Mc Donough, New York Property Taxes
The median property tax rate in Mc Donough, NY is 3.08%, 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 Mc Donough at $72,222, the typical annual property tax bill reaches $2,132, which is below the national median of $2,690. Property taxes in Mc Donough are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mc Donough'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 Mc Donough 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
Mc Donough, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.08%
Estimate Property Tax Bill
$2,224
$2,199
Ownwell’s MC DONOUGH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC DONOUGH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC DONOUGH 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 Mc Donough, New York
Property taxes in MC DONOUGH, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC DONOUGH is 3.08%, significantly higher than the U.S. national median of 0.99%. Local government entities within MC DONOUGH set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC DONOUGH 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 MC DONOUGH's effective property tax rate to other counties in New York and the national median. For comparison, the 13801 zip code has the highest median property tax rate of 3.08%, while the 13801 zip code also has the lowest median tax rate of 3.08%. Understanding how these cities compare with MC DONOUGH 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 Mc Donough Tax Rate
3.08%
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 Mc Donough, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13801 | 2.68% | 2.94% | 3.08% | 3.15% | 3.15% |
Source: Ownwell
Property Tax Assessment Values Across Mc Donough, New York
In Mc Donough, 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 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 Mc Donough, 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. The median home price here is $72,222. 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 25th percentile tax bill is $1,195, while the 75th percentile tax bill is $3,356, and the 90th percentile tax bill is $4,629. Zip code 13801 has both the highest and lowest median tax bill at $2,132. Being aware of these valuation processes in Mc Donough helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Donough Assessed Value
$72,222
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 Mc Donough, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13801 | $23,030 | $40,475 | $72,222 | $111,146 | $154,134 |
Source: Ownwell
Property Tax Bills Across Mc Donough, New York
In McDonough, NY, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by local assessors who evaluate the market value of the property. Homeowners in McDonough face varying tax bills depending on their property's assessed value and the specific tax rate set by Chenango County. For example, the median home price in McDonough is $72,222. Tax bills can range significantly, with the 25th percentile at $1,195 and the 75th percentile reaching $3,356. At the higher end, the 90th percentile tax bill is approximately $4,629. These figures demonstrate the range of property tax burdens homeowners might experience. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax rates. The highest and lowest median tax bills in the area are both $2,132, found in the zip code 13801, indicating some consistency in tax assessments within certain regions. These property taxes play a crucial role in funding local services and infrastructure, directly affecting the financial responsibilities of homeowners.
Average Mc Donough Tax Bill
$2,132
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 Mc Donough, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13801 | $668 | $1,195 | $2,132 | $3,356 | $4,629 |
Source: Ownwell