Smallwood, New York Property Taxes
The median property tax rate in Smallwood, NY is 2.68%, 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 Smallwood, the typical annual property tax bill reaches $2,738, exceeding the national median of $2,690. Property taxes in Smallwood 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 Smallwood'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 Smallwood or another part of Sullivan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smallwood, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$2,733
$2,536
Ownwell’s Smallwood Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Smallwood, NY. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Smallwood to provide an accurate property tax bill estimate. This tool is designed to give you a clear understanding of potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, you can scroll down to explore trends and localized information at the neighborhood level. Your property’s assessed value, determined by the county, is crucial for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Smallwood, New York
Property taxes in Smallwood, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smallwood is 2.68%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Smallwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smallwood 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 Smallwood's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12778 has the highest median property tax rate of 2.68%, while the same zip code also has the lowest median tax rate of 2.68%. Understanding how these cities compare with Smallwood 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 Smallwood Tax Rate
2.68%
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 Smallwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12778 | 2.09% | 2.65% | 2.68% | 2.72% | 4.21% |
Source: Ownwell
Property Tax Assessment Values Across Smallwood, New York
In Smallwood, New York, understanding the difference between "market value" and "assessed value" is essential 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 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 Smallwood, 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 Smallwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bill in Smallwood, both recorded at $2,738, are found in the 12778 zip code.
Average Smallwood Assessed Value
$101,988
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 Smallwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12778 | $58,449 | $72,962 | $101,988 | $145,179 | $218,450 |
Source: Ownwell
Property Tax Bills Across Smallwood, New York
In Smallwood, located in Sullivan County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local government assessors who evaluate the property's market value. This value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $101,988, homeowners can expect varying tax bills depending on their property's specific assessed value and any applicable exemptions. Factors such as property size, location, and improvements can influence the assessed value. In Smallwood, the tax bill for the 25th percentile is around $1,930, while those in the 75th percentile can see bills up to $3,869. Homeowners in the 90th percentile may face tax bills as high as $5,711. These figures highlight the range of property tax obligations in the area and underscore the importance of accurate assessments and potential appeals to ensure fair taxation.
Average Smallwood Tax Bill
$2,738
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 Smallwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12778 | $1,465 | $1,930 | $2,738 | $3,869 | $5,711 |
Source: Ownwell