Farmington, New York Property Taxes
The median property tax rate in Farmington, NY is 2.48%, 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 Farmington, the typical annual property tax bill reaches $4,659, exceeding the national median of $2,690. Property taxes in Farmington 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 Farmington'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 Farmington or another part of Ontario County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmington, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.48%
Estimate Property Tax Bill
$4,643
$4,309
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Ontario County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Farmington, New York
Property taxes in Farmington, New York, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 2.48%, significantly higher than the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 14425 has the highest median property tax rate of 2.48%, while the same zip code also has the lowest median tax rate of 2.48%. Understanding how these areas compare with Farmington provides valuable insights into the varying tax landscape across Ontario County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
2.48%
Average Ontario County Tax Rate
2.60%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14425 | 2.46% | 2.48% | 2.48% | 2.60% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, New York
In Farmington, 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 Ontario County Assessor’s 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 Farmington, 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Farmington is $4659 in the 14425 zip code, which is also the lowest median tax bill, reflecting a consistent tax landscape.
Average Farmington Assessed Value
$187,216
Average Ontario County Assessed Value
$176,100
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14425 | $137,375 | $150,341 | $187,216 | $269,659 | $345,568 |
Source: Ownwell
Property Tax Bills Across Farmington, New York
In Farmington, NY, property tax bills are calculated based on the assessed value of your home. The local tax assessor determines this value, which is then used to calculate your tax bill. Factors such as the size of your property, its location, and any improvements made can influence the assessed value. Homeowners in Farmington face property tax bills that vary significantly. For instance, the 25th percentile tax bill is around $3,840, while the 75th percentile reaches $6,662, and the 90th percentile can go up to $8,602. This variation highlights how different factors can affect the overall tax burden. The median home price in Farmington is $187,216, which serves as a basis for comparison against the national median property tax rate of 0.99%. Understanding these dynamics is crucial for homeowners, as property taxes can significantly impact their annual expenses. By being aware of how their tax bill is determined, homeowners can better anticipate their financial obligations.
Average Farmington Tax Bill
$4,659
Average Ontario County Tax Bill
$4,698
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14425 | $3,435 | $3,840 | $4,659 | $6,662 | $8,602 |
Source: Ownwell