Theresa, New York Property Taxes
The median property tax rate in Theresa, NY is 1.24%, considerably higher than the national median of 0.99% but lower than the New York state median of 2.39%. With the median home value in Theresa at $116,939, the typical annual property tax bill reaches $1,680, which is below the national median of $2,690. Property taxes in Theresa are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Theresa'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 Theresa or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Theresa, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,450
$1,434
Ownwell’s Theresa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Theresa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Theresa 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 Theresa, New York
Property taxes in Theresa, 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 Theresa is 1.24%, which is higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Theresa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Theresa 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 Theresa's effective property tax rate to other counties in New York and the national median. For comparison, the 13691 zip code has the highest median property tax rate of 1.24%, while the 13691 zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Theresa provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Theresa Tax Rate
1.24%
Average Jefferson County Tax Rate
1.81%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Theresa, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13691 | 1.23% | 1.24% | 1.24% | 1.73% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Theresa, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Theresa, 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 Jefferson 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 Theresa, 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. The median home price in Theresa is $116,939, with tax bills ranging from $950 at the 25th percentile to $3,268 at the 90th percentile. The highest and lowest median tax bills are both $1,680, found in the 13691 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Theresa Assessed Value
$116,939
Average Jefferson County Assessed Value
$134,468
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Theresa, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13691 | $38,143 | $69,880 | $116,939 | $178,571 | $236,633 |
Source: Ownwell
Property Tax Bills Across Theresa, New York
In Theresa, NY, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and market conditions. In Theresa, homeowners can expect a wide range of tax bills, with the 25th percentile at $950 and the 75th percentile at $2,451. The highest median tax bill in the area is $1,680, found in the zip code 13691. Homeowners in Theresa experience varying impacts from property taxes. Those with higher-valued properties or in desirable locations may face higher tax bills, while others benefit from lower assessments. Understanding these factors helps homeowners anticipate their annual costs and plan accordingly. With a national median property tax rate of 0.99%, Theresa's property tax landscape reflects both local economic conditions and broader market trends.
Average Theresa Tax Bill
$1,680
Average Jefferson County Tax Bill
$2,407
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Theresa, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13691 | $510 | $950 | $1,680 | $2,451 | $3,268 |
Source: Ownwell