Oakfield, New York Property Taxes
The median property tax rate in Oakfield, NY is 3.78%, 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 Oakfield, the typical annual property tax bill reaches $3,761, exceeding the national median of $2,690. Property taxes in Oakfield 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 Oakfield'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 Oakfield 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
Oakfield, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.78%
Estimate Property Tax Bill
$3,931
$3,648
Ownwell’s Oakfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakfield 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 Oakfield, New York
Property taxes in Oakfield, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakfield is 3.78%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Oakfield set these rates annually, and they can vary across different neighborhoods. Each year, Oakfield 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 Oakfield's effective property tax rate to other counties in New York and the national median. For comparison, the highest and lowest median property tax rates in Genesee County both stand at 3.78%, as seen in the zip code 14125. Understanding how these cities compare with Oakfield 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 Oakfield Tax Rate
3.78%
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 Oakfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14125 | 3.22% | 3.38% | 3.78% | 3.78% | 3.89% |
Source: Ownwell
Property Tax Assessment Values Across Oakfield, New York
In Oakfield, 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 Genesee 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 Oakfield, 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 Oakfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Oakfield is $3,761, found in zip code 14125, which contrasts with the national median property tax rate of 0.99%.
Average Oakfield Assessed Value
$104,000
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 Oakfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14125 | $51,500 | $78,275 | $104,000 | $138,000 | $187,700 |
Source: Ownwell
Property Tax Bills Across Oakfield, New York
In Oakfield, 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 then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Oakfield, the median home price is $104,000. Property tax bills can vary significantly, with the 25th percentile bill at $2,907 and the 75th percentile bill at $4,868. At the higher end, the 90th percentile tax bill reaches $6,395. Factors considered in the assessment include the property's market value, improvements, and any applicable exemptions. Homeowners in Oakfield may find their tax bills higher or lower than the national median property tax rate of 0.99%, depending on these variables. The highest and lowest median tax bills in Oakfield are both $3,761, indicating a relatively stable tax environment within the zip code 14125. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Oakfield Tax Bill
$3,761
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 Oakfield, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14125 | $1,944 | $2,907 | $3,761 | $4,868 | $6,395 |
Source: Ownwell