Example of Erie County Property Tax Calculation
When calculating Erie County Property Tax, the government considers several factors. For example, they take into account the assessed value of the property, which is determined by a professional appraiser. This value reflects the current market value of the property at the time of the assessment.
Next, the government applies a tax rate that is set by the County. This rate is expressed in dollars per $1,000 of assessed value. To calculate the property tax, one would simply multiply the assessed value by the tax rate.
For instance, if a property in Erie County has an assessed value of $100,000 and the tax rate is $10 per $1,000 of assessed value, the property tax would be calculated as follows:
$100,000 assessed value x $10 tax rate per $1,000 assessed value = $1,000 property tax
It is important to note that property tax rates may vary depending on the location and use of the property. However, the calculation method remains the same.
Overall, understanding how the Erie County Property Tax is calculated can help homeowners and investors plan their budgets accordingly.
If you want appeal your property tax assessment - contact your local tax assessor.
Erie County Property Tax Rates
Here is a formatted table of Erie County Property Tax rates, with the tax and rate per $100 of assessed value listed in separate columns:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $5.05 |
| City of Buffalo | $19.50 |
| Town of Amherst | $18.44 |
| Town of Cheektowaga | $20.08 |
| Town of Hamburg | $17.15 |
| Town of Tonawanda | $16.29 |
| Village of Kenmore | $18.62 |
These rates are subject to change and may vary depending on the specific property in question. It is important for property owners to stay informed about their local tax rates and any changes that may occur.
Who sets property tax rates in Erie County ?
Property tax rates in Erie County are set by the government officials and agencies responsible for property taxation. This includes the Erie County Legislature, the County Executive, and the local taxing authorities such as school districts and municipalities.
The tax rates are typically established annually, with public hearings held to allow for community input. The rates are based on the assessed value of the properties within the county and the budgetary needs of the various taxing entities.
It is important to note that property tax rates can vary widely depending on the location and type of property. Homeowners, business owners, and landlords should keep track of any changes in tax rates and seek advice from a qualified tax advisor to ensure they are complying with all applicable laws and regulations.
Homestead exemptions in Erie County ?
To help homeowners in Erie County, New York understand their Homestead exemptions and deductions, we have created a table with four columns: exemption, eligibility, amount, and notes. These columns include all county-specific information on tax relief programs for eligible residents.
Homestead Exemptions and Deductions in Erie County, New York
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic STAR | Owner-occupied primary residence | Up to $30,000 | Must be registered with the New York State Department of Taxation and Finance |
| Enhanced STAR | Owner-occupied primary residence for seniors aged 65+ with annual income less than $90,550 | Up to $69,400 | Must be registered with the New York State Department of Taxation and Finance |
| Senior Citizens and Disabled Homeowners Exemption | Owner-occupied primary residence for seniors aged 65+ or disabled with annual income less than $37,399 | Varies by municipality | Must apply with local assessor |
| Veterans Exemption | Owner-occupied primary residence for veterans who served during wartime, peacetime, or combat | Varies by percentage of disability and length of service | Must provide proof of military service and discharge |
| Cold War Veterans Exemption | Owner-occupied primary residence for veterans who served during the Cold War era | Varies by percentage of disability and length of service | Must provide proof of military service and discharge |
It's important to note that eligibility and amount may vary based on individual circumstances and municipality. Homeowners are encouraged to contact their local assessor for more information and to apply for the appropriate exemptions and deductions.
When is Erie County Property Tax due ?
Erie County Property Tax Due Date and Payment Methods
Erie County Property Tax is typically due on March 31st of each year. However, due to the ongoing COVID-19 pandemic, the county has extended the deadline to April 30th for the 2021 tax year.
Taxpayers have several options for making payments, including:
| Payment Method | Description |
|---|---|
| Online | Pay online through the Erie County Treasurer's website using a credit card or e-check |
| By Mail | Mail a check or money order to the Erie County Treasurer's Office |
| In Person | Pay in person at the Erie County Courthouse or at a participating bank |
It's important to note that payments must be received or postmarked by the due date to avoid penalties and interest charges. If you have any questions or concerns about your property tax payment, contact the Erie County Treasurer's Office for assistance.
If you have more questions - contact your local tax collector.
How is Erie County Property Tax penalty calculated ?
Introduction
Erie County residents are required to pay property taxes on an annual basis. If the payment is not made by the due date, a penalty will be imposed. In this blog post, we will explore how the Erie County Property Tax penalty is calculated and provide an example.
Calculation of Erie County Property Tax Penalty
The penalty for late payment of Erie County Property Taxes is calculated as a percentage of the unpaid amount. The rate of penalty varies depending on the number of days past due.
The following table shows the penalty rates for different periods of delinquency:
| Days Past Due | Penalty Rate |
|---|---|
| 1-30 | 2% |
| 31-60 | 5% |
| 61-90 | 7% |
| Over 90 | 10% |
For example, if a homeowner owes $5,000 in property taxes to Erie County and fails to pay it by the due date, the following penalties would apply:
- Within 30 days of due date: $100 (2% of $5,000)
- 31-60 days past due: $250 (5% of $5,000)
- 61-90 days past due: $350 (7% of $5,000)
- Over 90 days past due: $500 (10% of $5,000)
Therefore, if the homeowner pays the property taxes 120 days after the due date, they would need to pay a total of $6,100 ($5,000 + $100 + $250 + $350 + $500).
Conclusion
In conclusion, Erie County Property Tax penalty is calculated based on the number of days past due and the rate of penalty varies accordingly. Therefore, it is important for residents to make timely payment of their property taxes to avoid penalties.
We recommend contacting the Erie County Tax Office or a local tax professional for the most up-to-date and accurate information.