Lima, New York Property Taxes
The median property tax rate in Lima, NY is 2.27%, 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 Lima at $175,600, the typical annual property tax bill reaches $4,348, exceeding the national median of $2,690. Property taxes in Lima 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 Lima'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 Lima 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
Lima, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$3,986
$3,941
Ownwell’s Lima Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lima with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lima 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 Lima, New York
Property taxes in Lima, New York, play a crucial role in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Lima is 2.27%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lima set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lima 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 Lima's effective property tax rate to other counties in New York and the national median. For comparison, the 14485 zip code has the highest median property tax rate of 2.27%, while the same zip code also has the lowest median tax rate of 2.27%. Understanding how these cities compare with Lima provides valuable insights into the varying tax landscape across Ontario County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lima Tax Rate
2.27%
Average Ontario County Tax Rate
2.60%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lima, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14485 | 2.20% | 2.20% | 2.27% | 2.46% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Lima, New York
In Lima, 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 Ontario 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 Lima, 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 example, the median home price in Lima is $175,600, with tax bills ranging significantly. The 25th percentile tax bill is $3,079, while the 75th percentile reaches $5,569, and the 90th percentile is as high as $7,047. The zip code 14485 has both the highest and lowest median tax bills at $4,348. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Average Lima Assessed Value
$175,600
Average Ontario County Assessed Value
$176,100
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lima, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14485 | $97,200 | $136,600 | $175,600 | $253,000 | $291,360 |
Source: Ownwell
Property Tax Bills Across Lima, New York
In Lima, Ontario County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Lima is $175,600, and homeowners can expect tax bills to vary significantly based on their property's assessed value and the specific tax rate applied. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. In Lima, tax bills range from the 25th percentile at $3,079 to the 75th percentile at $5,569, with the 90th percentile reaching up to $7,047. The highest and lowest median tax bills in the area both stand at $4,348 in the zip code 14485. Compared to the national median property tax rate of 0.99%, Lima's property taxes can be considerably higher, affecting homeowners' annual financial planning and overall cost of living.
Average Lima Tax Bill
$4,348
Average Ontario County Tax Bill
$4,698
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lima, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14485 | $2,139 | $3,079 | $4,348 | $5,569 | $7,047 |
Source: Ownwell