Memphis, New York Property Taxes
The median property tax rate in Memphis, NY is 3.01%, 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 Memphis at $155,420, the typical annual property tax bill reaches $4,526, exceeding the national median of $2,690. Property taxes in Memphis 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 Memphis'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 Memphis 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
Memphis, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.01%
Estimate Property Tax Bill
$4,678
$4,625
Ownwell’s Memphis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Memphis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Memphis 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 Memphis, New York
Property taxes in Memphis, 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 Memphis is 3.01%, significantly higher than the U.S. national median of 0.99%. Local government entities within Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Memphis 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 Memphis's effective property tax rate to other counties in New York and the national median. For comparison, the 13112 zip code has the highest median property tax rate of 3.01%, while the same zip code also has the lowest median tax rate of 3.01%. Understanding how these cities compare with Memphis provides valuable insights into the varying tax landscape across Onondaga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Memphis Tax Rate
3.01%
Average Onondaga County Tax Rate
3.38%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Memphis, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13112 | 2.22% | 2.79% | 3.01% | 3.05% | 3.32% |
Source: Ownwell
Property Tax Assessment Values Across Memphis, New York
In Memphis, 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 Onondaga 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 Memphis, 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 Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Memphis is $4526 in zip code 13112, while the lowest median tax bill is also $4526 in the same zip code.
Average Memphis Assessed Value
$155,420
Average Onondaga County Assessed Value
$152,577
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Memphis, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13112 | $81,482 | $115,654 | $155,420 | $214,200 | $287,365 |
Source: Ownwell
Property Tax Bills Across Memphis, New York
In Memphis, Onondaga County, NY, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and is meant to represent the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners, this means that improvements or changes to the property can affect their tax bill. In Onondaga County, the median home price is $155,420, with tax bills ranging significantly. The 25th percentile tax bill is $3,433, while the 75th percentile reaches $6,263, and the 90th percentile can go up to $8,295. These tax bills can represent a substantial annual expense for homeowners, impacting their overall cost of living. Compared to the national median property tax rate of 0.99%, Onondaga County's rates reflect the local economic conditions and funding needs.
Average Memphis Tax Bill
$4,526
Average Onondaga County Tax Bill
$5,213
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Memphis, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13112 | $2,421 | $3,433 | $4,526 | $6,263 | $8,295 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Onondaga Assessment Review Commission | |
| Website | onondaga.go2gov.net |