Freedom, New York Property Taxes
The median property tax rate in Freedom, NY is 1.44%, considerably higher than the national median of 0.99% but lower than the New York state median of 2.39%. With the median home value in Freedom at $122,300, the typical annual property tax bill reaches $1,750, which is below the national median of $2,690. 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
1.44%
Estimate Property Tax Bill
$1,761
$1,741
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, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freedom is 1.44%, 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 both the highest and lowest median property tax rate of 1.44%. Understanding how these cities compare with Freedom provides valuable insights into the varying tax landscape across Cattaraugus County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freedom Tax Rate
1.44%
Average Cattaraugus County Tax Rate
1.53%
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 | 1.24% | 1.44% | 1.44% | 1.47% | 1.48% |
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 Cattaraugus 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 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. 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. The median home price in Freedom is $122,300, with tax bills ranging from $1,098 at the 25th percentile to $3,217 at the 90th percentile. The highest and lowest median tax bill both stand at $1,750 in the 14065 zip code.
Average Freedom Assessed Value
$122,300
Average Cattaraugus County Assessed Value
$88,597
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 | $40,860 | $77,000 | $122,300 | $167,500 | $217,220 |
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 and the local tax rate. The assessed value is determined by the local assessor and reflects a percentage of the property's market value. Homeowners in Freedom can expect property taxes to vary significantly, with tax bills ranging from $1,098 at the 25th percentile to $3,217 at the 90th percentile. The median home price in the area is $122,300, and the property tax rate in Freedom is higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These taxes fund essential services like schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding how these elements contribute to property tax calculations can help homeowners better manage their financial planning and anticipate changes in their annual tax obligations.
Average Freedom Tax Bill
$1,750
Average Cattaraugus County Tax Bill
$1,508
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 | $572 | $1,098 | $1,750 | $2,456 | $3,217 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Cattaraugus Assessment Review Commission | |
| Website | maps.cattco.org |