Meridian, New York Property Taxes
The median property tax rate in Meridian, NY is 2.81%, 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 Meridian, the typical annual property tax bill reaches $2,888, exceeding the national median of $2,690. Property taxes in Meridian 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 Meridian'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 Meridian 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
Meridian, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.81%
Estimate Property Tax Bill
$2,884
$2,851
Ownwell’s Meridian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meridian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meridian 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 Meridian, New York
Property taxes in Meridian, 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 Meridian is 2.81%, significantly higher than both the New York state median of 1.23% and the U.S. national median of 0.99%. Local government entities within Meridian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meridian 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 Meridian's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13113 has both the highest and lowest median property tax rate of 2.81%. Understanding how these cities compare with Meridian 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 Meridian Tax Rate
2.81%
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 Meridian, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13113 | 2.70% | 2.81% | 2.81% | 2.81% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Meridian, New York
In Meridian, 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 Meridian, 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. For instance, in Meridian, the median home price is $102,632, with the 25th percentile tax bill at $2,258 and the 75th percentile tax bill at $3,628. The zip code 13113 has the highest and lowest median tax bill at $2,888. Being aware of these valuation processes in Meridian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Meridian Assessed Value
$102,632
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 Meridian, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13113 | $67,895 | $85,526 | $102,632 | $128,947 | $142,105 |
Source: Ownwell
Property Tax Bills Across Meridian, New York
In Meridian, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Cayuga County. The assessed value is determined by local assessors who evaluate the property's market value. Homeowners can expect a median property tax bill of $2,888 in the area, with the 25th percentile paying around $2,258 and the 75th percentile facing bills up to $3,628. For those at the 90th percentile, tax bills can reach as high as $3,975. These tax bills are influenced by various factors, including property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Meridian's tax rates may seem high, reflecting the region's property values and local government funding needs. High property taxes can significantly impact homeowners, affecting their overall housing costs and potentially influencing decisions regarding property improvements or sales. Understanding these factors helps residents anticipate their financial responsibilities and plan accordingly.
Average Meridian Tax Bill
$2,888
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 Meridian, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13113 | $1,910 | $2,258 | $2,888 | $3,628 | $3,975 |
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 |