Freeville, New York Property Taxes
The median property tax rate in Freeville, NY is 2.96%, 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 Freeville at $175,000, the typical annual property tax bill reaches $4,954, exceeding the national median of $2,690. Property taxes in Freeville 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 Freeville'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 Freeville 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
Freeville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.96%
Estimate Property Tax Bill
$5,180
$5,122
Ownwell’s Freeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeville 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 Freeville, New York
Property taxes in Freeville, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeville is 2.96%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Freeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeville 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 Freeville's effective property tax rate to other areas in New York and the national median. For comparison, the 13068 zip code has the highest median property tax rate of 2.96%, while the same zip code also has the lowest median tax rate of 2.96%. Understanding how these rates compare with Freeville 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 Freeville Tax Rate
2.96%
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 Freeville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13068 | 1.91% | 2.64% | 2.96% | 3.22% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Freeville, New York
In Freeville, 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 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 Freeville, 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 Freeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 13068 has both the highest and lowest median tax bills at $4,954.
Average Freeville Assessed Value
$175,000
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 Freeville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13068 | $79,000 | $126,000 | $175,000 | $230,000 | $297,000 |
Source: Ownwell
Property Tax Bills Across Freeville, New York
In Freeville, property tax bills are calculated based on the assessed value of the home and the local tax rate set by Tompkins County. Homeowners' tax bills are influenced by the property's assessed value, which is determined by the local assessor, and the tax rate, which is established annually by local taxing authorities. For instance, a median home price in Freeville stands at $175,000. Homeowners in the 25th percentile of tax bills can expect to pay around $3,240, while those in the 75th percentile may see tax bills as high as $6,838. The highest tax bills, in the 90th percentile, can go up to $8,769. The property tax rate in Freeville is notably higher than the national median property tax rate of 0.99%, reflecting the local funding needs for services like schools, infrastructure, and emergency services. This higher tax rate can significantly impact homeowners, making it essential for them to understand and possibly appeal their property assessments to ensure fair taxation.
Average Freeville Tax Bill
$4,954
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 Freeville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13068 | $1,572 | $3,240 | $4,954 | $6,838 | $8,769 |
Source: Ownwell