Hannibal, New York Property Taxes
The median property tax rate in Hannibal, NY is 3.22%, 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 $100,118 in Hannibal, the typical annual property tax bill reaches $3,161, surpassing the national median of $2,690. Property taxes in Hannibal are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Hannibal'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 Hannibal 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
Hannibal, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.22%
Estimate Property Tax Bill
$3,224
$3,187
Ownwell’s Hannibal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hannibal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hannibal 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 Hannibal, New York
Property taxes in Hannibal, New York, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hannibal is 3.22%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Hannibal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hannibal 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 Hannibal's effective property tax rate to other counties in New York and the national median. For comparison, ZIP code 13074 has the highest median property tax rate of 3.22%, while ZIP code 13074 also has the lowest median tax rate of 3.22%. Understanding how these areas compare with Hannibal provides valuable insights into the varying tax landscape across Oswego County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hannibal Tax Rate
3.22%
Average Oswego County Tax Rate
2.93%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hannibal, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13074 | 2.90% | 3.06% | 3.22% | 3.45% | 3.73% |
Source: Ownwell
Property Tax Assessment Values Across Hannibal, New York
In Hannibal, 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 Oswego 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 Hannibal, 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 Hannibal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Hannibal's 13074 zip code is $3,161, while the lowest median tax bill is also $3,161.
Average Hannibal Assessed Value
$100,118
Average Oswego County Assessed Value
$108,696
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hannibal, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13074 | $37,917 | $63,574 | $100,118 | $138,018 | $181,905 |
Source: Ownwell
Property Tax Bills Across Hannibal, New York
In Hannibal, located in Oswego County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $100,118. To determine the tax bill, the home's assessed value is multiplied by the local tax rate. Various factors such as property size, location, and improvements can influence the assessed value. Homeowners in Hannibal can expect to pay property taxes that vary significantly. For instance, the 25th percentile tax bill is approximately $2,033, while the 75th percentile reaches about $4,269. At the higher end, the 90th percentile tax bill is around $5,542. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Hannibal's rates can significantly impact homeowners, making it crucial for them to understand how their tax bill is determined and budget accordingly.
Average Hannibal Tax Bill
$3,161
Average Oswego County Tax Bill
$3,405
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Hannibal, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13074 | $1,284 | $2,033 | $3,161 | $4,269 | $5,542 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Oswego Assessment Review Commission | |
| Website | oswegogis.maps.arcgis.com |