Valley Falls, New York Property Taxes
The median property tax rate in Valley Falls, NY is 2.50%, 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 Valley Falls at $280,000, the typical annual property tax bill reaches $6,741, exceeding the national median of $2,690. Property taxes in Valley Falls 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 Valley Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Valley Falls 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
Valley Falls, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.5%
Estimate Property Tax Bill
$7,000
$6,921
Ownwell’s Valley Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Valley Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Valley Falls 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 Valley Falls, New York
Property taxes in Valley Falls, 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 Valley Falls is 2.50%, significantly higher than both the New York state median of 1.23% and the U.S. national median of 0.99%. Local government entities within Valley Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Valley Falls 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 Valley Falls' effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12185 has the highest median property tax rate of 2.50%, while the same zip code also has the lowest median tax rate of 2.50%. Understanding how these cities compare with Valley Falls provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Valley Falls Tax Rate
2.50%
Average Washington County Tax Rate
2.41%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Valley Falls, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12185 | 2.12% | 2.33% | 2.50% | 2.50% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Valley Falls, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Valley Falls, NY. 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 Washington 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 Valley Falls, 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. The median home price in Valley Falls is $280,000, with tax bills ranging from $5,202 at the 25th percentile to $11,270 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Valley Falls, New York
Source: Ownwell
$96,720
$606,110
$1,115,500
Average Valley Falls Assessed Value
$280,000
Average Washington County Assessed Value
$158,585
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Valley Falls, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12185 | $171,000 | $210,000 | $275,000 | $355,000 | $493,422 |
Source: Ownwell
Property Tax Bills Across Valley Falls, New York
In Valley Falls, located in Washington County, NY, property tax bills are determined based on the assessed value of a home, which is derived from the market value. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the assessed value, including the size, location, and condition of the property, as well as recent sales of similar properties in the area. Homeowners in Valley Falls face varying tax bills, with significant differences across the spectrum. For instance, the 25th percentile of tax bills is around $5,202, while those in the 75th percentile pay approximately $8,287. The 90th percentile sees tax bills as high as $11,270. The median property tax rate in Valley Falls is notably higher than the national median of 0.99%, reflecting the region's property values and local tax policies. These property taxes directly impact homeowners by influencing their overall housing costs and potentially affecting their ability to sell or refinance their homes. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Valley Falls Tax Bill
$6,741
Average Washington County Tax Bill
$3,943
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Valley Falls, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12185 | $3,972 | $5,202 | $6,741 | $8,287 | $11,270 |
Source: Ownwell