Prospect, New York Property Taxes
The median property tax rate in Prospect, NY is 2.77%, 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 Prospect, the typical annual property tax bill reaches $2,581, just below the national median of $2,690. Property taxes in Prospect 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 Prospect'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 Prospect 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
Prospect, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.77%
Estimate Property Tax Bill
$2,718
$2,687
Ownwell’s Prospect Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect 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 Prospect, New York
Property taxes in Prospect, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prospect is 2.77%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Prospect set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect 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 Prospect's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 13435 has the same highest and lowest median property tax rate of 2.77%. Understanding how these areas compare with Prospect provides valuable insights into the varying tax landscape across Oneida County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prospect Tax Rate
2.77%
Average Oneida County Tax Rate
2.27%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13435 | 2.27% | 2.65% | 2.77% | 2.77% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Prospect, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prospect, New York. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Oneida 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 Prospect, 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 Prospect is $2,581 in the 13435 zip code, while the lowest median tax bill is also $2,581 in the same 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 Prospect Assessed Value
$98,113
Average Oneida County Assessed Value
$126,923
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prospect, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13435 | $55,207 | $81,132 | $98,113 | $123,302 | $146,830 |
Source: Ownwell
Property Tax Bills Across Prospect, New York
In Prospect, located in Oneida County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and market conditions play a significant role in the assessed value. Homeowners in Prospect typically see property tax bills range from $2,136 at the 25th percentile to $4,064 at the 90th percentile. The median home price in the area is $98,113, and the local property tax rate can result in a considerable financial obligation compared to the national median property tax rate of 0.99%. High property taxes can significantly impact homeowners, affecting their monthly budgets and overall cost of living. However, these taxes are essential for funding local services, including schools, public safety, and infrastructure, which contribute to the community's overall quality of life.
Average Prospect Tax Bill
$2,581
Average Oneida County Tax Bill
$2,574
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13435 | $1,237 | $2,136 | $2,581 | $3,259 | $4,064 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Oneida Assessment Review Commission | |
| Website | app.regrid.com |