Newfield, New York Property Taxes
The median property tax rate in Newfield, NY is 2.88%, 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 Newfield, the typical annual property tax bill reaches $3,953, exceeding the national median of $2,690. Property taxes in Newfield 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 Newfield'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 Newfield 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
Newfield, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$4,611
$4,559
Ownwell’s Newfield Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Newfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newfield 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 Newfield, New York
Property taxes in Newfield, 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 Newfield is 2.88%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Newfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newfield 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 Newfield's effective property tax rate to other counties in New York and the national median. For comparison, the 14867 zip code has the highest median property tax rate of 2.88%, while the same zip code also has the lowest median tax rate of 2.88%. Understanding how these cities compare with Newfield 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 Newfield Tax Rate
2.88%
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 Newfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14867 | 2.55% | 2.67% | 2.88% | 2.88% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Newfield, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Newfield, New York. 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 Chemung County Assessment Office 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 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 Newfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Newfield both stand at $3,953 in the 14867 zip code. The median home price in the area is $160,101, with tax bills ranging from $3,054 at the 25th percentile to $8,487 at the 90th percentile.
Average Newfield Assessed Value
$160,101
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 Newfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14867 | $91,929 | $117,494 | $160,101 | $247,253 | $299,544 |
Source: Ownwell
Property Tax Bills Across Newfield, New York
In Newfield, located in Chemung County, NY, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is then multiplied by the local tax rate to produce the tax bill. The median home price in Newfield is $160,101, and homeowners can expect varying tax bills depending on their property's assessed value. For instance, tax bills at the 25th percentile are around $3,054, while those at the 75th percentile reach approximately $6,787. The highest tax bills, at the 90th percentile, can go up to $8,487. These property tax rates can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. In Newfield, the property tax burden can be relatively high, influencing the overall cost of homeownership. Homeowners should be aware of these factors as they can affect their financial planning and the affordability of living in the area.
Average Newfield Tax Bill
$3,953
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 Newfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14867 | $2,514 | $3,054 | $3,953 | $6,787 | $8,487 |
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 |