A report released by an Albany-based organization that promotes public policy reforms confirms what many Binghamton property owners probably suspected: The local effective property tax rate is higher than any other city in New York.
The Empire Center for Public Policy determined the effective tax rate for Binghamton was $58.28 per $1,000 of assessed value. That works out to $4,959 annually for a city home with a median value of $85,100.
The report concludes the Westchester County city of Rye had the lowest “all-in” property tax rate at $19.20 per $1,000. The actual amount of taxes in Rye is much higher because of very high property values.
Speaking on WNBF Radio’s Binghamton Now program, Empire Center executive director Timothy Hoefer noted the median home value in Rye is over a million dollars.
Hoefer said property taxes in New York state are among the highest in the country.
Hoefer pointed out the state property tax cap has proven helpful. He said the rate of increase in school district budgets has slowed since the cap was implemented.
© 2015 WNBF
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