Example of Tompkins County Property Tax Calculation
Tompkins County calculates property taxes based on the assessed value of the property. The assessment is done by the Tompkins County Assessment Office, which determines the market value of the property and applies a percentage to determine the assessed value.
For example, if a property has a market value of $200,000 and the applied percentage is 85%, the assessed value will be $170,000. The assessed value is then multiplied by the tax rate, which is set by the Tompkins County Legislature.
If the tax rate is $3.50 per $1,000 of assessed value, the property tax would be calculated as follows:
$170,000 (assessed value) รท 1,000 = 170 170 x $3.50 (tax rate) = $595 (property tax)
Therefore, the property owner would owe $595 in property taxes to Tompkins County. It's important to note that this is just one example and the actual tax rate and assessed value will vary based on the property's location and other factors.
If you want appeal your property tax assessment - contact your local tax assessor.
Tompkins County Property Tax Rates
The Tompkins County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $3.28 |
| City of Ithaca | $13.61 |
| Town of Ithaca | $3.44 |
| Town of Dryden | $3.84 |
| Town of Lansing | $3.09 |
| Town of Caroline | $2.85 |
| Town of Ulysses | $2.95 |
| Town of Danby | $3.54 |
| Village of Dryden | $13.61 |
| Village of Freeville | $7.10 |
| Village of Groton | $13.61 |
| Village of Lansing | $11.64 |
| Village of Trumansburg | $11.36 |
These rates are subject to change and may vary depending on the specific property and its location within Tompkins County. It is advisable to consult with a tax professional for specific tax advice.
Who sets property tax rates in Tompkins County ?
Tompkins County Property Tax Rates: Who Sets Them and When
In Tompkins County, property tax rates are set by the Tompkins County Legislature. The legislature usually sets the property tax rates during their annual budget meeting, which is held in November. The rates are then approved and published in December, and property owners are notified of their tax bills in January.
The property tax rates in Tompkins County are based on the assessed value of the property. The assessed value is determined by the Tompkins County Assessment Department, and is based on the market value of the property, as well as any improvements made to it.
Property owners in Tompkins County have the right to appeal their property tax assessments if they believe they have been assessed too high. They can do this by filing a complaint with the Tompkins County Board of Assessment Review.
It is important to note that property taxes are a major source of revenue for Tompkins County, and are used to fund a variety of public services, including schools, parks, and public safety programs. As such, property owners in Tompkins County are required by law to pay their fair share of property taxes each year.
Homestead exemptions in Tompkins County ?
A table with columns for exemption, eligibility, amount, and notes is needed to detail the various Homestead exemptions and deductions in Tompkins County, New York. These exemptions are specific to the county and are important for homeowners to understand in order to potentially lower their property tax burden. Here's a breakdown of some of the county-specific Homestead exemptions and deductions:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic STAR | All | Varies | Must already be receiving the STAR exemption to qualify |
| Enhanced STAR | 65+ or disabled | Varies | Must meet income requirements |
| Senior exemption | 65+ | Varies | Must meet income requirements |
| Agricultural exemption | Agricultural property owners | Varies | Must meet certain criteria related to land use and production |
| Cold War veterans exemption | Cold War veterans | Varies | Must have served during certain dates and meet other criteria |
It's important to note that there may be additional Homestead exemptions and deductions available in Tompkins County, and eligibility requirements and amounts can vary depending on individual circumstances. Homeowners in Tompkins County should consult with their local assessor's office or a qualified tax professional to determine which exemptions and deductions may apply to them.
When is Tompkins County Property Tax due ?
Tompkins County Property Tax is typically due on January 31st of each year. There are a few different payment methods available for taxpayers in Tompkins County, including online payments, mail-in payments, and in-person payments.
Here is a breakdown of the different payment methods:
| Payment Method | Details |
|---|---|
| Online Payments | Taxpayers can pay their property taxes online through the Tompkins County website using a credit card or e-check. A convenience fee may be charged for using this service. |
| Mail-In Payments | Taxpayers can mail in their property tax payments to the Tompkins County Treasurer's Office using the address provided on their tax bill. Payments must be postmarked by January 31st to avoid penalties. |
| In-Person Payments | Taxpayers can make in-person payments at the Tompkins County Treasurer's Office located at 125 E Court St, Ithaca, NY. Payment methods accepted include cash, check, and money order. |
It is important to note that if property taxes are not paid on time, penalties and interest may be added to the amount owed. Therefore, taxpayers are encouraged to make their payments by the due date to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is Tompkins County Property Tax penalty calculated ?
Tompkins County imposes a property tax penalty on taxpayers who fail to pay their property taxes by the deadline. The penalty is calculated as a percentage of the unpaid taxes and accrues on a monthly basis until the taxes are paid in full. The penalty rate is set by the county and may vary from year to year.
Example of Tompkins County Property Tax Penalty Calculation
Suppose a taxpayer owes $10,000 in property taxes for the year 2021 and fails to pay by the deadline of January 31, 2022. If the penalty rate for the year 2021 is 1% per month, the penalty calculation would be as follows:
| Month | Unpaid Taxes | Penalty (1% per month) |
|---|---|---|
| Feb | $10,000 | $100 |
| Mar | $10,100 | $101 |
| Apr | $10,201 | $102.01 |
| May | $10,303.01 | $103.03 |
| Jun | $10,406.04 | $104.06 |
| Jul | $10,510.10 | $105.10 |
| Aug | $10,615.20 | $106.15 |
| Sep | $10,721.35 | $107.21 |
| Oct | $10,828.56 | $108.29 |
| Nov | $10,936.85 | $109.37 |
| Dec | $11,046.22 | $110.46 |
In this example, if the taxpayer pays their taxes in full by December, they will owe $11,046.22. The penalty amount would be $1,046.22, which is equal to 10.46% of the original tax amount.
It is important to note that the penalty calculation for Tompkins County property taxes may vary from year to year, and taxpayers should check with the county tax assessor's office for the current penalty rate. Additionally, if a taxpayer fails to pay their property taxes for an extended period of time, the county may take legal action to collect the delinquent taxes, which could result in additional fees and penalties.
We recommend contacting the Tompkins County Tax Office or a local tax professional for the most up-to-date and accurate information.