Andover, New York Property Taxes
The median property tax rate in Andover, NY is 3.96%, 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 Andover, the typical annual property tax bill reaches $2,925, exceeding the national median of $2,690. Property taxes in Andover 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 Andover'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 Andover 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
Andover, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.96%
Estimate Property Tax Bill
$2,693
$2,499
Ownwell’s Andover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Andover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Andover 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 Andover, New York
Property taxes in Andover, New York, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Andover is 3.96%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Andover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Andover 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 Andover's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 14806 has the highest median property tax rate of 3.96%, while the same zip code also has the lowest median tax rate of 3.96%. Understanding how these areas compare with Andover provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Andover Tax Rate
3.96%
Average Allegany County Tax Rate
3.64%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andover, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14806 | 3.67% | 3.96% | 3.96% | 4.72% | 4.73% |
Source: Ownwell
Property Tax Assessment Values Across Andover, New York
In Andover, 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 Allegany 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 Andover, 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 Andover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Andover is 14806, with a median tax bill of $2925.
Average Andover Assessed Value
$68,000
Average Allegany County Assessed Value
$72,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Andover, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14806 | $24,100 | $47,000 | $68,000 | $103,350 | $167,500 |
Source: Ownwell
Property Tax Bills Across Andover, New York
In Andover, Allegany County, NY, property tax bills are calculated based on the assessed value of a home. The tax assessment process involves determining the market value of the property, which is then multiplied by the local tax rate to arrive at the annual tax bill. For instance, with a median home price of $68,000, homeowners can anticipate varying tax bills. Those in the 25th percentile might see bills around $1,980, while those in the 75th percentile could face bills up to $4,123. For some, tax bills can even reach as high as $6,382 in the 90th percentile. Several factors influence these tax bills, including property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Andover's tax rates can be significantly impactful on homeowners. This variation in tax bills can affect household budgets and the overall affordability of owning a home in Andover. Understanding these factors is crucial for homeowners looking to manage their expenses effectively.
Average Andover Tax Bill
$2,925
Average Allegany County Tax Bill
$2,710
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Andover, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14806 | $1,072 | $1,980 | $2,925 | $4,123 | $6,382 |
Source: Ownwell