14861 Property Tax Rate

Property owners in ZIP code 14861 (Lowman, New York) pay a median of $3,840/year in property taxes on homes valued at $141,100. This translates to an effective tax rate of 2.72%, which is 47% above the New York state average of 1.85%.

The monthly property tax burden for a median-valued home in 14861 is approximately $320, which factors into escrow payments on mortgages. This ZIP code is located within Chemung County. This is $1,412 less than the New York average of $5,252/year.

Compared to similar ZIP codes in New York, 14861 has higher property taxes. ZIP codes with similar effective rates include 14218 (2.72%) and 14589 (2.72%).

In Lowman, property taxes represent approximately 6.4% of the median household income of $60,000, providing context for the relative tax burden on homeowners in this area.

New York has no statewide property tax cap; Chemung County towns reassess properties on local cycles, typically every 5–8 years. Chemung County homebuyers with primary residences and household income under $500,000 must enroll in STAR (School Tax Relief), which exempts a percentage of assessed value from school taxes — saving $400–$1,000/year in this higher-value market. Register for STAR with the Chemung County Assessor's office by the March 1 deadline to begin receiving benefits on your next tax bill.