Gilbertsville, New York Property Taxes
The median property tax rate in Gilbertsville, NY is 0.57%, considerably lower than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Gilbertsville at $114,400, the typical annual property tax bill reaches $656, significantly below the national median of $2,690. Property taxes in Gilbertsville 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 Gilbertsville'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 Gilbertsville 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
Gilbertsville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$652
$605
Ownwell’s Gilbertsville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Gilbertsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilbertsville to provide an estimate of your property tax bill. This valuable tool aids in understanding your potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available as you scroll down. Your property’s assessed value is determined by Otsego County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Gilbertsville, New York
Property taxes in Gilbertsville, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilbertsville is 0.57%, lower than both the New York state median and the U.S. national median of 0.99%. Local government entities within Gilbertsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilbertsville 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 Gilbertsville's effective property tax rate to other areas in Otsego County and the national median. For comparison, the 13776 zip code has both the highest and lowest median property tax rate of 0.57%. Understanding how these areas compare with Gilbertsville provides valuable insights into the varying tax landscape across Otsego County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilbertsville Tax Rate
0.57%
Average Otsego County Tax Rate
0.66%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilbertsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13776 | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Gilbertsville, New York
In Gilbertsville, 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 Otsego 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 Gilbertsville, 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. The median home price in Gilbertsville is $114,400, with the median tax bill around $656. Both the highest and lowest median tax bills are $656, found in the zip code 13776. 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 Gilbertsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gilbertsville Assessed Value
$114,400
Average Otsego County Assessed Value
$130,728
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilbertsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13776 | $58,400 | $83,400 | $114,400 | $153,000 | $198,400 |
Source: Ownwell
Property Tax Bills Across Gilbertsville, New York
In Gilbertsville, NY, property tax bills are calculated based on the assessed value of a home and the local property 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. For instance, if the median home price in Gilbertsville is $114,400, the assessment ratio helps establish the taxable value. Once the assessed value is determined, the local property tax rate is applied to calculate the tax bill. In Otsego County, where Gilbertsville is located, homeowners typically see a median tax bill of $656. This figure remains consistent across the 25th, 75th, and 90th percentiles, indicating a uniformity in tax bills within the area. Comparatively, the national median property tax rate is 0.99%, which can provide context for homeowners evaluating their tax burden. Understanding how these factors interplay helps homeowners in Gilbertsville anticipate their annual tax obligations and plan their finances accordingly.
Average Gilbertsville Tax Bill
$656
Average Otsego County Tax Bill
$1,051
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilbertsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13776 | $656 | $656 | $656 | $656 | $656 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Otsego Assessment Review Commission | |
| Website | otsegocountygis.mapxpress.net |