As of 2010, Monroe County, New York is rated number one - for the highest property taxes when compared to the market values, according to The Tax Foundation.
As of 2010, the median Monroe County home value was $134,500 with a 2.89 percent property tax. This trend seems to be getting worse, not better - the county rose from number two in the nation since 2009.
Property taxes are also made up of city and school taxes, where school taxes make up the majority. New Yorkers, however, are used to paying outrageous taxes, and not just on their homes. The sales tax in Monroe County is 4 percent, and the income tax ranges from 4 percent to 8.97 percent.
In order to close its multi-million dollar spending gap, Monroe County plans to sell tax liens to private investors and sell some government-owned buildings. Over 100 county employees will lose their jobs through attrition, retirement and layoffs, saving the county at least $6 million.
Property Tax History
Monroe County's property taxes have fluctuated between $8.27 and $9.10 between 2000 and 2010. The County Legislature recently passed a bill that keeps the property tax rate flat at $8.99 per thousand. The rate has remained the same for the last few years, despite the economic crisis. Because the county is not raising taxes this year, 25 county employees have recently lost their jobs.
Factors Influencing Property Taxes
Homes are first evaluated for their "full value," which is the estimated market value. In 2010, the average full value increased by 2.2 percent in Monroe County. Once the jurisdiction's full value is established, the tax levy is calculated. For example, if one city makes up 8 percent of the county's full value, then 8 percent of the tax levy is allocated to that county.
The tax levy is then divided by the total full value to get the full value tax rate. This is how Monroe County arrived at the current rate of $8.99 per $1,000.
A tax bill is computed by finding the assessed value of a property, dividing it by 1,000 and then multiplying it by the assessed value tax rate. All counties in New York have a tax cap: Property taxes may not go higher than 1.5 percent of the 5-year full value average of the entire county.
If you live in Rochester, or elsewhere in Monroe County and want to contest your property tax bill this year, contact ValueAppeal to find out how much you can save.