Geneva, New York Property Taxes
The median property tax rate in Geneva, NY is 2.29%, 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 Geneva at $173,200, the typical annual property tax bill reaches $3,958, exceeding the national median of $2,690. Property taxes in Geneva 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 Geneva'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 Geneva 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
Geneva, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.29%
Estimate Property Tax Bill
$3,966
$3,922
Ownwell’s Geneva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geneva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneva 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 Geneva, New York
Property taxes in Geneva, 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 Geneva is 2.29%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Geneva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneva 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 Geneva's effective property tax rate to other counties in New York and the national median. For comparison, the 14456 zip code has the highest median property tax rate of 2.29%, while the lowest median tax rate is also 2.29%. Understanding how these cities compare with Geneva provides valuable insights into the varying tax landscape across Yates County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geneva Tax Rate
2.29%
Average Yates County Tax Rate
1.79%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneva, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14456 | 1.70% | 2.29% | 2.29% | 2.93% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Geneva, New York
In Geneva, New York, understanding the distinction between "market value" and "assessed value" is essential for navigating property taxes. The market value represents 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 Yates 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 Geneva, 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, Geneva has a median home price of $173,200. The 25th percentile tax bill is $2,634, while the 75th percentile tax bill is $10,085, and the 90th percentile tax bill is $14,151. The highest and lowest median tax bills, both at $3,958, are found in the 14456 zip code. Being aware of these valuation processes in Geneva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Geneva Assessed Value
$173,200
Average Yates County Assessed Value
$166,700
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geneva, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14456 | $84,560 | $111,600 | $173,200 | $416,100 | $547,540 |
Source: Ownwell
Property Tax Bills Across Geneva, New York
In Geneva, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of the property. Homeowners in Geneva face a median property tax rate of 2.29%, which is significantly higher than the national median of 0.99%. For a median home price of $173,200, this results in an annual tax bill of approximately $3,958. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, tax bills at the 25th percentile are around $2,634, while those at the 75th percentile can reach up to $10,085. The highest tax bills, at the 90th percentile, soar to $14,151. These substantial differences can significantly impact homeowners, affecting their monthly budgets and long-term financial planning. Understanding these variables is crucial for homeowners to anticipate and manage their property tax obligations effectively.
Average Geneva Tax Bill
$3,958
Average Yates County Tax Bill
$3,654
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneva, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14456 | $2,165 | $2,634 | $3,958 | $10,085 | $14,151 |
Source: Ownwell