Romulus, New York Property Taxes
The median property tax rate in Romulus, NY is 2.06%, 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 Romulus at $225,028, the typical annual property tax bill reaches $4,567, far exceeding the national median of $2,690. Property taxes in Romulus 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 Romulus'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 Romulus 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
Romulus, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.06%
Estimate Property Tax Bill
$4,636
$4,583
Ownwell’s Romulus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Romulus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Romulus 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 Romulus, New York
Property taxes in Romulus, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Romulus is 2.06%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Romulus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Romulus 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 Romulus's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 14541 has the highest median property tax rate of 2.06%, while the same zip code also has the lowest median tax rate of 2.06%. Understanding how these figures compare with Romulus 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 Romulus Tax Rate
2.06%
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 Romulus, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14541 | 1.88% | 1.97% | 2.06% | 2.14% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Romulus, New York
In Romulus, 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 Romulus, 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 Romulus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 14541, with a median tax bill of $4,567.00, which is also the lowest in the area.
Average Romulus Assessed Value
$225,028
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 Romulus, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14541 | $84,052 | $138,588 | $225,028 | $402,124 | $535,470 |
Source: Ownwell
Property Tax Bills Across Romulus, New York
In Romulus, located in Seneca County, NY, property tax bills are calculated based on the assessed value of a home, taking into account various local tax rates. The median home price in Romulus is $225,028. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $2,822 and the 75th percentile reaching $7,897. For those at the higher end, the 90th percentile tax bill can be as much as $10,566. The local tax rates are applied to the assessed value of the property, which is often determined by the market value and any applicable exemptions. This means that even within the same area, tax bills can differ widely based on the specific characteristics and assessed values of individual homes. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, Romulus homeowners may find their tax rates to be relatively high, reflecting the unique economic and social priorities of the area.
Average Romulus Tax Bill
$4,567
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 Romulus, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14541 | $1,731 | $2,822 | $4,567 | $7,897 | $10,566 |
Source: Ownwell