Redwood, New York Property Taxes
The median property tax rate in Redwood, NY is 2.05%, 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 Redwood, the typical annual property tax bill reaches $2,147, which is below the national median of $2,690. Property taxes in Redwood 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 Redwood'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 Redwood or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Redwood, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$2,452
$2,424
Ownwell’s Redwood Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Redwood. By entering your property's estimated assessed value, the calculator uses the median tax rate in Redwood to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making it easier to plan your finances. For those interested in more granular details, neighborhood-level trends are available further down the page. Your property’s assessed value, determined by Jefferson County, is used for these calculations and includes any applicable exemptions.
Property Tax Rates Across Redwood, New York
Property taxes in Redwood, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Redwood is 2.05%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Redwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redwood 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 Redwood's effective property tax rate to other counties in New York and the national median. For comparison, the 13679 zip code has the highest median property tax rate of 2.05%, while the same zip code also has the lowest median tax rate of 2.05%. Understanding how these cities compare with Redwood 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 Redwood Tax Rate
2.05%
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 Redwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13679 | 1.24% | 1.24% | 2.05% | 2.07% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Redwood, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Redwood, New York. 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 Redwood, 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 Redwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Redwood is $119,592, with the highest median tax bill of $2,147 found in zip code 13679.
Average Redwood Assessed Value
$119,592
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 Redwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13679 | $44,458 | $76,476 | $119,592 | $183,192 | $265,102 |
Source: Ownwell
Property Tax Bills Across Redwood, New York
Property tax bills in Redwood, Jefferson County, NY are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and is meant to reflect the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made. Homeowners in Redwood typically see a range of tax bills, with the 25th percentile paying around $1,377, while those in the 75th percentile pay about $3,235. At the 90th percentile, the tax bill can reach up to $4,680. These property taxes fund essential community services such as public schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Redwood's rates can significantly impact homeowners, making it crucial for them to understand how their tax bills are calculated and what factors contribute to the final amount.
Average Redwood Tax Bill
$2,147
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 Redwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13679 | $769 | $1,377 | $2,147 | $3,235 | $4,680 |
Source: Ownwell