Tonawanda, New York Property Taxes
The median property tax rate in Tonawanda, NY is 3.25%, 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 Tonawanda, the typical annual property tax bill reaches $5,364, exceeding the national median of $2,690. Property taxes in Tonawanda 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 Tonawanda'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 Tonawanda 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
Tonawanda, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.25%
Estimate Property Tax Bill
$5,535
$5,136
Ownwell’s Tonawanda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tonawanda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tonawanda 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 Tonawanda, New York
Property taxes in Tonawanda, New York, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tonawanda is 3.25%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Tonawanda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tonawanda 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 Tonawanda's effective property tax rate to other counties in New York and the national median. For comparison, the 14150 zip code has the highest median property tax rate of 3.25%, while the same zip code also has the lowest median tax rate of 3.25%. Understanding how these cities compare with Tonawanda provides valuable insights into the varying tax landscape across Erie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tonawanda Tax Rate
3.25%
Average Erie County Tax Rate
1.96%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tonawanda, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14150 | 1.52% | 1.57% | 3.25% | 3.30% | 3.48% |
Source: Ownwell
Property Tax Assessment Values Across Tonawanda, New York
In Tonawanda, 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 Erie 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 Tonawanda, 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 Tonawanda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 14150 has the highest median tax bill at $5,364, which can be a significant factor for homeowners to consider.
Average Tonawanda Assessed Value
$170,300
Average Erie County Assessed Value
$186,335
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tonawanda, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14150 | $110,300 | $139,700 | $170,300 | $194,100 | $222,400 |
Source: Ownwell
Property Tax Bills Across Tonawanda, New York
In Tonawanda, Erie County, NY, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local tax rate. The median home price in Tonawanda is $170,300, and the property tax rate is notably higher than the national median of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. For homeowners, the financial impact can be significant. For instance, the 25th percentile tax bill is around $2,529, while the 75th percentile reaches $6,399, and the 90th percentile can soar to $7,321. The highest median tax bill in the area is $5,364, found in the 14150 zip code. These figures highlight the considerable range in property tax obligations, which can affect household budgets and the overall cost of homeownership. Understanding these factors is crucial for homeowners to anticipate their annual property tax expenses accurately.
Average Tonawanda Tax Bill
$5,364
Average Erie County Tax Bill
$2,315
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Tonawanda, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14150 | $1,796 | $2,529 | $5,364 | $6,399 | $7,321 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Erie Assessment Review Commission | |
| Website | erieny.maps.arcgis.com |