Example of Yates County Property Tax Calculation
Yates County calculates property tax based on the assessed value of the property. The tax rate is determined by the county, town, and school district where the property is located.
For example, let's say a property in Yates County has an assessed value of $100,000. The tax rate for the county is $2.33 per $1,000 of assessed value, the town tax rate is $3.45 per $1,000 of assessed value, and the school district tax rate is $15.67 per $1,000 of assessed value.
To calculate the property tax, you would first multiply the assessed value by the county tax rate: $100,000 x 2.33 = $233.
Then, you would multiply the assessed value by the town tax rate: $100,000 x 3.45 = $3,450.
Lastly, you would multiply the assessed value by the school district tax rate: $100,000 x 15.67 = $1,567.
Add these three amounts together to get the total property tax: $233 + $3,450 + $1,567 = $5,250.
So, in this example, the property owner would owe $5,250 in property taxes for the year.
If you want appeal your property tax assessment - contact your local tax assessor.
Yates County Property Tax Rates
The following table lists the property tax rates for Yates County in US dollars per $100 of assessed value.
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $4.31 |
| Town General | $1.82 - $8.43 |
| Village General | $3.43 - $14.44 |
| School District | $14.78 - $21.77 |
Note that the specific rate for town and village general taxes varies depending on the location within Yates County. It is recommended to consult with a local tax advisor or the Yates County tax assessor for more detailed information.
Who sets property tax rates in Yates County ?
In Yates County, property tax rates are set by the local government, specifically the Board of Supervisors. This board reviews and approves the county budget each year, which includes funding for various services and programs. The property tax rates are then calculated based on the total amount of revenue needed to fund the budget and the assessed value of properties within the county. Property owners in Yates County can expect to receive their annual tax bill in early January, with payment typically due by the end of the month.
Homestead exemptions in Yates County ?
To help homeowners in Yates County, New York understand their Homestead exemptions and deductions, here are the details organized into a table with columns for exemption, eligibility, amount, and notes:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic STAR exemption | Primary residents who meet income eligibility requirements | Up to $30,000 off the property's full value | Applies to school district taxes |
| Enhanced STAR exemption | Primary residents who are 65 years or older and meet income eligibility requirements | Up to $68,700 off the property's full value | Applies to school district taxes |
| Senior citizens exemption | Primary residents who are 65 years or older and meet income eligibility requirements | Varies based on income and the property's assessed value | Applies to county and town taxes |
| Cold War veterans exemption | Eligible veterans who served during the Cold War era | Up to 15% off the property's assessed value | Applies to county and town taxes |
| Disability exemption | Primary residents with disabilities who meet income eligibility requirements | Varies based on income and the property's assessed value | Applies to county and town taxes |
| Volunteer firefighters and ambulance workers exemption | Eligible volunteers who have served for at least five years | Up to 10% off the property's assessed value | Applies to county and town taxes |
Keep in mind that there may be additional requirements or limitations for each exemption or deduction, so it's important to check with Yates County's assessor's office for more information.
Overall, these Homestead exemptions and deductions can help homeowners in Yates County save money on their property taxes while still being able to afford to live in their homes.
When is Yates County Property Tax due ?
According to the Yates County Treasurer's office, the property tax is typically due on February 1st of each year. However, if February 1st falls on a weekend, the due date will be the following business day.
There are several methods of payment available for Yates County property taxes, including:
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Mail: Taxpayers can mail in their payment to the Yates County Treasurer's office using the provided envelope included in their tax bill.
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Online: Taxpayers can also pay their property taxes online through the Yates County website.
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In-person: For those who prefer to pay in-person, payments can be made at the Yates County Treasurer's office located at 417 Liberty Street, Suite 1110, Penn Yan, NY 14527.
Please note that payments made after the due date will accrue penalty fees and interest charges, so it is important to make payments on time.
If you have more questions - contact your local tax collector.
How is Yates County Property Tax penalty calculated ?
Yates County Property Tax Penalty Calculation
When property taxes remain unpaid after the due date, Yates County imposes penalties on delinquent balances. The penalty is calculated as a percentage of the unpaid balance on a monthly basis until the payment is made in full.
The penalty rates for Yates County property taxes are as follows:
| Penalty Month | Penalty Rate |
|---|---|
| First month | 1% |
| Second month | 2% |
| Third month | 3% |
| Fourth month | 4% |
| Fifth month | 5% |
For example, if a property owner owes $10,000 in property taxes and fails to pay by the due date, the penalty calculation would be as follows:
| Month | Unpaid Balance | Penalty Rate | Penalty Amount |
|---|---|---|---|
| 1 | $10,000 | 1% | $100 |
| 2 | $10,100 | 2% | $202 |
| 3 | $10,302 | 3% | $309.06 |
| 4 | $10,611.06 | 4% | $424.44 |
| 5 | $11,035.50 | 5% | $551.78 |
Overall, it's important for property owners to pay their taxes on time to avoid penalties and additional fees. Late payments can add up quickly, leading to significant financial consequences.
We recommend contacting the Yates County Tax Office or a local tax professional for the most up-to-date and accurate information.