Scio, New York Property Taxes
The median property tax rate in Scio, NY is 3.88%, 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 Scio at $69,800, the typical annual property tax bill reaches $2,712, which is close to the national median of $2,690. Property taxes in Scio are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Scio'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 Scio 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
Scio, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.88%
Estimate Property Tax Bill
$2,708
$2,513
Ownwell’s Scio Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Scio using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scio to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in trends on a neighborhood level, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Scio, New York
Property taxes in Scio, New York, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scio is 3.88%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Scio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scio 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 Scio's effective property tax rate to other areas in New York and the national median. For comparison, the zip code with the highest median property tax rate in Allegany County is 14880, which also has the highest rate of 3.88%, while the lowest median tax rate is also in the same zip code at 3.88%. Understanding how these areas compare with Scio 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 Scio Tax Rate
3.88%
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 Scio, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14880 | 3.51% | 3.88% | 3.88% | 4.05% | 4.20% |
Source: Ownwell
Property Tax Assessment Values Across Scio, New York
In Scio, 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 Assessment Office 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 Scio, 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 Scio helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 14880, amounting to $2712, while the lowest is also 14880, reflecting consistency in tax bills within the area.
Average Scio Assessed Value
$69,800
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 Scio, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14880 | $21,700 | $40,400 | $69,800 | $98,100 | $136,000 |
Source: Ownwell
Property Tax Bills Across Scio, New York
Property tax bills in Scio, located in Allegany County, NY, are calculated based on the assessed value of a property and the local tax rate. The median home price in Scio is $69,800. Property taxes are determined by multiplying the assessed value by the tax rate set by local authorities. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Scio can expect to pay varying amounts in property taxes. For instance, the 25th percentile tax bill is $1,544, while the 75th percentile tax bill is $3,832. Those at the 90th percentile face a tax bill of $5,184. Comparatively, the national median property tax rate is 0.99%, showing that Scio's tax rates can be significantly higher depending on the assessed value of the property. This variation in property tax bills can have a substantial impact on homeowners, influencing their overall cost of living and financial planning.
Average Scio Tax Bill
$2,712
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 Scio, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14880 | $849 | $1,544 | $2,712 | $3,832 | $5,184 |
Source: Ownwell