Genoa, New York Property Taxes
The median property tax rate in Genoa, NY is 2.08%, 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 Genoa, the typical annual property tax bill reaches $2,637, which is slightly below the national median of $2,690. Property taxes in Genoa 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 Genoa'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 Genoa or another part of Cayuga County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Genoa, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.08%
Estimate Property Tax Bill
$2,670
$2,478
Ownwell’s Genoa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genoa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genoa 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 Genoa, New York
Property taxes in Genoa, 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 Genoa is 2.08%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Genoa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genoa 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 Genoa's effective property tax rate to other counties in New York and the national median. For comparison, the 13071 zip code has both the highest and the lowest median property tax rate of 2.08%. Understanding how these areas compare with Genoa provides valuable insights into the varying tax landscape across Cayuga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Genoa Tax Rate
2.08%
Average Cayuga County Tax Rate
2.43%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genoa, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13071 | 1.64% | 2.01% | 2.08% | 2.16% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Genoa, New York
In Genoa, 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 Cayuga 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 Genoa, 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 Genoa stands at $128,367, with tax bills varying significantly. The highest median tax bill is $2,637 in the 13071 zip code, while the lowest median tax bill also stands at $2,637 in the same zip code. Being aware of these valuation processes in Genoa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Genoa Assessed Value
$128,367
Average Cayuga County Assessed Value
$136,353
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Genoa, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13071 | $56,102 | $89,796 | $128,367 | $203,163 | $353,084 |
Source: Ownwell
Property Tax Bills Across Genoa, New York
In Genoa, Cayuga County, NY, 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 local tax rate to determine the annual tax bill. For homeowners in Genoa, the median home price stands at $128,367. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and applicable exemptions. For instance, the tax bill at the 25th percentile is $1,824, while at the 75th percentile, it rises to $4,017, and at the 90th percentile, it reaches $6,811. These property taxes significantly impact homeowners, as they are a recurring expense that must be budgeted for annually. In comparison to the national median property tax rate of 0.99%, homeowners in Genoa experience varying tax burdens depending on their property's assessed value and the specific tax rates applied. This variability underscores the importance of accurate assessments and potential appeals to manage tax liabilities effectively.
Average Genoa Tax Bill
$2,637
Average Cayuga County Tax Bill
$3,328
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Genoa, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13071 | $1,163 | $1,824 | $2,637 | $4,017 | $6,811 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Cayuga Assessment Review Commission | |
| Website | ccgis.cayugacounty.us |