Fairport, New York Property Taxes
The median property tax rate in Fairport, NY is 2.89%, significantly higher than both the national median of 0.99% and New York's state median of 2.39%. With a median home value of $247,900 in Fairport, the typical annual property tax bill reaches $7,094, far exceeding the national median of $2,690. Property taxes in Fairport are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fairport's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fairport or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairport, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.89%
Estimate Property Tax Bill
$7,164
$7,084
Ownwell’s Fairport Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Fairport. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Fairport to provide an accurate estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities, making it easier to plan your finances. If you’re curious about neighborhood-specific trends, scroll down to discover more localized information. Your property’s assessed value is determined by Monroe County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Fairport, New York
Property taxes in Fairport, 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 Fairport is 2.89%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Fairport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairport 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 Fairport's effective property tax rate to other areas in Monroe County and the national median. For comparison, the zip code 14450 has the highest median property tax rate of 2.89%, while the same zip code also has the lowest median tax rate of 2.89%. Understanding how these areas compare with Fairport provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairport Tax Rate
2.89%
Average Monroe County Tax Rate
2.93%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairport, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14450 | 2.33% | 2.69% | 2.89% | 3.02% | 3.34% |
Source: Ownwell
Property Tax Assessment Values Across Fairport, New York
In Fairport, 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 Monroe 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 Fairport, 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 Fairport is $247,900, with tax bills ranging from $5,714 at the 25th percentile to $12,217 at the 90th percentile. Notably, the zip code 14450 has the highest median tax bill of $7,094. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairport Assessed Value
$247,900
Average Monroe County Assessed Value
$167,400
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairport, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14450 | $164,380 | $209,350 | $247,900 | $315,300 | $412,500 |
Source: Ownwell
Property Tax Bills Across Fairport, New York
Property tax bills in Fairport, located in Monroe 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's office and reflects a percentage of the market value of the home. The tax rate is set by local taxing authorities and is applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including changes in the market value of properties, local government budgets, and voter-approved levies for schools and infrastructure. Homeowners in Fairport can expect to pay a significant amount in property taxes, with the median tax bill standing at $7,094. This is considerably higher than the national median property tax rate of 0.99%. For instance, the 25th percentile tax bill is $5,714, while those in the 90th percentile can see bills as high as $12,217. High property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning.
Average Fairport Tax Bill
$7,094
Average Monroe County Tax Bill
$5,200
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairport, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14450 | $4,034 | $5,714 | $7,094 | $9,355 | $12,217 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Monroe Assessment Review Commission | |
| Website | app.regrid.com |