Slaterville Springs, New York Property Taxes
The median property tax rate in Slaterville Springs, NY is 2.63%, 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 Slaterville Springs at $170,000, the typical annual property tax bill reaches $4,416, exceeding the national median of $2,690. Property taxes in Slaterville Springs 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 Slaterville Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Slaterville Springs 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
Slaterville Springs, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$4,471
$4,421
Ownwell’s Slaterville Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Slaterville Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Slaterville Springs 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 Slaterville Springs, New York
Property taxes in Slaterville Springs, 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 Slaterville Springs is 2.63%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Slaterville Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Slaterville Springs 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 Slaterville Springs' effective property tax rate to other counties in New York and the national median. For comparison, the 14881 zip code has the highest median property tax rate of 2.63%, while the same zip code also has the lowest median tax rate of 2.63%. Understanding how these cities compare with Slaterville Springs 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 Slaterville Springs Tax Rate
2.63%
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 Slaterville Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14881 | 1.97% | 2.33% | 2.63% | 2.66% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Slaterville Springs, New York
In Slaterville Springs, 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 Slaterville Springs, 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 Slaterville Springs 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 $4,416, found in the 14881 zip code.
Property Tax Assessment Values Across Slaterville Springs, New York
Source: Ownwell
$118,000
$196,500
$275,000
Average Slaterville Springs Assessed Value
$170,000
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 Slaterville Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14881 | $109,500 | $150,000 | $170,000 | $225,000 | $366,500 |
Source: Ownwell
Property Tax Bills Across Slaterville Springs, New York
In Slaterville Springs, 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 and is meant to reflect the market value of the property. The local tax rate is applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $170,000, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is approximately $3,493, while at the 75th percentile, it rises to about $5,922. At the 90th percentile, the tax bill can reach up to $9,274. These figures highlight the significant impact property taxes can have on homeowners' finances. Comparatively, the national median property tax rate is 0.99%, which means that property taxes in Slaterville Springs can be relatively high. Understanding these factors can help homeowners better plan for their annual expenses and explore potential tax exemptions or appeals.
Average Slaterville Springs Tax Bill
$4,416
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 Slaterville Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14881 | $2,478 | $3,493 | $4,416 | $5,922 | $9,274 |
Source: Ownwell