Palmyra, Ontario County, New York Property Taxes
Median Palmyra, NY effective property tax rate: 3.14%, significantly higher than the national median of 1.02%, but lower than the New York state median of 2.39%. Median Palmyra, NY home value: $166,818. Median annual Palmyra, NY tax bill: $5,276, $2,876 higher than the national median property tax bill of $2,400.
How are property taxes in Ontario calculated?
Property taxes in Palmyra, NY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Palmyra’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Palmyra, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Palmyra, Ontario County, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.14%
Estimate Property Tax Bill
$5,238
$4,861
Property Tax Rates Across Palmyra, Ontario County, New York
Local government entities are responsible for setting property tax rates, which can vary significantly within a state. This variance is due to each county's annual budgetary needs, which are determined by estimating the required budget to provide local services. The county then divides this budget by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although the process involves votes and legislative measures, this is essentially how it unfolds each year.
In Palmyra, located in Ontario County, the effective property tax rate stands out when compared to other cities in New York. The median property tax rate in Palmyra is notably higher than the national median rate of 1.02%, and the national median tax bill of $2400. This discrepancy highlights the importance of understanding local tax dynamics, as they can significantly impact property owners. By being informed about these rates, property owners in Palmyra can make more educated decisions regarding their property taxes and explore potential appeal options to reduce their tax burden.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Palmyra Tax Rate
3.14%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Ontario County Tax Rate
2.60%
Median Effective New York Tax Rate
2.39%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Palmyra, Ontario County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14522 | 2.89% | 3.05% | 3.14% | 3.28% | 3.46% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Ontario County, New York
When examining property taxes in Palmyra, NY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Ontario County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Ontario County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Palmyra. For example, the median home price in Palmyra is $166,818, with tax bills ranging significantly across the county. Zip code 14522 has the highest median home price at $166,818.
Property Tax Assessment Values Across Palmyra, Ontario County, New York
Source: Ownwell
$105,200
$332,950
$560,700
Median Palmyra Market Value
$166,818
Median Ontario County Market Value
$176,100
Median New York Market Value
$255,644
Median United States Market Value
$235,294
Property Tax Assessment Values Across Palmyra, Ontario County, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14522 | $68,118 | $128,000 | $166,818 | $241,900 | $312,076 |
Source: Ownwell
Property Tax Bills Across Palmyra, Ontario County, New York
In Palmyra, NY, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is reviewed periodically. Factors like property size, location, and improvements can influence this value. Palmyra homeowners face a median property tax bill of $5,276, significantly higher than the national median of $2,400. The 25th percentile tax bill is $4,069, while the 75th percentile reaches $7,118, reflecting the variance in property values and assessments across the area.
High property taxes can be a burden on homeowners, impacting their overall financial health. Ownwell offers a solution by providing property tax appeal and exemption services, helping homeowners potentially reduce their tax bills. By analyzing property assessments and market trends, Ownwell identifies opportunities for savings and guides homeowners through the appeal process, ensuring they pay only what is fair. This service can lead to substantial savings, making homeownership more affordable in Palmyra.
Median Palmyra Tax Bill
$5,276
Median Ontario County Tax Bill
$4,698
Median New York Tax Bill
$5,938
Median United States Tax Bill
$2,400
Property Tax Bills Across Palmyra, Ontario County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14522 | $2,276 | $4,069 | $5,276 | $7,118 | $9,491 |
Source: Ownwell