Little Genesee, New York Property Taxes
The median property tax rate in Little Genesee, NY is 3.42%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Little Genesee at $68,460, the typical annual property tax bill reaches $2,338, which, while below the national median of $2,690, still represents a substantial cost for homeowners. Property taxes in Little Genesee are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Little Genesee's property tax system, exploring available exemptions, and seeking opportunities for reductions can result in meaningful annual savings. Whether you're located in the core of Little Genesee or its surrounding areas, comprehending the local property tax framework is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Little Genesee, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.42%
Estimate Property Tax Bill
$2,341
$2,173
Ownwell’s Little Genesee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Genesee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Genesee 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 Little Genesee, New York
Property taxes in Little Genesee, 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 Little Genesee is 3.42%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Little Genesee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Genesee 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 Little Genesee's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14754 has the highest median property tax rate of 3.42%, while the same zip code also has the lowest median tax rate of 3.42%. Understanding how these cities compare with Little Genesee 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 Little Genesee Tax Rate
3.42%
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 Little Genesee, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14754 | 3.20% | 3.42% | 3.42% | 3.45% | 3.45% |
Source: Ownwell
Property Tax Assessment Values Across Little Genesee, New York
In Little Genesee, 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 Little Genesee, 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 Little Genesee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 14754 has the highest and lowest median tax bill, both at $2,338, reflecting the median home price of $68,460.
Average Little Genesee Assessed Value
$68,460
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 Little Genesee, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14754 | $23,972 | $40,960 | $68,460 | $99,880 | $126,794 |
Source: Ownwell
Property Tax Bills Across Little Genesee, New York
In Little Genesee, Allegany County, NY, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The median home price in Little Genesee is $68,460, and the property tax rate is a significant factor in calculating the final tax bill. Homeowners in this area typically see tax bills ranging from $1,350 at the 25th percentile to $3,271 at the 75th percentile, with the 90th percentile reaching up to $4,189. The property tax rate in Allegany County is notably higher than the national median property tax rate of 0.99%, which affects homeowners by imposing a relatively higher financial burden compared to other regions. This higher tax rate can influence decisions on purchasing property and may impact the overall affordability of homes in the area. Homeowners should be aware of these factors as they directly affect their annual tax obligations and long-term financial planning.
Average Little Genesee Tax Bill
$2,338
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 Little Genesee, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14754 | $827 | $1,350 | $2,338 | $3,271 | $4,189 |
Source: Ownwell