Belfast, New York Property Taxes
The median property tax rate in Belfast, NY is 3.63%, 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 $69,700 in Belfast, the typical annual property tax bill amounts to $2,498, which is below the national median of $2,690. Property taxes in Belfast are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Belfast's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Belfast or another part of Allegany County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belfast, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.63%
Estimate Property Tax Bill
$2,530
$2,348
Ownwell's Belfast Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Belfast with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Belfast to provide an accurate estimate of your property tax bill. This powerful tool helps you understand your potential tax liabilities clearly. For those interested in more granular insights, additional localized information is available below. Your property's assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Belfast, New York
Property taxes in Belfast, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belfast is 3.63%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Belfast set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belfast 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 Belfast's effective property tax rate to other counties in New York and the national median. For comparison, the 14711 zip code has the highest median property tax rate of 3.63%, while the same zip code also has the lowest median tax rate of 3.63%. Understanding how these cities compare with Belfast 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 Belfast Tax Rate
3.63%
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 Belfast, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14711 | 3.25% | 3.54% | 3.63% | 3.76% | 3.83% |
Source: Ownwell
Property Tax Assessment Values Across Belfast, New York
In Belfast, 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 Belfast, 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 Belfast helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Belfast is $2498 in the 14711 zip code, while the lowest is also $2498 in the same zip code.
Average Belfast Assessed Value
$69,700
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 Belfast, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14711 | $21,900 | $42,500 | $69,700 | $100,000 | $146,980 |
Source: Ownwell
Property Tax Bills Across Belfast, New York
In Belfast, 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 Belfast typically face a property tax rate higher than the national median of 0.99%. For instance, the median home price in Belfast is $69,700, and property tax bills can vary significantly, ranging from the 25th percentile at $1,556 to the 90th percentile at $5,103. These tax bills are influenced by several factors, including property characteristics, market conditions, and local budgetary needs. This variability can have a substantial impact on homeowners, affecting their annual financial planning and the overall affordability of their homes. In Allegany County, where Belfast is located, the highest and lowest median tax bills are both $2,498, highlighting a level of consistency within the region. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Belfast Tax Bill
$2,498
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 Belfast, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14711 | $803 | $1,556 | $2,498 | $3,604 | $5,103 |
Source: Ownwell