Chemung, New York Property Taxes
The median property tax rate in Chemung, NY is 2.40%, 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 Chemung at $99,750, the typical annual property tax bill reaches $2,345, slightly below the national median of $2,690. Property taxes in Chemung 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 Chemung'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 Chemung 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
Chemung, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$2,394
$2,222
Ownwell’s Chemung Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chemung with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chemung 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 Chemung, New York
Property taxes in Chemung, 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 Chemung is 2.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Chemung set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chemung 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 Chemung's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14825 has both the highest and lowest median property tax rate of 2.40%. Understanding how these areas compare with Chemung provides valuable insights into the varying tax landscape across Chemung County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chemung Tax Rate
2.40%
Average Chemung County Tax Rate
2.93%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chemung, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14825 | 2.34% | 2.40% | 2.40% | 2.48% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Chemung, New York
In Chemung, 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 local 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. Assessment notices in Chemung 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. The median home price in Chemung is $99,750, with tax bills ranging from $1,636 at the 25th percentile to $3,370 at the 75th percentile, and $4,714 at the 90th percentile. The zip code 14825 has the highest median tax bill at $2,345, which is also the lowest. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Chemung Assessed Value
$99,750
Average Chemung County Assessed Value
$104,684
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chemung, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14825 | $40,950 | $68,250 | $99,750 | $141,750 | $210,920 |
Source: Ownwell
Property Tax Bills Across Chemung, New York
In Chemung, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the final tax bill. Factors such as the home's size, location, and market conditions influence the assessed value. For instance, the median home price in Chemung is $99,750. Homeowners in Chemung can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill is around $1,636, while the 75th percentile tax bill reaches up to $3,370. At the higher end, the 90th percentile tax bill can be as much as $4,714. These property taxes fund essential services like public schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Chemung's tax bills reflect the local economic conditions and public service needs, influencing the overall cost of homeownership in the area.
Average Chemung Tax Bill
$2,345
Average Chemung County Tax Bill
$3,435
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Chemung, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14825 | $998 | $1,636 | $2,345 | $3,370 | $4,714 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Chemung Assessment Review Commission | |
| Website | www.arcgis.com |