Leicester, New York Property Taxes
The median property tax rate in Leicester, NY is 2.84%, 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 Leicester at $151,150, the typical annual property tax bill reaches $4,260, exceeding the national median of $2,690. Property taxes in Leicester 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 Leicester'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 Leicester 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
Leicester, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.84%
Estimate Property Tax Bill
$4,293
$4,244
Ownwell’s Leicester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leicester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leicester 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 Leicester, New York
Property taxes in Leicester, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leicester is 2.84%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Leicester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leicester 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 Leicester's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14481 has the highest median property tax rate of 2.84%, while the same zip code also has the lowest median tax rate of 2.84%. Understanding how these cities compare with Leicester provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leicester Tax Rate
2.84%
Average Livingston County Tax Rate
2.99%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leicester, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14481 | 2.60% | 2.78% | 2.84% | 2.93% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Leicester, New York
In Leicester, 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 Livingston 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 Leicester, 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 Leicester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest and lowest median tax bills in Leicester are both $4,260 in the 14481 zip code.
Average Leicester Assessed Value
$151,150
Average Livingston County Assessed Value
$161,700
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leicester, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14481 | $67,010 | $110,300 | $151,150 | $191,700 | $248,060 |
Source: Ownwell
Property Tax Bills Across Leicester, New York
In Leicester, Livingston County, NY, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value as determined by the local assessor. For example, with a median home price of $151,150, homeowners can expect their property tax bills to vary significantly. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Leicester face property tax bills ranging from $3,063 at the 25th percentile to $5,448 at the 75th percentile, with the 90th percentile reaching up to $6,932. These figures highlight the wide variability in tax bills, influenced by differences in property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Leicester's tax rates can result in relatively high tax bills, impacting homeowners' financial planning and budgeting. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Leicester Tax Bill
$4,260
Average Livingston County Tax Bill
$4,819
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Leicester, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14481 | $1,806 | $3,063 | $4,260 | $5,448 | $6,932 |
Source: Ownwell