East Pharsalia, New York Property Taxes
The median property tax rate in East Pharsalia, NY is 2.71%, 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 East Pharsalia at $123,021, the typical annual property tax bill reaches $3,300, exceeding the national median of $2,690. Property taxes in East Pharsalia 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 East Pharsalia'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 East Pharsalia 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
East Pharsalia, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.71%
Estimate Property Tax Bill
$3,334
$3,296
Ownwell’s EAST PHARSALIA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in EAST PHARSALIA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in EAST PHARSALIA 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 East Pharsalia, New York
Property taxes in East Pharsalia, 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 East Pharsalia is 2.71%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within East Pharsalia set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Pharsalia 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 East Pharsalia's effective property tax rate to other counties in New York and the national median. For comparison, the 13758 zip code has the highest median property tax rate of 2.71%, while the 13758 zip code also has the lowest median tax rate of 2.71%. Understanding how these cities compare with East Pharsalia provides valuable insights into the varying tax landscape across Chenango County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Pharsalia Tax Rate
2.71%
Average Chenango County Tax Rate
3.08%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Pharsalia, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13758 | 2.68% | 2.69% | 2.71% | 2.72% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across East Pharsalia, New York
In East Pharsalia, 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 Chenango 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 East Pharsalia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $3,300 in zip code 13758, with tax bills ranging from $1,957 at the 25th percentile to $5,448 at the 90th percentile.
Average East Pharsalia Assessed Value
$123,021
Average Chenango County Assessed Value
$92,500
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Pharsalia, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13758 | $42,579 | $72,744 | $123,021 | $173,298 | $203,463 |
Source: Ownwell
Property Tax Bills Across East Pharsalia, New York
In East Pharsalia, located in Chenango County, NY, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor, who estimates the market value of the property. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in East Pharsalia face a range of property tax bills. For instance, the 25th percentile tax bill is $1,957, while the 75th percentile reaches $4,642, and the 90th percentile goes up to $5,448. The median home price in the area is $123,021, which helps determine the overall tax burden. Compared to the national median property tax rate of 0.99%, the property tax rates in East Pharsalia can significantly impact homeowners, making it crucial for them to understand how their tax bills are calculated and what factors contribute to the final amount.
Average East Pharsalia Tax Bill
$3,300
Average Chenango County Tax Bill
$2,965
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across East Pharsalia, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13758 | $1,151 | $1,957 | $3,300 | $4,642 | $5,448 |
Source: Ownwell