Homer, New York Property Taxes
The median property tax rate in Homer, NY is 3.03%, 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 Homer, the typical annual property tax bill reaches $3,968, exceeding the national median of $2,690. Property taxes in Homer 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 Homer'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 Homer 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
Homer, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.03%
Estimate Property Tax Bill
$4,155
$4,109
Ownwell’s Homer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Homer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Homer 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 Homer, New York
Property taxes in Homer, 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 Homer is 3.03%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Homer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homer 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 Homer's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 13077 has the highest median property tax rate of 3.03%, while the lowest median tax rate is also 3.03%. Understanding how these cities compare with Homer provides valuable insights into the varying tax landscape across Cortland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Homer Tax Rate
3.03%
Average Cortland County Tax Rate
3.26%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homer, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13077 | 1.65% | 3.03% | 3.03% | 3.18% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Homer, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Homer, NY. 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 Cortland 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 Homer, 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 Homer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 13077, with a tax bill of $3,968, which is significant compared to the national median property tax rate of 0.99%.
Average Homer Assessed Value
$137,143
Average Cortland County Assessed Value
$117,179
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Homer, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13077 | $74,881 | $105,357 | $137,143 | $178,571 | $237,448 |
Source: Ownwell
Property Tax Bills Across Homer, New York
In Homer, located in Cortland County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Homer stands at $137,143. Homeowners in this region face property tax bills that can vary significantly. For instance, the tax bill at the 25th percentile is $2,845, while at the 75th percentile, it reaches $5,238. At the 90th percentile, homeowners might see tax bills as high as $7,141. These tax bills are determined by multiplying the assessed value of the property by the local tax rate. Various factors influence the assessed value, including the property's size, location, and market conditions. This can result in a wide range of tax bills within the community. The highest and lowest median tax bills in the area are both $3,968, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Homer’s tax rates can have a substantial impact on homeowners' annual expenses.
Average Homer Tax Bill
$3,968
Average Cortland County Tax Bill
$3,928
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Homer, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13077 | $1,733 | $2,845 | $3,968 | $5,238 | $7,141 |
Source: Ownwell