Example of Broome County Property Tax Calculation
Broome County calculates property taxes based on the assessed value of the property. For example, if a property is assessed at $100,000, and the tax rate is $25 per $1,000 of assessed value, the property tax would be $2,500 per year.
To calculate the property tax, simply multiply the assessed value by the tax rate. In this case, $100,000 multiplied by $25 per $1,000 of assessed value equals $2,500.
It is important to note that property tax rates can vary depending on the location and type of property. Additionally, exemptions and deductions may be available for certain groups such as senior citizens or veterans.
Overall, understanding how property taxes are calculated in Broome County can help property owners better plan and budget for their annual tax payments.
If you want appeal your property tax assessment - contact your local tax assessor.
Broome County Property Tax Rates
Here is a table of Broome County Property Tax rates in US dollars per $100 of assessed value:
| Tax | Rate per $100 Assessed Value |
|---|---|
| County General | $4.05 |
| County Library | $0.65 |
| County Debt Service | $0.06 |
| County Roadwork | $1.03 |
| Binghamton City School District | $20.06 |
| Johnson City Central School District | $20.23 |
| Maine-Endwell Central School District | $21.10 |
| Union-Endicott Central School District | $22.46 |
It is important to note that these rates may change from year to year, and individual properties may also have additional local taxes or assessments. It is recommended that property owners consult with a tax professional or the Broome County Tax Office for specific information regarding their property taxes.
Who sets property tax rates in Broome County ?
Who sets property tax rates in Broome County? The Broome County Legislature is responsible for setting property tax rates in Broome County. The Legislature approves the county's annual budget, which includes funding for various county services, such as public safety, roads, and parks.
When are property tax rates set in Broome County? Property tax rates are typically set in December by the Broome County Legislature. The Legislature holds public hearings on the proposed budget in November, during which members of the public can provide feedback on the proposed tax rates and spending priorities.
Once the budget is approved, property tax bills are typically mailed out to residents in early January. Property owners have until the end of January to pay their taxes without penalty.
It's important to note that property tax rates can vary depending on where you live in Broome County. In addition to the county tax, residents may also be subject to taxes from their local town or village, as well as school district taxes.
Overall, property tax rates in Broome County are influenced by a variety of factors, including the cost of county services, changes in property values, and state mandates. If you have questions or concerns about your property taxes, it's recommended to consult with a qualified tax advisor or reach out to your local government representatives.
Homestead exemptions in Broome County ?
To help homeowners in Broome County, New York, stay on top of their property taxes, the following table lists all the Homestead exemptions and deductions available in the county:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic STAR | Owner-occupied primary residences with incomes under $500,000 | Up to $30,000 | Applies only to school taxes |
| Enhanced STAR | Owner-occupied primary residences where all owners are 65 or older with incomes below $88,050 | Up to $69,400 | Applies only to school taxes |
| Senior Citizens Exemption | Owner-occupied primary residences where all owners are 65 or older with incomes below $37,400 | Varies based on income and property value | Must file an application with the local assessor |
| Veterans Exemption | Veterans or their surviving spouses | Up to $30,000 | Applies to property taxes |
| Cold War Veterans Exemption | Veterans who served during the Cold War era | Varies based on income | Applies to property taxes |
| Disability Exemption | Disabled homeowners or their surviving spouse | Up to $120,000 | Applies to property taxes |
| Agricultural Exemption | Owners of qualifying agricultural land | Varies based on property value | Must file an application with the local assessor |
It's important to note that eligibility requirements and amounts may change based on individual circumstances and updates to local laws. Homeowners should always consult with their local assessor and/or tax professional when applying for any tax exemptions or deductions.
When is Broome County Property Tax due ?
Broome County Property Tax is typically due on January 31st of each year. Property owners have until this date to make payment or risk facing late payment penalties.
There are several payment methods available for property tax payment in Broome County. These include:
-
Online payment: Property owners can pay their property taxes online using the Broome County website. This method accepts credit card payments and electronic checks.
-
Mail-in payment: Property owners can mail in their property tax payments to the Broome County Treasurer's Office. Payment can be made by check or money order, and the address for payment can be found on the property tax bill.
-
In-person payment: Property owners can make payment in person at the Broome County Treasurer's Office. Cash, check, and credit card payments are accepted.
It is important for property owners to make their property tax payment before the due date to avoid late payment penalties.
If you have more questions - contact your local tax collector.
How is Broome County Property Tax penalty calculated ?
Broome County Property Tax Penalty: Calculation and Example
When a property owner in Broome County, New York fails to pay their property taxes on time, they may be subject to penalties. These penalties are calculated based on the amount of unpaid taxes and the length of time they remain unpaid.
The penalty for late payment of property taxes in Broome County is calculated as follows:
- 1% penalty per month: If the taxes are not paid by the due date, a penalty of 1% of the unpaid tax amount is added to the bill each month until paid in full.
- 10% penalty after 90 days: If the taxes remain unpaid for 90 days after the due date, an additional penalty of 10% of the unpaid tax amount is added to the bill.
- $2 fee after 120 days: After 120 days, an additional $2 fee is added to the bill.
Here's an example to help illustrate the calculation of Broome County property tax penalty:
John owns a home in Broome County and owes $3,000 in property taxes for the year. The due date for his payment is January 31st. If John does not pay his taxes by January 31st, the following penalties will apply:
- February 1st: 1% penalty of $30 is added.
- March 1st: 1% penalty of $30 is added.
- April 1st: 1% penalty of $30 is added.
- May 1st: 10% penalty of $300 is added.
- June 1st: $2 fee is added.
If John pays his taxes in full on June 1st, he will owe a total of $3,392 in property taxes and penalties.
It's important to note that failing to pay property taxes in Broome County can have serious consequences, including the possibility of foreclosure. Property owners who are unable to pay their taxes on time should contact the Broome County Treasurer's office for assistance in making payment arrangements or applying for any available exemptions.
We recommend contacting the Broome County Tax Office or a local tax professional for the most up-to-date and accurate information.