Smithville Flats, New York Property Taxes
The median property tax rate in Smithville Flats, NY is 2.33%, 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 Smithville Flats, the typical annual property tax bill reaches $1,637, which is below the national median of $2,690. Property taxes in Smithville Flats 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 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 the city, 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
2.33%
Estimate Property Tax Bill
$2,078
$2,054
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, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithville Flats is 2.33%, 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' effective property tax rate to other areas in New York and the national median. For comparison, the zip code 13841 has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these areas compare with Smithville Flats 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 Smithville Flats Tax Rate
2.33%
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 Smithville Flats, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13841 | 0.94% | 1.49% | 2.33% | 3.24% | 3.25% |
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 Cortland 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. 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 Smithville Flats helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both recorded at $1,637 in zip code 13841, reflecting a consistent tax environment.
Property Tax Assessment Values Across Smithville Flats, New York
Source: Ownwell
$58,421
$117,161
$175,901
Average Smithville Flats Assessed Value
$89,172
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 Smithville Flats, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13841 | $38,166 | $54,777 | $89,172 | $127,389 | $144,561 |
Source: Ownwell
Property Tax Bills Across Smithville Flats, New York
In Smithville Flats, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate set by various taxing authorities, including the county, school districts, and other local entities. For homeowners in Smithville Flats, the median home price is $89,172. The property tax rate in Cortland County is relatively high compared to the national median property tax rate of 0.99%. Homeowners in Smithville Flats can expect a range of tax bills. For example, the tax bill at the 25th percentile is $1,330, while the 75th percentile tax bill is $2,074. At the higher end, the 90th percentile tax bill can reach up to $4,765. These tax bills can significantly affect homeowners' finances, making it crucial to understand how property taxes are calculated and what factors influence them. The highest and lowest median tax bills in the area are both $1,637, indicating a consistent tax rate across different properties.
Average Smithville Flats Tax Bill
$1,637
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 Smithville Flats, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13841 | $1,002 | $1,330 | $1,637 | $2,074 | $4,765 |
Source: Ownwell