Summit, New York Property Taxes
The median property tax rate in Summit, NY is 3.10%, 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 Summit, the typical annual property tax bill reaches $3,734, exceeding the national median of $2,690. Property taxes in Summit 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 Summit'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 Summit 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
Summit, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.1%
Estimate Property Tax Bill
$3,776
$3,733
Ownwell’s Summit Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Summit with just two data inputs. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summit to provide an estimated property tax bill. This valuable tool helps you gauge potential tax liabilities effectively. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Summit, New York
Property taxes in Summit, 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 Summit is 3.10%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summit 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 Summit's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12175 has the highest median property tax rate of 3.10%, while the same zip code also has the lowest median tax rate of 3.10%. Understanding how these cities compare with Summit 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 Summit Tax Rate
3.10%
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 Summit, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12175 | 2.93% | 3.10% | 3.10% | 3.10% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Summit, New York
In Summit, 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 Summit, 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. For instance, the highest median tax bill in Summit is $3,734, found in zip code 12175. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Summit Assessed Value
$121,808
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 Summit, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12175 | $46,948 | $85,186 | $121,808 | $161,037 | $208,596 |
Source: Ownwell
Property Tax Bills Across Summit, New York
In Summit, located in Schoharie County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Summit is $121,808. Homeowners in Summit can expect a wide range of tax bills, reflecting the variability in property values and individual assessments. For example, the 25th percentile tax bill stands at $2,591, while the 75th percentile tax bill reaches $4,938. At the higher end, the 90th percentile tax bill is $6,459. The local tax rate is applied to the assessed value to determine the final tax bill. Factors such as property size, improvements, and market conditions play a significant role in the assessed value. Compared to the national median property tax rate of 0.99%, Summit's property tax bills may seem high, but they are reflective of the specific local economic and property market conditions. For homeowners, these tax bills represent a substantial annual expense, influencing their overall cost of living and financial planning.
Average Summit Tax Bill
$3,734
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 Summit, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12175 | $1,413 | $2,591 | $3,734 | $4,938 | $6,459 |
Source: Ownwell