Ithaca, Tompkins County, New York Property Taxes

Name: Property Tax Bills Across Ithaca, Tompkins County, New York
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Ithaca, NY effective property tax rate: 2.86%, significantly higher than the national median of 1.02%, but lower than the New York state median of 2.39%.
Median Ithaca, NY home value: $275,000
Median annual Ithaca, NY tax bill: $8,089, $5,689 higher than the national median property tax bill of $2,400.

How are property taxes in Tompkins County calculated?

Property taxes in Ithaca, NY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Ithaca’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Ithaca, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Ithaca, Tompkins County, New York Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.86%

Estimate Property Tax Bill

$7,865

$7,299

Ownwell’s Ithaca Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Ithaca with just two data points. By entering your property's estimated assessed value, our calculator applies Ithaca’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Tompkins County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Ithaca, Tompkins County, New York

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Ithaca’s effective property tax rate to other cities in New York and the median property tax rates in New York and the U.S.

Ithaca, located in Tompkins County, has a median property tax rate of 2.86%, which is significantly higher than the national median property tax rate of 1.02%. This means that property owners in Ithaca might find themselves paying more than double the national average in property taxes. However, the rate is consistent across the city, as seen in the zip code 14850, where the rate remains at 2.86%. Understanding these local variations can be crucial for property owners looking to manage their tax liabilities effectively.

Property Tax Rates Across Ithaca, Tompkins County, New York

Source: Ownwell

2.43%

2.83%

3.22%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Ithaca Tax Rate

2.86%

Median Effective Tompkins County Tax Rate

2.79%

Median Effective New York Tax Rate

2.39%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Ithaca, Tompkins County, 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, Tompkins County, New York

When examining property taxes in Ithaca, NY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Tompkins County Department of Assessment estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: Tompkins County sends assessment notices in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Ithaca. For example, the median home price in Ithaca is $275,000, with tax bills ranging significantly across the county. Zip code 14850 has the highest median home price at $275,000.

Property Tax Assessment Values Across Ithaca, Tompkins County, New York

Source: Ownwell

$118,000

$196,500

$275,000

Median Ithaca Market Value

$275,000

Median Tompkins County Market Value

$225,000

Median New York Market Value

$255,644

Median United States Market Value

$235,294

Property Tax Assessment Values Across Ithaca, Tompkins County, 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, Tompkins County, New York

In Ithaca, Tompkins County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in the area stands at $275,000, with property tax bills ranging significantly. For example, the 25th percentile tax bill is $5,524, while the 75th percentile reaches $11,099. The highest median tax bill recorded in zip code 14850 is $8,089, which exceeds the national median property tax bill of $2,400. These figures highlight the substantial impact property taxes can have on homeowners in this region.

Factors influencing property tax bills include the assessed value of the property and applicable exemptions. High property tax burdens can strain homeowners, making it crucial to explore potential savings. This is where Ownwell can assist, offering expertise in property tax appeals and exemptions. By leveraging local knowledge and experience, Ownwell helps homeowners navigate the complexities of property taxes, potentially reducing their bills and ensuring they pay only what is necessary.

Property Tax Bills Across Ithaca, Tompkins County, New York

Source: Ownwell

$3,246

$5,668

$8,089

Median Ithaca Tax Bill

$8,089

Median Tompkins County Tax Bill

$6,186

Median New York Tax Bill

$5,938

Median United States Tax Bill

$2,400

Property Tax Bills Across Ithaca, Tompkins County, 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