Cape Vincent, New York Property Taxes
The median property tax rate in Cape Vincent, NY is 1.76%, 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 Cape Vincent at $143,956, the typical annual property tax bill reaches $2,752, which is above the national median of $2,690. Property taxes in Cape Vincent 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 Cape Vincent'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 Cape Vincent 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
Cape Vincent, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$2,534
$2,351
Ownwell’s Cape Vincent Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cape Vincent with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cape Vincent 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 Cape Vincent, New York
Property taxes in Cape Vincent, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cape Vincent is 1.76%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cape Vincent set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cape Vincent 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 Cape Vincent's effective property tax rate to other regions and the national median. For comparison, the zip code 13618 has both the highest and lowest median property tax rate of 1.76%. Understanding how these areas compare with Cape Vincent provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cape Vincent Tax Rate
1.76%
Average Jefferson County Tax Rate
1.81%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cape Vincent, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13618 | 1.76% | 1.76% | 1.76% | 1.76% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Cape Vincent, New York
In Cape Vincent, 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 Jefferson 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 Cape Vincent, 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 Cape Vincent helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $143,956, with the highest and lowest median tax bills both at $2,752 in zip code 13618.
Average Cape Vincent Assessed Value
$143,956
Average Jefferson County Assessed Value
$134,468
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cape Vincent, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13618 | $36,044 | $87,774 | $143,956 | $226,978 | $325,176 |
Source: Ownwell
Property Tax Bills Across Cape Vincent, New York
In Cape Vincent, located in Jefferson County, NY, property tax bills are determined by several key factors. The primary element is the assessed value of a home, which is based on its market value. For instance, with a median home price of $143,956, the assessed value plays a crucial role in calculating the tax bill. Additionally, local tax rates, which vary from one area to another, are applied to this assessed value to determine the final tax bill. Homeowners in Cape Vincent can expect their property tax bills to fall within a wide range. The 25th percentile tax bill is around $1,666, while the 75th percentile reaches up to $4,066. Those at the higher end of the spectrum, in the 90th percentile, might see tax bills as high as $5,948. These figures illustrate the significant impact of property taxes on homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate and manage their annual property tax obligations effectively.
Average Cape Vincent Tax Bill
$2,752
Average Jefferson County Tax Bill
$2,407
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Cape Vincent, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13618 | $650 | $1,666 | $2,752 | $4,066 | $5,948 |
Source: Ownwell