Elba, New York Property Taxes
The median property tax rate in Elba, NY is 3.68%, 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 Elba at $115,000, the typical annual property tax bill reaches $4,310, exceeding the national median of $2,690. Property taxes in Elba 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 Elba'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 Elba or another part of Genesee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elba, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.68%
Estimate Property Tax Bill
$4,232
$4,184
Ownwell’s Elba Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elba with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Elba to estimate your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by Genesee County for property tax purposes, accounts for any applicable exemptions.
Property Tax Rates Across Elba, New York
Property taxes in Elba, New York, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Elba is 3.68%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Elba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elba 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 Elba's effective property tax rate to other counties in New York and the national median. For comparison, the 14058 zip code has both the highest and lowest median property tax rate of 3.68%. Understanding how these cities compare with Elba provides valuable insights into the varying tax landscape across Genesee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elba Tax Rate
3.68%
Average Genesee County Tax Rate
3.18%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elba, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14058 | 3.27% | 3.63% | 3.68% | 3.89% | 4.39% |
Source: Ownwell
Property Tax Assessment Values Across Elba, New York
In Elba, 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 Genesee 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 Elba, 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 Elba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Elba is $4,310 in the 14058 zip code, while the lowest median tax bill is also $4,310 in the same zip code.
Average Elba Assessed Value
$115,000
Average Genesee County Assessed Value
$137,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elba, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14058 | $42,820 | $85,225 | $115,000 | $147,775 | $210,000 |
Source: Ownwell
Property Tax Bills Across Elba, New York
In Elba, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Elba, the median home price stands at $115,000. The tax bills can vary significantly, with the 25th percentile at $3,235 and the 75th percentile reaching $5,392. Some homeowners may see tax bills as high as $7,180, particularly those with properties in the highest median tax bill zip code, 14058, where the median tax bill is $4,310. This is notably higher than the national median property tax rate of 0.99%. These taxes fund essential community services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding these factors can help homeowners anticipate their annual expenses and plan accordingly.
Average Elba Tax Bill
$4,310
Average Genesee County Tax Bill
$4,359
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Elba, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14058 | $1,849 | $3,235 | $4,310 | $5,392 | $7,180 |
Source: Ownwell