Trumansburg, Seneca County, New York Property Taxes
The median property tax rate in Trumansburg, NY is 2.22%, 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 $235,294, the typical annual property tax bill reaches $4,680, 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, Seneca County, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$5,224
$4,847
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, Seneca County, New York
Property taxes in Trumansburg, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trumansburg is 2.22%, 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 zip code 14886 has the highest median property tax rate of 2.22%, while the lowest median tax rate is also 2.22% within the same zip code. Understanding how these areas compare with Trumansburg 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 Trumansburg Tax Rate
2.22%
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 Trumansburg, Seneca County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14886 | 1.32% | 1.94% | 2.22% | 2.39% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Trumansburg, Seneca County, 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 Seneca 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 zip code 14886 has the highest and lowest median tax bill, both at $4,680.
Property Tax Assessment Values Across Trumansburg, Seneca County, New York
Source: Ownwell
$95,667
$165,481
$235,294
Average Trumansburg Assessed Value
$235,294
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 Trumansburg, Seneca County, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14886 | $103,294 | $158,236 | $235,294 | $317,647 | $443,529 |
Source: Ownwell
Property Tax Bills Across Trumansburg, Seneca County, New York
In Trumansburg, located in Seneca County, NY, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The median home price in Trumansburg stands at $235,294. Factors such as the property's location, size, and condition play a crucial role in its assessed value. Homeowners in Trumansburg experience a range of property tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $3,126, while the 75th percentile reaches $6,822, and the 90th percentile can go up to $9,385. The highest and lowest median tax bill in the area is $4,680, both recorded in the 14886 zip code. Compared to the national median property tax rate of 0.99%, Trumansburg's property taxes can significantly impact homeowners, particularly those with higher-valued properties. Understanding these factors helps homeowners anticipate their annual tax liabilities and manage their financial planning more effectively.
Average Trumansburg Tax Bill
$4,680
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 Trumansburg, Seneca County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14886 | $1,405 | $3,126 | $4,680 | $6,822 | $9,385 |
Source: Ownwell