Redwood, New York Property Taxes
The median property tax rate in Redwood, NY is 2.57%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value in Redwood of $141,277, the typical annual property tax bill reaches $3,653, surpassing the national median of $2,690. Property taxes in Redwood are calculated based on the assessed value, which generally falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Redwood'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 Redwood or another part of St. Lawrence County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Redwood, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$3,631
$3,369
Ownwell's Redwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Redwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Redwood 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 Redwood, New York
Property taxes in Redwood, 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 Redwood is 2.57%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Redwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redwood 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 Redwood's effective property tax rate to other counties in New York and the national median. For comparison, the 13679 zip code has the highest median property tax rate of 2.57%, while the same zip code has the lowest median tax rate of 2.57%. Understanding how these cities compare with Redwood provides valuable insights into the varying tax landscape across St. Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Redwood Tax Rate
2.57%
Average St. Lawrence County Tax Rate
3.02%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Redwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13679 | 2.06% | 2.06% | 2.57% | 2.68% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Redwood, New York
In Redwood, 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 St. Lawrence County Assessment Office 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 Redwood, 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 Redwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Redwood is $141,277, with property tax bills ranging from $1,432 at the 25th percentile to $7,390 at the 90th percentile. The zip code with the highest and lowest median tax bill is 13679, at $3,653.
Average Redwood Assessed Value
$141,277
Average St. Lawrence County Assessed Value
$83,455
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Redwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13679 | $26,447 | $53,936 | $141,277 | $267,242 | $354,023 |
Source: Ownwell
Property Tax Bills Across Redwood, New York
In Redwood, located in St. Lawrence County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $141,277, homeowners can expect varying tax bills depending on specific factors such as property size, location, and improvements. The tax bill for properties in the 25th percentile is around $1,432, while those in the 75th percentile can reach up to $5,649. Homeowners in the 90th percentile may see tax bills as high as $7,390. These figures are significantly higher than the national median property tax rate of 0.99%. Such high property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Redwood Tax Bill
$3,653
Average St. Lawrence County Tax Bill
$2,611
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Redwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13679 | $739 | $1,432 | $3,653 | $5,649 | $7,390 |
Source: Ownwell