Ithaca, New York Property Taxes
The median property tax rate in Ithaca, NY is 2.86%, 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 $275,000 in Ithaca, the typical annual property tax bill reaches $8,089, far exceeding the national median of $2,690. Property taxes in Ithaca are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Ithaca'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 Ithaca 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
Ithaca, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.86%
Estimate Property Tax Bill
$7,865
$7,299
Ownwell’s Ithaca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ithaca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ithaca 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 Tompkins County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ithaca, New York
Property taxes in Ithaca, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ithaca is 2.86%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ithaca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ithaca 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 Ithaca's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14850 has both the highest and lowest median property tax rate of 2.86%. Understanding how these cities compare with Ithaca 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 Ithaca Tax Rate
2.86%
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 Ithaca, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14850 | 2.32% | 2.62% | 2.86% | 3.17% | 3.50% |
| 14853 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Ithaca, New York
In Ithaca, 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 Assessment Department 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 Ithaca, 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 Ithaca helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ithaca are both $8089, found in zip code 14850.
Average Ithaca Assessed Value
$275,000
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 Ithaca, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14850 | $150,000 | $205,000 | $275,000 | $370,000 | $480,000 |
| 14853 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Ithaca, New York
In Ithaca, located in Tompkins 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 the local assessor's office and is meant to reflect the market value of the property. Once the assessed value is established, the local tax rate is applied to this value to determine the annual tax bill. Several factors influence the assessed value, including the size of the property, its location, and the condition of the home. For homeowners in Ithaca, the median home price is $275,000. The tax bill for properties at the 25th percentile is $5,524, while those at the 75th percentile face a tax bill of $11,099. At the 90th percentile, the tax bill can reach up to $14,466. Comparatively, Ithaca’s property tax rates are significantly higher than the national median property tax rate of 0.99%, which can impact homeowners by increasing their annual financial obligations. The highest and lowest median tax bills in Ithaca both stand at $8,089, within the zip code 14850.
Average Ithaca Tax Bill
$8,089
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 Ithaca, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14850 | $3,347 | $5,524 | $8,089 | $11,099 | $14,466 |
| 14853 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell