Kennedy, New York Property Taxes
The median property tax rate in Kennedy, NY is 3.06%, 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 Kennedy at $77,200, the typical annual property tax bill reaches $2,315, which is still below the national median of $2,690. Property taxes in Kennedy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kennedy'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 Kennedy 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
Kennedy, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.06%
Estimate Property Tax Bill
$2,362
$2,336
Ownwell’s Kennedy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kennedy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kennedy 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 Kennedy, New York
Property taxes in Kennedy, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kennedy is 3.06%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Kennedy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kennedy 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 Kennedy's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14747 has the highest median property tax rate of 3.06%, while the same zip code also has the lowest median tax rate of 3.06%. Understanding how these cities compare with Kennedy provides valuable insights into the varying tax landscape across Chautauqua County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kennedy Tax Rate
3.06%
Average Chautauqua County Tax Rate
2.90%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kennedy, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14747 | 2.17% | 3.00% | 3.06% | 3.31% | 3.77% |
Source: Ownwell
Property Tax Assessment Values Across Kennedy, New York
In Kennedy, 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 Chautauqua 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 Kennedy, 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, the highest median tax bill in Kennedy is $2,315 in zip code 14747, while the lowest median tax bill is also $2,315 in the same zip code. Being aware of these valuation processes in Kennedy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kennedy Assessed Value
$77,200
Average Chautauqua County Assessed Value
$91,916
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kennedy, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14747 | $30,500 | $51,100 | $77,200 | $113,000 | $160,900 |
Source: Ownwell
Property Tax Bills Across Kennedy, New York
In Kennedy, located in Chautauqua County, NY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is meant to represent the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Kennedy is $77,200. The property tax rate in Chautauqua County is higher than the national median of 0.99%, resulting in a median tax bill that homeowners can expect to pay annually. The tax bill for the 25th percentile is $1,511, while those in the 75th percentile pay around $3,485. Homeowners in the 90th percentile may see tax bills as high as $4,891. These tax bills can significantly impact homeowners, affecting monthly budgets and overall affordability. Understanding how these factors come together helps homeowners plan and manage their finances more effectively.
Average Kennedy Tax Bill
$2,315
Average Chautauqua County Tax Bill
$2,807
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Kennedy, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14747 | $866 | $1,511 | $2,315 | $3,485 | $4,891 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Chautauqua Assessment Review Commission | |
| Website | chautauquacounty.maps.arcgis.com |