Truxton, New York Property Taxes
The median property tax rate in Truxton, NY is 3.45%, 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 Truxton at $96,762, the typical annual property tax bill reaches $2,562, which is just below the national median of $2,690. Property taxes in Truxton 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 Truxton'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 Truxton 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
Truxton, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.45%
Estimate Property Tax Bill
$3,338
$3,098
Ownwell’s Truxton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Truxton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Truxton 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 Truxton, New York
Property taxes in Truxton, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Truxton is 3.45%, significantly higher than the New York state median and the U.S. national median of 0.99%. Local government entities within Truxton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Truxton 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 Truxton's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13158 has the highest median property tax rate of 3.45%, while the same zip code also has the lowest median tax rate of 3.45%. Understanding how these cities compare with Truxton 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 Truxton Tax Rate
3.45%
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 Truxton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13158 | 1.24% | 1.65% | 3.45% | 3.48% | 3.48% |
Source: Ownwell
Property Tax Assessment Values Across Truxton, New York
In Truxton, 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 Truxton, 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 Truxton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Truxton is $2,562 in the 13158 zip code, while the lowest median tax bill is also $2,562 in the same zip code.
Average Truxton Assessed Value
$96,762
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 Truxton, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13158 | $31,250 | $55,766 | $96,762 | $140,969 | $219,650 |
Source: Ownwell
Property Tax Bills Across Truxton, New York
In Truxton, Cortland County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and represents a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Truxton, the median home price is $96,762, and the property tax rate can significantly impact their annual expenses. The tax bill at the 25th percentile is $1,301, while at the 75th percentile, it rises to $4,002, and at the 90th percentile, it reaches $6,370. These figures illustrate the range of property tax burdens within the city. Compared to the national median property tax rate of 0.99%, Truxton's property tax rates reflect the local economic conditions and the funding needs of the community. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Truxton Tax Bill
$2,562
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 Truxton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13158 | $689 | $1,301 | $2,562 | $4,002 | $6,370 |
Source: Ownwell