Oakfield, New York Property Taxes
The median property tax rate in Oakfield, NY is 3.92%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $83,500 in Oakfield, the typical annual property tax bill reaches $3,323, surpassing the national median of $2,690. Property taxes in Oakfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Oakfield'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 Oakfield 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
Oakfield, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.92%
Estimate Property Tax Bill
$3,273
$3,236
Ownwell’s Oakfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakfield 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 Oakfield, New York
Property taxes in Oakfield, 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 Oakfield is 3.92%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Oakfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakfield 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 Oakfield's effective property tax rate to other areas in Orleans County and the national median. For comparison, the zip code 14125 has the highest median property tax rate of 3.92%, while the same zip code also has the lowest median tax rate of 3.92%. Understanding how these areas compare with Oakfield provides valuable insights into the varying tax landscape across Orleans County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakfield Tax Rate
3.92%
Average Orleans County Tax Rate
3.38%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14125 | 3.48% | 3.89% | 3.92% | 3.98% | 4.03% |
Source: Ownwell
Property Tax Assessment Values Across Oakfield, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oakfield, 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 Orleans 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. 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 Oakfield is $83,500, with tax bills ranging from $2,560 at the 25th percentile to $6,768 at the 90th percentile. The zip code 14125 has the highest and lowest median tax bill at $3,323. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oakfield Assessed Value
$83,500
Average Orleans County Assessed Value
$108,800
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14125 | $55,200 | $63,000 | $83,500 | $128,000 | $200,480 |
Source: Ownwell
Property Tax Bills Across Oakfield, New York
Property tax bills in Oakfield, located in Orleans County, NY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the market value of the property. This assessed value is then multiplied by the tax rate set by local taxing authorities to determine the annual tax bill. Several factors influence the tax bill, including property location, size, and market conditions. In Oakfield, the median home price is $83,500, and property tax bills can vary significantly. For instance, tax bills at the 25th percentile are around $2,560, while those at the 75th percentile reach approximately $4,978. The top 10% of tax bills can be as high as $6,768. These property taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly impacting the community. For homeowners, understanding how these factors affect their tax bills can help in financial planning and property investment decisions.
Average Oakfield Tax Bill
$3,323
Average Orleans County Tax Bill
$3,855
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14125 | $2,200 | $2,560 | $3,323 | $4,978 | $6,768 |
Source: Ownwell