Sharon Springs, New York Property Taxes
The median property tax rate in Sharon Springs, NY is 2.52%, 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 Sharon Springs, the typical annual property tax bill reaches $3,172, exceeding the national median of $2,690. Property taxes in Sharon Springs 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 Sharon Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Sharon Springs 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
Sharon Springs, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.52%
Estimate Property Tax Bill
$3,125
$3,090
Ownwell’s Sharon Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sharon Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sharon Springs 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 Schoharie County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sharon Springs, New York
Property taxes in Sharon Springs, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sharon Springs is 2.52%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Sharon Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharon Springs 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 Sharon Springs' effective property tax rate to other counties in New York and the national median. For comparison, the 13459 zip code has the highest median property tax rate of 2.52%, while it also has the lowest median tax rate of 2.52%. Understanding how these cities compare with Sharon Springs provides valuable insights into the varying tax landscape across Schoharie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sharon Springs Tax Rate
2.52%
Average Schoharie County Tax Rate
2.84%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sharon Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13459 | 2.38% | 2.52% | 2.52% | 2.73% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Sharon Springs, New York
In Sharon Springs, 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 Schoharie 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 Sharon Springs, 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 Sharon Springs is $124,000, with tax bills ranging from $2,192 at the 25th percentile to $6,526 at the 90th percentile. 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 Sharon Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Sharon Springs, New York
Source: Ownwell
$86,207
$147,270
$208,333
Average Sharon Springs Assessed Value
$124,000
Average Schoharie County Assessed Value
$130,625
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sharon Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13459 | $48,348 | $86,957 | $124,000 | $182,609 | $254,191 |
Source: Ownwell
Property Tax Bills Across Sharon Springs, New York
Property tax bills in Sharon Springs, Schoharie County, NY, are determined based on the assessed value of a property, which is distinct from its market value. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Several factors influence this calculation, including property size, location, and any improvements made to the property. In Sharon Springs, the median home price is $124,000, leading to a range of tax bills. For instance, homeowners at the 25th percentile can expect to pay around $2,192 annually, while those at the 75th percentile might see bills as high as $4,604. At the 90th percentile, tax bills can reach up to $6,526. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Sharon Springs homeowners experience a relatively higher burden, reflecting the area's specific funding needs and property values.
Average Sharon Springs Tax Bill
$3,172
Average Schoharie County Tax Bill
$3,729
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Sharon Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13459 | $1,250 | $2,192 | $3,172 | $4,604 | $6,526 |
Source: Ownwell