Mayfield, New York Property Taxes
The median property tax rate in Mayfield, NY is 1.98%, 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 Mayfield at $152,347, the typical annual property tax bill reaches $3,130, exceeding the national median of $2,690. Property taxes in Mayfield 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 Mayfield'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 Mayfield 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
Mayfield, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.98%
Estimate Property Tax Bill
$3,016
$2,982
Ownwell’s Mayfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayfield 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 Mayfield, New York
Property taxes in Mayfield, New York, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayfield is 1.98%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Mayfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayfield 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 Mayfield's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 12117 has both the highest and lowest median property tax rate of 1.98%. Understanding how these areas compare with Mayfield provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayfield Tax Rate
1.98%
Average Fulton County Tax Rate
2.23%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12117 | 1.84% | 1.86% | 1.98% | 1.98% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Mayfield, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mayfield, NY. 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 Fulton 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 Mayfield, 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. The highest median tax bill in Mayfield is $3,130, found in the 12117 zip code. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mayfield Assessed Value
$152,347
Average Fulton County Assessed Value
$117,346
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12117 | $69,740 | $106,582 | $152,347 | $244,452 | $397,034 |
Source: Ownwell
Property Tax Bills Across Mayfield, New York
In Mayfield, located in Fulton 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 reflects the market value of the property. Homeowners can expect their tax bill to vary significantly depending on their property's value and the specific tax rate applied. For instance, the median home price in Mayfield is $152,347, and the tax bills can range widely. At the 25th percentile, homeowners might pay around $2,168, while those at the 75th percentile could see bills as high as $4,780. At the 90th percentile, tax bills can soar to $7,863. Comparatively, the national median property tax rate is 0.99%, and Mayfield's tax bills can be seen as relatively high. These taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Mayfield Tax Bill
$3,130
Average Fulton County Tax Bill
$2,522
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12117 | $1,349 | $2,168 | $3,130 | $4,780 | $7,863 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
|---|
Links | |
|---|---|
| Fulton Assessment Review Commission | |
| Website | sdg.fultoncountyny.gov |