Brooktondale, New York Property Taxes
The median property tax rate in Brooktondale, NY is 2.43%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $165,000 in Brooktondale, the typical annual property tax bill reaches $3,498, surpassing the national median of $2,690. Property taxes in Brooktondale are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Brooktondale'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 Brooktondale or another part of Tompkins County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brooktondale, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.43%
Estimate Property Tax Bill
$4,010
$3,964
Ownwell’s Brooktondale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooktondale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooktondale 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 Brooktondale, New York
Property taxes in Brooktondale, 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 Brooktondale is 2.43%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Brooktondale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooktondale 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 Brooktondale's effective property tax rate to other areas in Tompkins County and the national median. For comparison, the zip code 14817 has the highest median property tax rate of 2.43%, while the same zip code also has the lowest median tax rate of 2.43%. Understanding how these figures compare with Brooktondale provides valuable insights into the varying tax landscape across Tompkins County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooktondale Tax Rate
2.43%
Average Tompkins County Tax Rate
2.79%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooktondale, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14817 | 0.96% | 1.72% | 2.43% | 2.66% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Brooktondale, New York
In Brooktondale, 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 Tompkins County Assessor 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 Brooktondale, 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 Brooktondale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 14817 has the highest and lowest median tax bill at $3,498.
Average Brooktondale Assessed Value
$165,000
Average Tompkins County Assessed Value
$225,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooktondale, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14817 | $38,000 | $99,250 | $165,000 | $225,000 | $295,000 |
Source: Ownwell
Property Tax Bills Across Brooktondale, New York
In Brooktondale, located in Tompkins County, NY, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the local assessor and is meant to reflect a percentage of the property's market value. Homeowners in Brooktondale can expect their tax bills to vary significantly based on their property's assessed value. For instance, the 25th percentile tax bill is $1,563, while the 75th percentile tax bill rises to $5,259. At the 90th percentile, it can reach up to $7,259. The median home price in Brooktondale is $165,000, and the tax rate is higher than the national median property tax rate of 0.99%. This means that homeowners in Brooktondale generally face higher property tax bills compared to the national average. Understanding these factors is crucial for homeowners as property taxes significantly impact the overall cost of owning a home in this region.
Average Brooktondale Tax Bill
$3,498
Average Tompkins County Tax Bill
$6,186
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooktondale, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14817 | $578 | $1,563 | $3,498 | $5,259 | $7,259 |
Source: Ownwell