Otego, New York Property Taxes
The median property tax rate in Otego, NY is 0.79%, which is lower than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $136,136 in Otego, the typical annual property tax bill amounts to $1,043, significantly below the national median of $2,690. Property taxes in Otego are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Otego's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Otego or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Otego, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,075
$998
Ownwell’s Otego Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Otego with just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otego to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed insights at the neighborhood level, you can scroll down to access localized information. Your property’s assessed value is determined by the county for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Otego, New York
Property taxes in Otego, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otego is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Otego set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otego 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 Otego's effective property tax rate to other areas in Otsego County and the national median. For comparison, the zip code 13825 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Otego 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 Otego Tax Rate
0.79%
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 Otego, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13825 | 0.66% | 0.67% | 0.79% | 0.84% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Otego, New York
In Otego, 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 local appraisal district 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 Otego, 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 Otego helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bill is 13825, with a median tax bill of $1,043.
Average Otego Assessed Value
$136,136
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 Otego, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13825 | $39,260 | $88,000 | $136,136 | $178,000 | $233,480 |
Source: Ownwell
Property Tax Bills Across Otego, New York
In Otego, Otsego 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 assessed value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Otego can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $726, while the 75th percentile tax bill can reach up to $1,392. At the 90th percentile, homeowners might see tax bills as high as $1,834. These variations depend on factors like property location, size, and market conditions. Comparatively, Otego's tax rates are influenced by the county's needs and budget, reflecting a higher median tax bill than the national median property tax rate of 0.99%. This affects homeowners by impacting their annual financial planning and potentially influencing property values.
Average Otego Tax Bill
$1,043
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 Otego, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13825 | $407 | $726 | $1,043 | $1,392 | $1,834 |
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 |