Greenwood, New York Property Taxes
The median property tax rate in Greenwood, NY is 2.67%, 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 $86,650 in Greenwood, the typical annual property tax bill reaches $2,306, slightly below the national median of $2,690. Property taxes in Greenwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Greenwood'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 Greenwood or another part of Steuben County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Greenwood, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.67%
Estimate Property Tax Bill
$2,314
$2,287
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, New York
Property taxes in Greenwood, 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 Greenwood is 2.67%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14839 has the highest median property tax rate of 2.67%, while the same zip code also has the lowest median tax rate of 2.67%. Understanding how these areas compare with Greenwood provides valuable insights into the varying tax landscape across Steuben County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
2.67%
Average Steuben County Tax Rate
2.84%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14839 | 2.20% | 2.54% | 2.67% | 2.79% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, New York
In Greenwood, 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 Steuben 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 Greenwood, 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,306 in the 14839 zip code, while the lowest median tax bill is also $2,306 in the same zip code.
Average Greenwood Assessed Value
$86,650
Average Steuben County Assessed Value
$102,326
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14839 | $30,120 | $55,600 | $86,650 | $143,125 | $250,570 |
Source: Ownwell
Property Tax Bills Across Greenwood, New York
In Greenwood, Steuben 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 Greenwood is $86,650. Property taxes are then derived by applying the local tax rate to this assessed value. For instance, homeowners in the 25th percentile can expect a tax bill around $1,494, while those in the 75th percentile may see bills as high as $3,719. The top 10% of homeowners face tax bills up to $6,023. These property tax bills are influenced by several factors, including the home's assessed value and the specific tax rates set by local taxing authorities. Compared to the national median property tax rate of 0.99%, homeowners in Greenwood experience varying tax rates that can significantly impact their annual finances. High property taxes can affect affordability and the overall cost of homeownership, making it crucial for homeowners to understand their property tax assessments and potential exemptions.
Average Greenwood Tax Bill
$2,306
Average Steuben County Tax Bill
$2,992
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14839 | $775 | $1,494 | $2,306 | $3,719 | $6,023 |
Source: Ownwell