Deposit, New York Property Taxes
The median property tax rate in Deposit, NY is 2.33%, 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 Deposit, the typical annual property tax bill reaches $3,006, exceeding the national median of $2,690. Property taxes in Deposit are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Deposit'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 Deposit 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
Deposit, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$2,823
$2,791
Ownwell’s Deposit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deposit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deposit 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 Deposit, New York
Property taxes in Deposit, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deposit is 2.33%, significantly higher than the U.S. national median of 0.99%. Local government entities within Deposit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deposit 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 Deposit's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13754 has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these cities compare with Deposit provides valuable insights into the varying tax landscape across Broome County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deposit Tax Rate
2.33%
Average Broome County Tax Rate
3.50%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deposit, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13754 | 2.33% | 2.33% | 2.33% | 2.75% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Deposit, New York
In Deposit, 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 Broome County Assessor 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 Deposit, 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 median home price in Deposit is $121,154, with tax bills ranging from $1,920 at the 25th percentile to $7,011 at the 90th percentile. The highest median tax bill in the area is $3,006 in zip code 13754. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Deposit Assessed Value
$121,154
Average Broome County Assessed Value
$113,808
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deposit, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13754 | $48,077 | $78,702 | $121,154 | $186,250 | $289,077 |
Source: Ownwell
Property Tax Bills Across Deposit, New York
Property tax bills in Deposit, located in Broome County, NY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the local assessor's office. Homeowners in Deposit can expect their tax bills to vary significantly depending on their property's assessed value and the tax rate applied. For example, the median home price in Deposit is $121,154, and the property tax bill can range widely. At the 25th percentile, homeowners might pay around $1,920, while those at the 75th percentile could see bills as high as $4,342. In some cases, property tax bills can reach up to $7,011, particularly for higher-valued properties. The highest median tax bill in the area is recorded at $3,006 in the 13754 zip code. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life and property values in the community.
Average Deposit Tax Bill
$3,006
Average Broome County Tax Bill
$4,421
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Deposit, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13754 | $1,283 | $1,920 | $3,006 | $4,342 | $7,011 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Broome Assessment Review Commission | |
| Website | gis.broomecountyny.gov |