Ovid, New York Property Taxes
The median property tax rate in Ovid, NY is 2.02%, 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 Ovid at $165,962, the typical annual property tax bill reaches $3,188, exceeding the national median of $2,690. Property taxes in Ovid 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 Ovid'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 Ovid 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
Ovid, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.02%
Estimate Property Tax Bill
$3,352
$3,315
Ownwell’s Ovid Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ovid with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ovid 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 Ovid, New York
Property taxes in Ovid, 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 Ovid is 2.02%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Ovid set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ovid 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 Ovid's effective property tax rate to other areas in New York and the national median. For comparison, the 14521 zip code has the highest median property tax rate of 2.02%, while the same zip code also has the lowest median tax rate of 2.02%. Understanding how these figures compare with Ovid provides valuable insights into the varying tax landscape across Seneca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ovid Tax Rate
2.02%
Average Seneca County Tax Rate
2.53%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ovid, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14521 | 1.73% | 1.93% | 2.02% | 2.15% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Ovid, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ovid, New York. 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 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 Ovid, 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 Ovid helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ovid are both $3,188, located in the zip code 14521.
Average Ovid Assessed Value
$165,962
Average Seneca County Assessed Value
$129,610
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ovid, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14521 | $61,152 | $101,724 | $165,962 | $324,138 | $500,465 |
Source: Ownwell
Property Tax Bills Across Ovid, New York
In Ovid, located in Seneca County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Ovid is $165,962. The local property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and any improvements made can influence the assessed value. For homeowners in Ovid, the 25th percentile tax bill is $2,030, while the 75th percentile tax bill reaches $6,184. At the 90th percentile, homeowners can expect to pay around $9,761. The highest and lowest median tax bills in the area are both $3,188, found in the 14521 zip code. Comparatively, the national median property tax rate is 0.99%, highlighting that property taxes in Ovid can vary significantly. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Ovid Tax Bill
$3,188
Average Seneca County Tax Bill
$3,564
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Ovid, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14521 | $1,183 | $2,030 | $3,188 | $6,184 | $9,761 |
Source: Ownwell