Tully, New York Property Taxes
The median property tax rate in Tully, NY is 3.50%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Tully at $175,901, the typical annual property tax bill reaches $5,382, far exceeding the national median of $2,690. Property taxes in Tully 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 Tully'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 Tully 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
Tully, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.5%
Estimate Property Tax Bill
$6,157
$6,087
Ownwell’s Tully Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tully with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tully 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 Tully, New York
Property taxes in Tully, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tully is 3.50%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Tully set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tully 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 Tully's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13159 has the highest median property tax rate of 3.50%, while it also has the lowest median tax rate of 3.50%. Understanding how these cities compare with Tully 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 Tully Tax Rate
3.50%
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 Tully, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13159 | 1.63% | 3.21% | 3.50% | 3.50% | 3.50% |
Source: Ownwell
Property Tax Assessment Values Across Tully, New York
In Tully, 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 Appraisal District 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 Tully, 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 Tully helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tully are both $5382.00, found in zip code 13159.
Average Tully Assessed Value
$175,901
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 Tully, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13159 | $87,782 | $125,688 | $175,901 | $256,668 | $339,974 |
Source: Ownwell
Property Tax Bills Across Tully, New York
In Tully, located in 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's office, which evaluates the property's market value and then applies an assessment ratio to arrive at the assessed value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including property size, location, and improvements made to the property. For example, the median home price in Tully is $175,901, and property tax bills can vary significantly. At the 25th percentile, homeowners can expect to pay around $3,780, while those at the 75th percentile might see bills as high as $7,898. The 90th percentile tax bill can reach up to $10,829. These property taxes significantly impact homeowners, influencing their overall housing costs and potentially affecting their ability to afford other expenses. Comparing this to the national median property tax rate of 0.99%, it’s clear that local factors heavily influence property tax burdens in Tully.
Average Tully Tax Bill
$5,382
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 Tully, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13159 | $1,960 | $3,780 | $5,382 | $7,898 | $10,829 |
Source: Ownwell