Basom, New York Property Taxes
The median property tax rate in Basom, NY is 3.27%, 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 Basom at $133,720, the typical annual property tax bill reaches $4,158, exceeding the national median of $2,690. Property taxes in Basom 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 Basom'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 Basom or another part of Genesee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Basom, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.27%
Estimate Property Tax Bill
$4,373
$4,058
Ownwell’s Basom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Basom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Basom 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 Basom, New York
Property taxes in Basom, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Basom is 3.27%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Basom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Basom 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 Basom's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14013 has the highest median property tax rate of 3.27%, while the same zip code also has the lowest median tax rate of 3.27%. Understanding how these areas compare with Basom provides valuable insights into the varying tax landscape across Genesee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Basom Tax Rate
3.27%
Average Genesee County Tax Rate
3.18%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Basom, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14013 | 2.72% | 3.17% | 3.27% | 3.39% | 3.60% |
Source: Ownwell
Property Tax Assessment Values Across Basom, New York
In Basom, New York, understanding the difference between "market value" and "assessed value" is essential for grasping 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 Genesee County Appraisal District for tax purposes. Conversely, 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 Basom, 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. For example, the median home price in Basom is $133,720. The median tax bill in the area ranges from $3,268 at the 25th percentile to $7,253 at the 90th percentile. The highest and lowest median tax bills in the area are both $4,158, found in the zip code 14013. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Basom Assessed Value
$133,720
Average Genesee County Assessed Value
$137,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Basom, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14013 | $60,976 | $97,348 | $133,720 | $174,390 | $269,061 |
Source: Ownwell
Property Tax Bills Across Basom, New York
In Basom, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Genesee County. The assessed value is determined through a property assessment process, which estimates the market value of the home. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with the median home price in Basom being $133,720, homeowners can expect a tax bill that varies significantly. The 25th percentile tax bill is around $3,268, while those in the 75th percentile pay approximately $5,459. At the 90th percentile, the tax bill can go up to $7,253. These figures indicate that property taxes in Basom can be considerably higher than the national median property tax rate of 0.99%. For homeowners, this means a substantial portion of their annual budget may go towards property taxes, impacting their overall cost of living and financial planning.
Average Basom Tax Bill
$4,158
Average Genesee County Tax Bill
$4,359
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Basom, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14013 | $2,084 | $3,268 | $4,158 | $5,459 | $7,253 |
Source: Ownwell