Hammondsport, New York Property Taxes
The median property tax rate in Hammondsport, NY is 1.76%, 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 Hammondsport at $178,495, the typical annual property tax bill reaches $3,205, exceeding the national median of $2,690. Property taxes in Hammondsport 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 Hammondsport'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 Hammondsport 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
Hammondsport, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$3,142
$2,915
Ownwell’s Hammondsport Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Hammondsport. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Hammondsport to provide an accurate estimate of your property tax bill. This tool offers crucial insights into potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Steuben County, forms the basis for these calculations and takes into account any applicable exemptions.
Property Tax Rates Across Hammondsport, New York
Property taxes in Hammondsport, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hammondsport is 1.76%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hammondsport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hammondsport 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 Hammondsport's effective property tax rate to other areas in Steuben County and the national median. For comparison, the zip code 14840 has the highest median property tax rate of 1.76%, while the same zip code also has the lowest median tax rate of 1.76%. Understanding how these figures compare with Hammondsport provides valuable insights into the varying tax landscape across Steuben County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hammondsport Tax Rate
1.76%
Average Steuben County Tax Rate
2.84%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hammondsport, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14840 | 1.65% | 1.65% | 1.76% | 2.13% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Hammondsport, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hammondsport, 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 by the Steuben 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 Hammondsport, 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 Hammondsport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $178,495, with the highest median tax bill being $3,205 in the 14840 zip code.
Average Hammondsport Assessed Value
$178,495
Average Steuben County Assessed Value
$102,326
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hammondsport, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14840 | $41,740 | $92,903 | $178,495 | $370,900 | $586,160 |
Source: Ownwell
Property Tax Bills Across Hammondsport, New York
In Hammondsport, Steuben County, NY, property tax bills are calculated based on the assessed value of a homeowner's property. The local tax assessor determines this value, which is then subject to the local tax rate. The median home price in Hammondsport is $178,495, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Hammondsport is $1,638, while the 75th percentile tax bill is $6,710, showing a significant range based on property characteristics and assessments. The 90th percentile tax bill can go as high as $10,633, indicating the upper range of property values in the area. Compared to the national median property tax rate of 0.99%, Hammondsport's tax bills reflect the local economic conditions and property values. These taxes fund essential community services, impacting homeowners by contributing to local schools, infrastructure, and public safety.
Average Hammondsport Tax Bill
$3,205
Average Steuben County Tax Bill
$2,992
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Hammondsport, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14840 | $780 | $1,638 | $3,205 | $6,710 | $10,633 |
Source: Ownwell