Liberty, New York Property Taxes
The median property tax rate in Liberty, NY is 2.21%, 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 Liberty, the typical annual property tax bill reaches $2,275, slightly below the national median of $2,690. Property taxes in Liberty 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 Liberty'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 Liberty 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
Liberty, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$2,617
$2,428
Ownwell’s Liberty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Liberty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liberty 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 Liberty, New York
Property taxes in Liberty, 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 Liberty is 2.21%, significantly higher than the New York state median and the U.S. national median of 0.99%. Local government entities within Liberty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liberty 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 Liberty's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 12754 has the highest median property tax rate of 2.21%, while the same zip code also represents the lowest median tax rate of 2.21%. Understanding how these figures compare with Liberty provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Liberty Tax Rate
2.21%
Average Sullivan County Tax Rate
1.60%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Liberty, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12754 | 0.75% | 1.55% | 2.21% | 2.22% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Liberty, New York
In Liberty, 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 Sullivan 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 Liberty, 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. The median home price in Liberty is $118,416, with tax bills ranging from $1,547 at the 25th percentile to $4,156 at the 90th percentile. 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 Liberty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Liberty Assessed Value
$118,416
Average Sullivan County Assessed Value
$159,121
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Liberty, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12754 | $46,800 | $87,200 | $118,416 | $158,000 | $208,870 |
Source: Ownwell
Property Tax Bills Across Liberty, New York
In Liberty, Sullivan County, NY, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. This assessed value is determined by the local assessor's office and is intended to reflect the market value of the property. The tax rate, set by local taxing authorities, is applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For homeowners in Liberty, the median home price is $118,416. Tax bills can vary significantly, with the 25th percentile at $1,547 and the 75th percentile at $3,121, indicating a broad range in tax obligations. The highest median tax bill in the area is $2,275, found in the zip code 12754. Compared to the national median property tax rate of 0.99%, Liberty's tax rates can represent a significant financial consideration for homeowners. Understanding these factors helps homeowners plan and manage their annual property tax expenses effectively.
Average Liberty Tax Bill
$2,275
Average Sullivan County Tax Bill
$2,467
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Liberty, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12754 | $527 | $1,547 | $2,275 | $3,121 | $4,156 |
Source: Ownwell