Mount Upton, New York Property Taxes
The median property tax rate in Mount Upton, NY is 2.78%, 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 Mount Upton at $78,202, the typical annual property tax bill reaches $2,201, which is below the national median of $2,690. Property taxes in Mount Upton 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 Mount Upton'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 Mount Upton 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
Mount Upton, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.78%
Estimate Property Tax Bill
$2,174
$2,150
Ownwell’s Mount Upton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Upton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Upton 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 Mount Upton, New York
Property taxes in Mount Upton, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Upton is 2.78%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Mount Upton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Upton 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 Mount Upton's effective property tax rate to other areas in New York and the national median. For comparison, the 13809 zip code has the highest median property tax rate of 2.78%, while the same zip code also has the lowest median tax rate of 2.78%. Understanding how these areas compare with Mount Upton 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 Mount Upton Tax Rate
2.78%
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 Mount Upton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13809 | 2.73% | 2.78% | 2.78% | 2.87% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Mount Upton, New York
In Mount Upton, 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 Department 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 Mount Upton, 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 Mount Upton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mount Upton is $78,202, with the 25th percentile tax bill at $1,528 and the 75th percentile at $3,236. The highest and lowest median tax bills are both $2,201, found in zip code 13809.
Average Mount Upton Assessed Value
$78,202
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 Mount Upton, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13809 | $30,472 | $53,708 | $78,202 | $115,618 | $174,112 |
Source: Ownwell
Property Tax Bills Across Mount Upton, New York
In Mount Upton, Chenango County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. Homeowners in Mount Upton face varying tax bills depending on these assessments. For instance, the median home price in the area is $78,202. Tax bills can range significantly, with the 25th percentile at $1,528 and the 75th percentile reaching up to $3,236. The 90th percentile tax bill can be as high as $4,881, reflecting the disparity in property values and assessments within the region. Comparing this to the national median property tax rate of 0.99%, homeowners in Mount Upton experience a diverse range of tax obligations, impacting their annual financial planning and overall cost of homeownership.
Average Mount Upton Tax Bill
$2,201
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 Mount Upton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13809 | $882 | $1,528 | $2,201 | $3,236 | $4,881 |
Source: Ownwell