Mc Graw, New York Property Taxes
The median property tax rate in McGraw, NY is 3.28%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $104,250 in McGraw, the typical annual property tax bill reaches $3,337, surpassing the national median of $2,690. Property taxes in McGraw are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding McGraw'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 McGraw 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
Mc Graw, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.28%
Estimate Property Tax Bill
$3,419
$3,173
Ownwell’s MC GRAW Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC GRAW with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC GRAW 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 Mc Graw, New York
Property taxes in McGraw, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McGraw is 3.28%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within McGraw set these rates annually, and they can vary significantly across different neighborhoods. Each year, McGraw 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 McGraw's effective property tax rate to other areas in New York and the national median. For comparison, the 13101 area has the highest median property tax rate of 3.28%, while the same area also has the lowest median tax rate of 3.28%. Understanding how these areas compare with McGraw 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 Mc Graw Tax Rate
3.28%
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 Mc Graw, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13101 | 1.52% | 3.17% | 3.28% | 3.90% | 3.90% |
Source: Ownwell
Property Tax Assessment Values Across Mc Graw, New York
In McGraw, 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 McGraw, 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 McGraw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 13101 has the highest and lowest median tax bills, both at $3,337.
Average Mc Graw Assessed Value
$104,250
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 Mc Graw, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13101 | $52,072 | $78,219 | $104,250 | $142,683 | $199,295 |
Source: Ownwell
Property Tax Bills Across Mc Graw, New York
In McGraw, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the final tax bill. For homeowners in McGraw, the median home price is $104,250. Property tax bills in this area can vary significantly, ranging from the 25th percentile at $2,245 to the 75th percentile at $4,534, and reaching up to the 90th percentile at $6,089. Several factors influence the assessed value, including the home's market value, location, and any improvements or changes made to the property. For comparison, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. High property taxes can impact homeowners by increasing their overall cost of living and potentially affecting their ability to afford their homes. In Cortland County, where McGraw is located, the highest and lowest median tax bills are both reported at $3,337, indicating a relatively consistent tax rate across the region.
Average Mc Graw Tax Bill
$3,337
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 Mc Graw, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13101 | $1,151 | $2,245 | $3,337 | $4,534 | $6,089 |
Source: Ownwell