Portageville, New York Property Taxes
The median property tax rate in Portageville, NY is 3.34%, 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 Portageville, the typical annual property tax bill reaches $1,981, still below the national median of $2,690. Property taxes in Portageville 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 Portageville'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 Portageville 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
Portageville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.34%
Estimate Property Tax Bill
$1,986
$1,963
Ownwell’s Portageville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portageville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portageville 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 Portageville, New York
Property taxes in Portageville, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portageville is 3.34%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Portageville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portageville 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 Portageville's effective property tax rate to other counties in New York and the national median. For comparison, the 14536 zip code has the highest median property tax rate of 3.34%, while the same zip code also has the lowest median tax rate of 3.34%. Understanding how these cities compare with Portageville 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 Portageville Tax Rate
3.34%
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 Portageville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14536 | 2.53% | 3.33% | 3.34% | 3.48% | 3.48% |
Source: Ownwell
Property Tax Assessment Values Across Portageville, New York
In Portageville, 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 Portageville, 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. The median home price in Portageville is $59,450, with tax bills ranging from $1,524 at the 25th percentile to $2,986 at the 90th percentile. The zip code 14536 has both the highest and lowest median tax bill, valued at $1,981. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Portageville Assessed Value
$59,450
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 Portageville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14536 | $23,720 | $43,850 | $59,450 | $71,525 | $89,240 |
Source: Ownwell
Property Tax Bills Across Portageville, New York
In Portageville, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the tax rate set by local taxing authorities. Several factors influence the assessed value, including the market value of the property, its location, and any improvements made to it. In Portageville, located in Allegany County, the median home price is $59,450. Homeowners in this area can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is $1,524, while the 75th percentile tax bill is $2,460. At the 90th percentile, the tax bill can reach up to $2,986. This variability underscores the impact of property assessments and tax rates on homeowners. Compared to the national median property tax rate of 0.99%, Portageville's property tax rates can lead to substantial differences in annual tax obligations, affecting homeowners' financial planning and housing affordability.
Average Portageville Tax Bill
$1,981
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 Portageville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14536 | $577 | $1,524 | $1,981 | $2,460 | $2,986 |
Source: Ownwell