Savona, New York Property Taxes
The median property tax rate in Savona, NY is 2.82%, significantly higher than both the national median of 0.99% and New York's state median of 2.39%. With a median home value of $98,540 in Savona, the typical annual property tax bill reaches $2,869, surpassing the national median of $2,690. Property taxes in Savona are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Savona'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 Savona 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
Savona, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$2,779
$2,747
Ownwell’s Savona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Savona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Savona 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 Savona, New York
Property taxes in Savona, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Savona is 2.82%, significantly higher than the U.S. national median of 0.99%. Local government entities within Savona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Savona 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 Savona's effective property tax rate to other counties in New York and the national median. For comparison, the 14879 zip code has both the highest and lowest median property tax rate of 2.82%. Understanding how these cities compare with Savona 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 Savona Tax Rate
2.82%
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 Savona, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14879 | 2.41% | 2.75% | 2.82% | 2.98% | 3.18% |
Source: Ownwell
Property Tax Assessment Values Across Savona, New York
In Savona, 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 Assessor 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 Savona, 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. With a median home price of $98,540, property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $1,869, while the 75th percentile reaches up to $3,826, and the 90th percentile can be as high as $5,117. The highest median tax bill is $2,869 in zip code 14879. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Savona Assessed Value
$98,540
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 Savona, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14879 | $39,200 | $64,444 | $98,540 | $134,307 | $189,326 |
Source: Ownwell
Property Tax Bills Across Savona, New York
In Savona, Steuben County, NY, property tax bills are calculated based on the assessed value of the property and the applicable tax rate. The assessed value is determined by the local assessor and reflects a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Factors that influence the tax bill include the property's location, size, and any applicable exemptions or abatements. For example, a median home price in Savona is $98,540, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile pay around $1,869 annually, while those in the 75th percentile see bills closer to $3,826. At the 90th percentile, property tax bills can reach up to $5,117. These property taxes significantly impact homeowners, as they are a recurring cost that must be budgeted for annually. Compared to the national median property tax rate of 0.99%, Savona's property tax rates can vary considerably, affecting overall affordability and long-term financial planning for residents.
Average Savona Tax Bill
$2,869
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 Savona, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14879 | $1,067 | $1,869 | $2,869 | $3,826 | $5,117 |
Source: Ownwell