Cincinnatus, New York Property Taxes
The median property tax rate in Cincinnatus, NY is 3.24%, 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 Cincinnatus at $91,142, the typical annual property tax bill reaches $2,401, slightly below the national median of $2,690. Property taxes in Cincinnatus 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 Cincinnatus'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 Cincinnatus 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
Cincinnatus, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.24%
Estimate Property Tax Bill
$2,953
$2,740
Ownwell’s Cincinnatus Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cincinnatus with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Cincinnatus to provide an estimated property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by Cortland County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Cincinnatus, New York
Property taxes in Cincinnatus, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cincinnatus is 3.24%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Cincinnatus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cincinnatus 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 Cincinnatus's effective property tax rate to other counties in New York and the national median. For comparison, the 13040 zip code has the highest median property tax rate of 3.24%, while the same zip code also has the lowest median tax rate of 3.24%. Understanding how these cities compare with Cincinnatus provides valuable insights into the varying tax landscape across Cortland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cincinnatus Tax Rate
3.24%
Average Cortland County Tax Rate
3.26%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cincinnatus, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13040 | 1.33% | 1.69% | 3.24% | 3.40% | 3.52% |
Source: Ownwell
Property Tax Assessment Values Across Cincinnatus, New York
In Cincinnatus, 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 Cortland 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. In Cincinnatus, 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. The median home price in Cincinnatus is $91,142, with tax bills ranging from $1,298 at the 25th percentile to $6,197 at the 90th percentile. The zip code 13040 has the highest median tax bill of $2,401. Being aware of these valuation processes in Cincinnatus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cincinnatus Assessed Value
$91,142
Average Cortland County Assessed Value
$117,179
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cincinnatus, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13040 | $31,960 | $55,710 | $91,142 | $134,290 | $204,500 |
Source: Ownwell
Property Tax Bills Across Cincinnatus, New York
Property tax bills in Cincinnatus, NY, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Various factors such as property size, location, and market conditions are considered in the assessment process. In Cincinnatus, the median home price is $91,142, with property tax bills ranging significantly. Homeowners in the 25th percentile pay around $1,298, while those in the 75th percentile face bills of up to $3,929. At the 90th percentile, the tax bill can soar to $6,197. The highest and lowest median tax bills in the area are both $2,401, found in the 13040 zip code. These property tax bills can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Cincinnatus homeowners may find their tax obligations vary widely, affecting their budget and long-term investment in their property.
Average Cincinnatus Tax Bill
$2,401
Average Cortland County Tax Bill
$3,928
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Cincinnatus, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13040 | $655 | $1,298 | $2,401 | $3,929 | $6,197 |
Source: Ownwell