Freedom, New York Property Taxes
The median property tax rate in Freedom, NY is 3.26%, 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 Freedom at $85,700, the typical annual property tax bill reaches $2,690, aligning with the national median. Property taxes in Freedom 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 Freedom'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 Freedom 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
Freedom, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.26%
Estimate Property Tax Bill
$2,794
$2,593
Ownwell’s Freedom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freedom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freedom 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 Freedom, New York
Property taxes in Freedom, NY, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freedom is 3.26%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Freedom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freedom 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 Freedom's effective property tax rate to other counties in New York and the national median. For comparison, the 14065 zip code has the highest median property tax rate of 3.26%, while the 14065 zip code has the lowest median tax rate of 3.26%. Understanding how these cities compare with Freedom 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 Freedom Tax Rate
3.26%
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 Freedom, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14065 | 2.40% | 2.83% | 3.26% | 3.26% | 3.26% |
Source: Ownwell
Property Tax Assessment Values Across Freedom, New York
In Freedom, 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 local 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 Freedom, 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. For instance, the highest median tax bill in the area is $2,690 in the zip code 14065, while the lowest is also $2,690 in the same zip code. 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 Freedom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Freedom Assessed Value
$85,700
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 Freedom, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14065 | $30,360 | $57,850 | $85,700 | $145,100 | $215,620 |
Source: Ownwell
Property Tax Bills Across Freedom, New York
In Freedom, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. These assessors evaluate various factors such as the property's size, location, and condition to arrive at an assessed value. This value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Freedom, the median home price stands at $85,700. The property tax rate in Freedom contributes to a median tax bill that varies significantly across different percentiles. At the 25th percentile, homeowners can expect a tax bill of approximately $1,598, while those in the 75th percentile face a tax bill around $4,312. The 90th percentile sees even higher bills, reaching up to $6,136. These tax bills can significantly impact homeowners' finances, making it crucial for them to understand how their property's assessed value and local tax rates influence their annual obligations. Comparing this to the national median property tax rate of 0.99%, Freedom's rates can be seen as relatively high, reflecting the local economic and property market conditions.
Average Freedom Tax Bill
$2,690
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 Freedom, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14065 | $889 | $1,598 | $2,690 | $4,312 | $6,136 |
Source: Ownwell