Palmyra, New York Property Taxes
The median property tax rate in Palmyra, NY is 3.14%, 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 Palmyra at $166,818, the typical annual property tax bill reaches $5,276, exceeding the national median of $2,690. Property taxes in Palmyra 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 Palmyra'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 Palmyra 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
Palmyra, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$5,238
$5,179
Ownwell’s Palmyra Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers aiming to estimate their annual property taxes in Palmyra. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Palmyra to provide an estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making financial planning more straightforward. For those interested in more granular insights, additional localized information is available below. Your property’s assessed value, as determined by Ontario County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Palmyra, New York
Property taxes in Palmyra, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 3.14%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other areas in New York and the national median. For comparison, the 14522 zip code has the highest median property tax rate of 3.14%, while the same 14522 zip code also has the lowest median tax rate of 3.14%. Understanding how these areas compare with Palmyra 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 Palmyra Tax Rate
3.14%
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 Palmyra, 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, New York
In Palmyra, 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 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 Palmyra, 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 Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $5,276, found in the zip code 14522.
Average Palmyra Assessed Value
$166,818
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 Palmyra, 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, New York
In Palmyra, located in Ontario County, NY, property tax bills are determined based on the assessed value of a home and the applicable tax rate. The assessed value is an estimate of the property's market value as determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. In Palmyra, the median home price is $166,818, and homeowners can expect varying tax bills depending on their property's specifics. For instance, the 25th percentile tax bill is around $4,069, while the 75th percentile tax bill reaches up to $7,118. The 90th percentile tax bill can be as high as $9,491. These property taxes can significantly impact homeowners, as they represent a substantial annual expense. Compared to the national median property tax rate of 0.99%, homeowners in Palmyra may find their tax bills to be relatively high, emphasizing the importance of accurate property assessments and potential appeals.
Average Palmyra Tax Bill
$5,276
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 Palmyra, 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