Malone, New York Property Taxes
The median property tax rate in Malone, NY is 2.45%, considerably higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $87,591 in Malone, the typical annual property tax bill reaches $2,495, slightly below the national median of $2,690. Property taxes in Malone 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 Malone'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 Malone or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Malone, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$2,146
$2,122
Ownwell’s Malone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malone 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 Malone, New York
Property taxes in Malone, New York, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Malone is 2.45%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Malone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malone 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 Malone's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12953 in Franklin County has the highest median property tax rate of 2.45%, while the same zip code also has the lowest median tax rate of 2.45%. Understanding how these areas compare with Malone provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Malone Tax Rate
2.45%
Average Franklin County Tax Rate
2.45%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Malone, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12953 | 2.37% | 2.45% | 2.45% | 3.49% | 3.49% |
Source: Ownwell
Property Tax Assessment Values Across Malone, New York
In Malone, 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 Franklin 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 Malone, 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 Malone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Malone is $2495 in the 12953 zip code, while the lowest is also $2495 in the same zip code.
Average Malone Assessed Value
$87,591
Average Franklin County Assessed Value
$100,730
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Malone, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12953 | $32,846 | $54,453 | $87,591 | $129,927 | $191,854 |
Source: Ownwell
Property Tax Bills Across Malone, New York
In Malone, located in Franklin County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor, who evaluates the property's market value and then applies an assessment ratio. This ratio ensures that the assessed value is a percentage of the market value. Several factors influence the final tax bill, including the property's location, size, and condition. Local taxing authorities then apply their tax rate to the assessed value to determine the annual property tax bill. In Malone, homeowners can expect a wide range of tax bills. For instance, the 25th percentile tax bill stands at $1,531, while the 75th percentile reaches $3,571, and the 90th percentile climbs to $5,100. These property taxes significantly impact homeowners, as they represent a substantial annual expense. Comparatively, the highest and lowest median tax bills in the area are both $2,495, reflecting the uniformity in assessed values and tax rates within the zip code 12953.
Average Malone Tax Bill
$2,495
Average Franklin County Tax Bill
$2,460
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Malone, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12953 | $878 | $1,531 | $2,495 | $3,571 | $5,100 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Franklin Assessment Review Commission | |
| Website | maps.dancgis.org |