Smithville Flats, New York Property Taxes
The median property tax rate in Smithville Flats, NY is 3.12%, 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 Smithville Flats, the typical annual property tax bill reaches $2,515, which is below the national median of $2,690. Property taxes in Smithville Flats are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Smithville Flats' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Smithville Flats or another part of Chenango County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithville Flats, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.12%
Estimate Property Tax Bill
$2,571
$2,542
Ownwell’s Smithville Flats Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithville Flats with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithville Flats 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 Smithville Flats, New York
Property taxes in Smithville Flats, 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 Smithville Flats is 3.12%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Smithville Flats set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithville Flats 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 Smithville Flats's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13841 has both the highest and lowest median property tax rate of 3.12%. Understanding how these cities compare with Smithville Flats 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 Smithville Flats Tax Rate
3.12%
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 Smithville Flats, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13841 | 2.98% | 3.12% | 3.12% | 3.12% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Smithville Flats, New York
In Smithville Flats, 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 Smithville Flats, 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 Smithville Flats is $82,407. The 25th percentile tax bill is $1,718, while the 75th percentile tax bill is $3,443, and the 90th percentile tax bill is $4,826. The highest and lowest median tax bills are both $2,515, found in the 13841 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Smithville Flats, New York
Source: Ownwell
$55,195
$91,473
$127,750
Average Smithville Flats Assessed Value
$82,407
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 Smithville Flats, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13841 | $29,647 | $55,209 | $82,407 | $111,122 | $153,704 |
Source: Ownwell
Property Tax Bills Across Smithville Flats, New York
Property tax bills in Smithville Flats, located in Chenango County, NY, 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 is meant to reflect the market value of the home. For example, the median home price in Smithville Flats is $82,407. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. In Smithville Flats, the tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,718, while the 75th percentile tax bill reaches $3,443, and the 90th percentile tax bill goes up to $4,826. This variation is influenced by factors such as property location, size, and any exemptions that might apply. Homeowners in this area need to be aware of these factors as they directly impact their annual financial obligations. Compared to the national median property tax rate of 0.99%, Smithville Flats presents a unique landscape for property taxes.
Average Smithville Flats Tax Bill
$2,515
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 Smithville Flats, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13841 | $913 | $1,718 | $2,515 | $3,443 | $4,826 |
Source: Ownwell