Trumansburg, New York Property Taxes
The median property tax rate in Trumansburg, NY is 2.74%, 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 Trumansburg at $174,000, the typical annual property tax bill reaches $4,524, exceeding the national median of $2,690. Property taxes in Trumansburg 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 Trumansburg'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 Trumansburg 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
Trumansburg, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.74%
Estimate Property Tax Bill
$4,768
$4,714
Ownwell’s Trumansburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trumansburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trumansburg 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 Trumansburg, New York
Property taxes in Trumansburg, New York, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trumansburg is 2.74%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Trumansburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trumansburg 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 Trumansburg's effective property tax rate to other areas in New York and the national median. For comparison, the 14886 zip code has the highest median property tax rate of 2.74%, while the same zip code also has the lowest median tax rate of 2.74%. Understanding how these cities compare with Trumansburg provides valuable insights into the varying tax landscape across Schuyler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Trumansburg Tax Rate
2.74%
Average Schuyler County Tax Rate
2.27%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trumansburg, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14886 | 2.28% | 2.73% | 2.74% | 2.79% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Trumansburg, New York
In Trumansburg, 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 Schuyler County 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 Trumansburg, 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 Trumansburg 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 $4,524, specifically in the 14886 zip code.
Average Trumansburg Assessed Value
$174,000
Average Schuyler County Assessed Value
$150,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Trumansburg, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14886 | $60,000 | $116,000 | $174,000 | $248,000 | $341,000 |
Source: Ownwell
Property Tax Bills Across Trumansburg, New York
In Trumansburg, Schuyler County, NY, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the local assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Trumansburg face a range of tax bills, with the 25th percentile paying around $3,044 and the 75th percentile paying up to $6,590. The highest tax bills can reach up to $8,612, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential community services such as schools, public safety, and infrastructure. While higher tax bills can place a financial strain on homeowners, they also contribute to the overall quality of life in the community by supporting these vital services.
Average Trumansburg Tax Bill
$4,524
Average Schuyler County Tax Bill
$3,536
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Trumansburg, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14886 | $1,630 | $3,044 | $4,524 | $6,590 | $8,612 |
Source: Ownwell