Cato, New York Property Taxes
The median property tax rate in Cato, NY is 2.22%, 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 Cato, the typical annual property tax bill reaches $4,865, exceeding the national median of $2,690. Property taxes in Cato 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 Cato'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 Cato 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
Cato, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$4,868
$4,814
Ownwell’s Cato Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cato with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cato 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 Cato, New York
Property taxes in Cato, New York, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cato is 2.22%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Cato set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cato 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 Cato's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13033 has both the highest and lowest median property tax rate of 2.22%. Understanding how these cities compare with Cato provides valuable insights into the varying tax landscape across Onondaga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cato Tax Rate
2.22%
Average Onondaga County Tax Rate
3.38%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cato, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13033 | 2.22% | 2.22% | 2.22% | 2.22% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Cato, New York
In Cato, NY, 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 Onondaga County Assessment Office 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 Cato, 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 Cato helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 13033, with a tax bill of $4865, while the lowest median tax bill is also in 13033, with the same value.
Average Cato Assessed Value
$219,300
Average Onondaga County Assessed Value
$152,577
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cato, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13033 | $170,340 | $188,700 | $219,300 | $249,900 | $268,260 |
Source: Ownwell
Property Tax Bills Across Cato, New York
In Cato, located in Onondaga 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 is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $219,300, homeowners can expect varying tax bills depending on specific assessments and exemptions they may qualify for. Factors that influence the tax bill include the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Cato can expect tax bills ranging from $4,186 at the 25th percentile to $5,951 at the 90th percentile. The median tax bill in the area stands at $4,865, which is considerably higher than the national median property tax rate of 0.99%. This higher tax rate can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Cato Tax Bill
$4,865
Average Onondaga County Tax Bill
$5,213
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Cato, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13033 | $3,779 | $4,186 | $4,865 | $5,544 | $5,951 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Onondaga Assessment Review Commission | |
| Website | onondaga.go2gov.net |