Leicester, New York Property Taxes
The median property tax rate in Leicester, NY is 3.00%, 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 Leicester, the typical annual property tax bill reaches $5,812, exceeding the national median of $2,690. Property taxes in Leicester 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 Leicester'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 Leicester 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
Leicester, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3%
Estimate Property Tax Bill
$5,813
$5,748
Ownwell’s Leicester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leicester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leicester 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 Leicester, New York
Property taxes in Leicester, NY, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leicester is 3.00%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Leicester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leicester 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 Leicester's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14481 has the highest median property tax rate of 3.00%, while the same zip code also has the lowest median tax rate of 3.00%. Understanding how these cities compare with Leicester provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leicester Tax Rate
3.00%
Average Wyoming County Tax Rate
2.98%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leicester, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14481 | 2.96% | 2.98% | 3.00% | 3.04% | 3.07% |
Source: Ownwell
Property Tax Assessment Values Across Leicester, New York
In Leicester, 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 Wyoming 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 Leicester, 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. For Leicester, the median home price stands at $193,776. The property tax bill can vary significantly, with the 25th percentile at $4,794 and the 75th percentile at $7,049, while the 90th percentile reaches $7,791. The highest and lowest median tax bills both occur in zip code 14481, amounting to $5,812. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Leicester Assessed Value
$193,776
Average Wyoming County Assessed Value
$124,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leicester, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14481 | $136,714 | $158,112 | $193,776 | $237,143 | $263,163 |
Source: Ownwell
Property Tax Bills Across Leicester, New York
Property tax bills in Leicester, located in Wyoming County, NY, are determined based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, a median home price in Leicester stands at $193,776. The tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the property tax bill, including the property's location, size, and any improvements made. In Leicester, homeowners can expect to see tax bills ranging significantly. For example, the 25th percentile tax bill is around $4,794, while at the 75th percentile, it climbs to approximately $7,049. The highest median tax bill recorded in the area is $5,812, which is notably higher than the national median property tax rate of 0.99%. High property taxes can impact homeowners by increasing their annual expenses, which can affect affordability and long-term financial planning. Understanding these factors helps homeowners anticipate their property tax obligations better.
Average Leicester Tax Bill
$5,812
Average Wyoming County Tax Bill
$3,932
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Leicester, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14481 | $4,184 | $4,794 | $5,812 | $7,049 | $7,791 |
Source: Ownwell