South Otselic, New York Property Taxes
The median property tax rate in South Otselic, NY is 2.91%, considerably higher than both the national median of 0.99% and New York's state median of 2.39%. With the median home value in South Otselic at $66,544, the typical annual property tax bill reaches $1,995, which is still below the national median of $2,690. Property taxes in South Otselic are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding South Otselic'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 South Otselic 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
South Otselic, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.91%
Estimate Property Tax Bill
$1,936
$1,915
Ownwell’s South Otselic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Otselic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Otselic 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 South Otselic, New York
Property taxes in South Otselic, New York, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in South Otselic is 2.91%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within South Otselic set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Otselic 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 South Otselic's effective property tax rate to other counties in New York and the national median. For comparison, the 13155 zip code has the highest median property tax rate of 2.91%, while the same zip code also has the lowest median tax rate of 2.91%. Understanding how these cities compare with South Otselic 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 South Otselic Tax Rate
2.91%
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 South Otselic, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13155 | 2.73% | 2.91% | 2.91% | 3.17% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across South Otselic, New York
In South Otselic, 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 South Otselic, 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 South Otselic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,995, found in the zip code 13155.
Average South Otselic Assessed Value
$66,544
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 South Otselic, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13155 | $24,284 | $46,274 | $66,544 | $94,915 | $141,804 |
Source: Ownwell
Property Tax Bills Across South Otselic, New York
In South Otselic, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Once the assessed value is established, local tax rates, also known as mill rates, are applied to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in South Otselic typically pay property taxes ranging from $1,357 at the 25th percentile to $2,772 at the 75th percentile, with the highest tax bills reaching up to $4,166. This variability in tax bills reflects differences in property values and the specific assessments for each home. Compared to the national median property tax rate of 0.99%, South Otselic's property tax rates can significantly impact homeowners' annual expenses. Understanding how these taxes are calculated helps residents better anticipate their financial obligations and plan accordingly.
Average South Otselic Tax Bill
$1,995
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 South Otselic, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13155 | $716 | $1,357 | $1,995 | $2,772 | $4,166 |
Source: Ownwell