Franklinville, New York Property Taxes
The median property tax rate in Franklinville, NY is 2.99%, 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 Franklinville at $128,000, the typical annual property tax bill reaches $3,719, exceeding the national median of $2,690. Property taxes in Franklinville 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 Franklinville'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 Franklinville 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
Franklinville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$3,827
$3,784
Ownwell’s Franklinville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklinville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklinville 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 Franklinville, New York
Property taxes in Franklinville, 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 Franklinville is 2.99%, significantly higher than the U.S. national median of 0.99%. Local government entities within Franklinville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklinville 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 Franklinville's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 14737 has both the highest and lowest median property tax rate of 2.99%, mirroring Franklinville's rate. Understanding how these areas compare with Franklinville 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 Franklinville Tax Rate
2.99%
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 Franklinville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14737 | 2.71% | 2.99% | 2.99% | 2.99% | 3.07% |
Source: Ownwell
Property Tax Assessment Values Across Franklinville, New York
In Franklinville, NY, 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 Franklinville, 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 Franklinville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 14737 in Allegany County has both the highest and lowest median tax bill, recorded at $3,719.
Average Franklinville Assessed Value
$128,000
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 Franklinville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14737 | $71,100 | $112,700 | $128,000 | $165,500 | $176,340 |
Source: Ownwell
Property Tax Bills Across Franklinville, New York
In Franklinville, located in Allegany County, NY, property tax bills are calculated based on the assessed value of your home combined with the local tax rate. The median home price in Franklinville stands at $128,000. Factors such as property size, location, and improvements significantly influence the assessed value. Once assessed, the local tax rate is applied to determine the annual property tax bill. Homeowners in Franklinville experience a range of tax bills depending on their property’s assessed value. For instance, the 25th percentile tax bill is around $3,373, while the 75th percentile reaches approximately $4,092. At the higher end, the 90th percentile tax bill can go up to $5,014. Comparatively, the national median property tax rate is 0.99%, making Franklinville's tax bills notably higher. This can impact homeowners by increasing their annual expenses, thus influencing decisions related to property investment and homeownership in the area.
Average Franklinville Tax Bill
$3,719
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 Franklinville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14737 | $2,129 | $3,373 | $3,719 | $4,092 | $5,014 |
Source: Ownwell