Munnsville, New York Property Taxes
The median property tax rate in Munnsville, NY is 2.95%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Munnsville at $105,670, the typical annual property tax bill amounts to $3,239, exceeding the national median of $2,690. Property taxes in Munnsville are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Munnsville'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 Munnsville 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
Munnsville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.95%
Estimate Property Tax Bill
$3,117
$3,082
Ownwell’s Munnsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Munnsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Munnsville 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 Munnsville, New York
Property taxes in Munnsville, New York, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Munnsville is 2.95%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Munnsville set these rates annually, and they can vary considerably across different neighborhoods. Each year, Munnsville 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 Munnsville's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13409 has both the highest and lowest median property tax rate of 2.95%. Understanding how these cities compare with Munnsville provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Munnsville Tax Rate
2.95%
Average Madison County Tax Rate
3.06%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Munnsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13409 | 2.81% | 2.95% | 2.95% | 3.11% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Munnsville, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Munnsville, 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 Madison 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 Munnsville, 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. For instance, the median home price in Munnsville is $105,670, with tax bills ranging from $2,234 at the 25th percentile to $6,128 at the 90th percentile. The highest and lowest median tax bills, both at $3,239, are found in the 13409 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 Munnsville Assessed Value
$105,670
Average Madison County Assessed Value
$136,471
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Munnsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13409 | $38,144 | $73,791 | $105,670 | $157,216 | $217,140 |
Source: Ownwell
Property Tax Bills Across Munnsville, New York
In Munnsville, located in Madison 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 and represents a percentage of the property's market value. For example, with a median home price of $105,670, the assessed value is used to calculate the property tax. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and specific levies imposed by local governments or school districts. In Munnsville, the tax bill can vary significantly, with the 25th percentile at $2,234 and the 75th percentile reaching $4,574. Homeowners in the 90th percentile may see tax bills as high as $6,128. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. However, they can also represent a significant financial burden for homeowners, especially when compared to the national median property tax rate of 0.99%.
Average Munnsville Tax Bill
$3,239
Average Madison County Tax Bill
$4,460
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Munnsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13409 | $1,202 | $2,234 | $3,239 | $4,574 | $6,128 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Madison Assessment Review Commission | |
| Website | property.madisoncounty.ny.gov |