Mumford, New York Property Taxes
The median property tax rate in Mumford, NY is 2.46%, 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 Mumford, the typical annual property tax bill reaches $8,600, exceeding the national median of $2,690. Property taxes in Mumford 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 Mumford'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 Mumford 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
Mumford, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$8,593
$8,496
Ownwell’s Mumford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mumford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mumford 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 Mumford, New York
Property taxes in Mumford, New York, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mumford is 2.46%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Mumford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mumford 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 Mumford's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14511 has the highest median property tax rate of 2.46%, while the same zip code also has the lowest median tax rate of 2.46%. Understanding how these areas compare with Mumford 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 Mumford Tax Rate
2.46%
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 Mumford, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14511 | 2.46% | 2.46% | 2.46% | 2.46% | 2.46% |
Source: Ownwell
Property Tax Assessment Values Across Mumford, New York
In Mumford, New York, understanding the difference between "market value" and "assessed value" is essential 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 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 Mumford, 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 Mumford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mumford are both $8,600 in the 14511 zip code.
Average Mumford Assessed Value
$349,300
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 Mumford, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14511 | $349,300 | $349,300 | $349,300 | $349,300 | $349,300 |
Source: Ownwell
Property Tax Bills Across Mumford, New York
In Mumford, New York, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is established by the local assessor's office. Factors such as property size, location, and improvements are considered during this assessment. In Livingston County, where Mumford is located, the median home price stands at $349,300. Homeowners in Mumford face a median property tax bill of $8,600, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can have a substantial impact on homeowners, making it essential for them to understand their property assessments and potential exemptions. High property taxes can influence decisions on home purchases and long-term financial planning. Therefore, staying informed about how property taxes are calculated and what factors influence them is crucial for homeowners in Mumford.
Average Mumford Tax Bill
$8,600
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 Mumford, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14511 | $8,600 | $8,600 | $8,600 | $8,600 | $8,600 |
Source: Ownwell