Seneca Castle, New York Property Taxes
The median property tax rate in Seneca Castle, NY is 2.53%, 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 Seneca Castle at $135,250, the typical annual property tax bill reaches $3,422, exceeding the national median of $2,690. Property taxes in Seneca Castle 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 Seneca Castle'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 Seneca Castle 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
Seneca Castle, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$3,422
$3,175
Ownwell’s Seneca Castle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seneca Castle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seneca Castle 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 Seneca Castle, New York
Property taxes in Seneca Castle, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seneca Castle is 2.53%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Seneca Castle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seneca Castle 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 Seneca Castle's effective property tax rate to other counties in New York and the national median. For comparison, the 14547 zip code has the highest median property tax rate of 2.53%, while the same zip code also has the lowest median tax rate of 2.53%. Understanding how these cities compare with Seneca Castle 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 Seneca Castle Tax Rate
2.53%
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 Seneca Castle, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14547 | 2.43% | 2.49% | 2.53% | 2.53% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Seneca Castle, New York
In Seneca Castle, 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 Seneca Castle, 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 Seneca Castle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $3,422 in zip code 14547, while the lowest is also $3,422 in the same zip code.
Average Seneca Castle Assessed Value
$135,250
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 Seneca Castle, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14547 | $79,850 | $111,250 | $135,250 | $164,625 | $220,500 |
Source: Ownwell
Property Tax Bills Across Seneca Castle, New York
In Seneca Castle, 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's office, which evaluates the property's market value and then applies an assessment ratio to arrive at the taxable value. Homeowners in Seneca Castle pay a median property tax rate of around 2.53%, significantly higher than the national median of 0.99%. For example, with a median home price of $135,250, homeowners can expect to pay a median tax bill of approximately $3,422 annually. This figure can vary, with tax bills ranging from $2,741 at the 25th percentile to $5,493 at the 90th percentile, depending on the property's assessed value and any applicable exemptions or deductions. High property taxes can significantly impact homeowners, influencing decisions on home purchases and long-term financial planning. Understanding how these taxes are calculated can help residents better manage their expenses and plan for the future.
Average Seneca Castle Tax Bill
$3,422
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 Seneca Castle, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14547 | $1,435 | $2,741 | $3,422 | $4,162 | $5,493 |
Source: Ownwell