Niagara Falls, New York Property Taxes
The median property tax rate in Niagara Falls, NY is 1.80%, 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 Niagara Falls, the typical annual property tax bill reaches $1,480, exceeding the national median of $2,690. Property taxes in Niagara Falls 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 Niagara Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Niagara Falls 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
Niagara Falls, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$1,742
$1,617
Ownwell’s Niagara Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Niagara Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Niagara Falls 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 Niagara Falls, New York
Property taxes in Niagara Falls, NY, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Niagara Falls is 1.80%, significantly higher than the U.S. national median of 0.99%. Local government entities within Niagara Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Niagara Falls 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 Niagara Falls' effective property tax rate to other areas in Niagara County and the national median. For comparison, the 14304 zip code has the highest median property tax rate of 1.80%, while the 14303 zip code has the lowest median tax rate of 1.80%. Understanding how these areas compare with Niagara Falls provides valuable insights into the varying tax landscape across Niagara County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Niagara Falls Tax Rate
1.80%
Average Niagara County Tax Rate
2.34%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Niagara Falls, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14301 | 0.64% | 1.36% | 1.80% | 1.80% | 1.80% |
| 14303 | 0.58% | 1.31% | 1.80% | 1.80% | 1.80% |
| 14304 | 0.94% | 1.44% | 1.80% | 2.68% | 2.85% |
| 14305 | 0.78% | 1.45% | 1.80% | 1.80% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Niagara Falls, New York
In Niagara Falls, 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 Niagara 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 Niagara Falls, 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. For instance, the highest median tax bill in the area is $1,961 in the 14304 zip code, while the lowest is $952 in the 14303 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Niagara Falls Assessed Value
$96,800
Average Niagara County Assessed Value
$156,739
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Niagara Falls, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14301 | $37,100 | $51,600 | $67,700 | $85,300 | $103,200 |
| 14303 | $35,600 | $48,400 | $62,100 | $75,000 | $87,100 |
| 14304 | $79,000 | $100,000 | $118,900 | $192,064 | $276,087 |
| 14305 | $30,800 | $51,300 | $84,800 | $118,900 | $176,600 |
Source: Ownwell
Property Tax Bills Across Niagara Falls, New York
In Niagara Falls, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors influencing the assessed value include the property's market value, location, and any improvements or changes made to the property. For homeowners in Niagara Falls, the median home price is $96,800, and property tax bills vary significantly. The 25th percentile tax bill is $914, while the 75th percentile is $2,294, and the 90th percentile reaches up to $5,691. The highest median tax bill in the area is $1,961 in the 14304 zip code, whereas the lowest is $952 in the 14303 zip code. These tax bills can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. With the national median property tax rate at 0.99%, understanding local tax rates and assessments is crucial for managing expenses effectively.
Average Niagara Falls Tax Bill
$1,480
Average Niagara County Tax Bill
$3,626
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Niagara Falls, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14301 | $378 | $711 | $1,039 | $1,364 | $1,683 |
| 14303 | $287 | $638 | $952 | $1,222 | $1,463 |
| 14304 | $913 | $1,451 | $1,961 | $4,961 | $7,375 |
| 14305 | $386 | $725 | $1,359 | $2,109 | $3,602 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Niagara Assessment Review Commission | |
| Website | niagaracounty.prosgar.com |