ranging from $2,581 at the 25th percentile to $7,071 at the 90th percentile. The highest and lowest median tax bills, both at $3,895, are found in the 13746 zip code.
Average Chenango Forks Assessed Value
$127,750
Average Chenango County Assessed Value
$92,500
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chenango Forks, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13746 | $50,250 | $85,625 | $127,750 | $172,750 | $232,250 |
Source: Ownwell
Property Tax Bills Across Chenango Forks, New York
In Chenango Forks, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $127,750. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $2,581 and the 75th percentile reaching $5,390. The highest median tax bill in the region is $3,895, found in the 13746 zip code. Several factors contribute to the final tax bill, including the home's assessed value, which is determined by the local assessor, and the specific tax rate set by local taxing authorities. This assessed value is different from the market value, which is the price the property would likely sell for in the current market. High property taxes can significantly impact homeowners, affecting affordability and long-term financial planning. Compared to the national median property tax rate of 0.99%, Chenango Forks' rates are notably higher, highlighting the importance of understanding local tax obligations.
Average Chenango Forks Tax Bill
$3,895
Average Chenango County Tax Bill
$2,965
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Chenango Forks, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13746 | $1,544 | $2,581 | $3,895 | $5,390 | $7,071 |
Source: Ownwell