Smyrna, New York Property Taxes
The median property tax rate in Smyrna, NY is 2.66%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Smyrna, the typical annual property tax bill reaches $4,675, far exceeding the national median of $2,690. Property taxes in Smyrna 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 Smyrna'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 Smyrna 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
Smyrna, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$4,676
$4,623
Ownwell’s Smyrna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smyrna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smyrna 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 Smyrna, New York
Property taxes in Smyrna, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smyrna is 2.66%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Smyrna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smyrna 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 Smyrna's effective property tax rate to other counties in New York and the national median. For comparison, the 13464 zip code has the highest median property tax rate of 2.66%, while the same zip code also has the lowest median tax rate of 2.66%. Understanding how these cities compare with Smyrna provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smyrna Tax Rate
2.66%
Average Madison County Tax Rate
3.06%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smyrna, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13464 | 2.41% | 2.50% | 2.66% | 2.68% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Smyrna, New York
In Smyrna, 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 Madison 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 Smyrna, 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. The median home price in Smyrna is $175,789, with tax bills ranging from $2,976 at the 25th percentile to $5,183 at the 90th percentile. The highest median tax bill is found in ZIP code 13464, amounting to $4,675. 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 Smyrna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smyrna Assessed Value
$175,789
Average Madison County Assessed Value
$136,471
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smyrna, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13464 | $73,052 | $111,578 | $175,789 | $201,052 | $216,211 |
Source: Ownwell
Property Tax Bills Across Smyrna, New York
In Smyrna, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Smyrna, the median home price is $175,789. The property tax rate in Smyrna is higher than the national median of 0.99%, resulting in a substantial tax bill for homeowners. Factors such as property improvements, neighborhood development, and market conditions can influence the assessed value, thereby affecting the tax bill. For instance, the 25th percentile tax bill in Smyrna is $2,976, while the 75th percentile tax bill reaches $4,993. This variation highlights how different factors can lead to significant differences in tax obligations. Homeowners in the 90th percentile face a tax bill of $5,183, indicating even higher property valuations. These property taxes fund essential public services like schools, roads, and emergency services, directly impacting the quality of life in Smyrna. Homeowners need to stay informed about their property assessments and any potential appeals to ensure fair taxation.
Average Smyrna Tax Bill
$4,675
Average Madison County Tax Bill
$4,460
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Smyrna, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13464 | $1,957 | $2,976 | $4,675 | $4,993 | $5,183 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Madison Assessment Review Commission | |
| Website | property.madisoncounty.ny.gov |