Newark, New York Property Taxes
The median property tax rate in Newark, NY is 2.88%, 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 Newark being $148,450, the typical annual property tax bill reaches $5,323, exceeding the national median of $2,690. Property taxes in Newark 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 Newark'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 Newark 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
Newark, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$4,275
$4,227
Ownwell’s Newark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newark 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 Newark, New York
Property taxes in Newark, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newark is 3.06%, significantly higher than both the New York state median of 1.38% and the U.S. national median of 0.99%. Local government entities within Newark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newark 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 Newark's effective property tax rate to other counties in New York and the national median. For comparison, the 14513 zip code has the highest median property tax rate of 3.06%, while the 14513 zip code also has the lowest median tax rate of 3.06%. Understanding how these cities compare with Newark 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 Newark Tax Rate
2.88%
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 Newark, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14513 | 2.86% | 2.88% | 2.88% | 4.47% | 4.73% |
Source: Ownwell
Property Tax Assessment Values Across Newark, New York
In Newark, 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 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 Newark, 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 Newark 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 14513, with a bill of $5,323, which is the same as the lowest median tax bill in the area.
Average Newark Assessed Value
$148,450
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 Newark, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14513 | $101,456 | $125,665 | $148,450 | $193,675 | $251,304 |
Source: Ownwell
Property Tax Bills Across Newark, New York
In Newark, NY, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Newark, the tax bill can vary significantly. The median home price in the area is $148,450, and property tax bills range widely. At the 25th percentile, the tax bill is around $4,053, while at the 75th percentile, it can reach $7,306. For those at the 90th percentile, the tax bill can be as high as $9,976. These figures illustrate how property taxes can impact homeowners differently, depending on the assessed value of their property. Compared to the national median property tax rate of 0.99%, Newark's property taxes can be quite substantial, potentially placing a significant financial burden on homeowners. Understanding these factors is crucial for residents when budgeting for annual expenses.
Average Newark Tax Bill
$5,323
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 Newark, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14513 | $3,136 | $4,053 | $5,323 | $7,306 | $9,976 |
Source: Ownwell