Phelps, New York Property Taxes
The median property tax rate in Phelps, NY is 2.98%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Phelps at $143,750, the typical annual property tax bill reaches $4,433, surpassing the national median of $2,690. Property taxes in Phelps 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 Phelps'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 Phelps 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
Phelps, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$4,284
$4,235
Ownwell’s Phelps Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phelps with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phelps 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 Phelps, New York
Property taxes in Phelps, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phelps is 2.98%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Phelps set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phelps 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 Phelps' effective property tax rate to other areas in New York and the national median. For comparison, the zip code 14532 has the highest median property tax rate of 2.98%, while the same zip code also has the lowest median tax rate of 2.98%. Understanding how these areas compare with Phelps 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 Phelps Tax Rate
2.98%
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 Phelps, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14532 | 2.80% | 2.88% | 2.98% | 3.26% | 3.26% |
Source: Ownwell
Property Tax Assessment Values Across Phelps, New York
In Phelps, 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 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 Phelps, 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 Phelps helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 14532, with a median tax bill of $4,433.
Average Phelps Assessed Value
$143,750
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 Phelps, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14532 | $76,087 | $108,152 | $143,750 | $185,870 | $251,631 |
Source: Ownwell
Property Tax Bills Across Phelps, New York
In Phelps, Ontario County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and is intended to reflect the market value of the property. Homeowners in Phelps can expect a median home price of $143,750, which plays a significant role in determining their tax bill. The property tax rate in Phelps is higher than the national median of 0.99%, resulting in substantial tax bills for homeowners. For instance, the tax bill at the 25th percentile is $3,292, while at the 75th percentile, it jumps to $5,627. The 90th percentile sees tax bills as high as $7,359. The highest median tax bill in the area is recorded at $4,433 in the 14532 zip code, which is also the lowest median tax bill, indicating a consistent tax rate across the region. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Phelps Tax Bill
$4,433
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 Phelps, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14532 | $2,129 | $3,292 | $4,433 | $5,627 | $7,359 |
Source: Ownwell