Smithboro, New York Property Taxes
The median property tax rate in Smithboro, NY is 2.32%, significantly higher than the national median of 0.99% but slightly below the New York state median of 2.39%. With the median home value in Smithboro at $10,909, the typical annual property tax bill amounts to $253, which is lower than the national median of $2,690. Property taxes in Smithboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Smithboro'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 Smithboro or another part of Tioga County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithboro, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$253
$235
Ownwell’s Smithboro Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Smithboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithboro to provide an estimate of your property tax bill. This valuable tool offers insights into potential tax liabilities, ensuring you are well-informed. For those interested in more granular details, localized information on neighborhood trends is available further down the page. Your property's assessed value, determined by the county, is crucial for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Smithboro, New York
Property taxes in Smithboro, 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 Smithboro is 2.32%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Smithboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithboro 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 Smithboro's effective property tax rate to other counties in New York and the national median. For comparison, the 13840 zip code has both the highest and lowest median property tax rate of 2.32%. Understanding how these cities compare with Smithboro provides valuable insights into the varying tax landscape across Tioga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithboro Tax Rate
2.32%
Average Tioga County Tax Rate
3.13%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithboro, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13840 | 2.32% | 2.32% | 2.32% | 2.32% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Smithboro, New York
In Smithboro, 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 Tioga 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 Smithboro, 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 Smithboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $253, found in the 13840 zip code.
Average Smithboro Assessed Value
$10,909
Average Tioga County Assessed Value
$119,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithboro, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13840 | $10,909 | $10,909 | $10,909 | $10,909 | $10,909 |
Source: Ownwell
Property Tax Bills Across Smithboro, New York
In Smithboro, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Factors such as property location, size, and condition influence the assessed value. In Smithboro, homeowners experience a median property tax rate that aligns with the county's overall rate. For a median home price of $10,909, the property tax bill typically falls around $253, regardless of the home's specific percentile rank in terms of value, indicating a uniform tax application across different property values. This figure is notably lower than the national median property tax rate of 0.99%, making Smithboro's property taxes relatively affordable for homeowners. The consistency in tax bills across various percentiles suggests a stable and predictable tax environment, which can be beneficial for long-term financial planning for homeowners in Smithboro.
Average Smithboro Tax Bill
$253
Average Tioga County Tax Bill
$3,510
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithboro, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13840 | $253 | $253 | $253 | $253 | $253 |
Source: Ownwell