Deposit, New York Property Taxes
The median property tax rate in Deposit, NY is 5.69%, 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 Deposit at $43,700, the typical annual property tax bill reaches $2,316, which is slightly below the national median of $2,690. Property taxes in Deposit 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 Deposit'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 Deposit 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
Deposit, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.69%
Estimate Property Tax Bill
$2,487
$2,458
Ownwell’s Deposit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deposit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deposit 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 Deposit, New York
Property taxes in Deposit, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deposit is 5.69%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Deposit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deposit 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 Deposit's effective property tax rate to other counties in New York and the national median. For comparison, the 13754 zip code has the highest median property tax rate of 5.69%, while the same zip code also has the lowest median tax rate of 5.69%. Understanding how these cities compare with Deposit provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deposit Tax Rate
5.69%
Average Delaware County Tax Rate
2.34%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deposit, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13754 | 5.26% | 5.26% | 5.69% | 5.69% | 5.69% |
Source: Ownwell
Property Tax Assessment Values Across Deposit, New York
In Deposit, 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 Delaware 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 Deposit, 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 Deposit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Deposit are both $2316, found in zip code 13754.
Average Deposit Assessed Value
$43,700
Average Delaware County Assessed Value
$129,271
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deposit, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13754 | $19,000 | $28,750 | $43,700 | $60,000 | $83,700 |
Source: Ownwell
Property Tax Bills Across Deposit, New York
In Deposit, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value, reflecting the worth of the property in the current real estate market. Homeowners in Deposit can expect their property tax bills to vary significantly, influenced by factors such as property size, location, and improvements made to the home. For instance, the median home price in Deposit is $43,700, and property tax bills can range widely. The 25th percentile tax bill is $1,535, while the 75th percentile reaches $3,297, and the 90th percentile can go up to $4,645. This variation highlights the impact of property characteristics and local tax rates on the final tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Deposit may find their property tax rates to be relatively high or low, depending on specific circumstances. Understanding these factors helps homeowners anticipate their tax obligations and plan accordingly.
Average Deposit Tax Bill
$2,316
Average Delaware County Tax Bill
$3,106
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Deposit, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13754 | $1,042 | $1,535 | $2,316 | $3,297 | $4,645 |
Source: Ownwell