Broome County Property Taxes Rank Among Highest in U.S.

If you own a home in Broome County, you probably don’t need a study to tell you that property taxes can be a big part of your household budget. But a new nationwide analysis confirms just how high our local tax burden really is compared to other places across the country.

Researchers examined property tax rates across states, counties, and cities in the U.S., and Broome County landed near the top of the list.

Just How High Are Property Taxes in Broome County?

According to the analysis, Broome County has an effective property tax rate of about 2.056 percent for owner-occupied homes. That puts the county among the 9th-highest in the country among the counties studied. To put that into perspective, only a handful of counties nationwide have higher property tax rates, and most are clustered in states like New Jersey and Illinois.

Factors Driving High Local Property Taxes

Property taxes are based on a home's assessed value, and those values have changed dramatically over the last several years. Even though the housing market has cooled compared to the frenzy of the early 2020s, home values in many areas remain historically high.

Because tax assessments often lag behind real-time market changes, many homeowners are still seeing their tax bills rise as local governments adjust to those earlier price increases. For homeowners in Broome County, that can mean paying more in taxes even if the housing market seems to have slowed.

Essential Community Services Supported by Taxes

While higher tax bills can feel frustrating, they also play a major role in funding essential services that communities rely on every day.

Property taxes help support things like:

• Local schools
• Emergency services and public safety
• Road maintenance and infrastructure
• Municipal services

In fact, property taxes make up the largest source of revenue for many local governments, which is one reason they remain such a central part of how communities are funded.

How Property Taxes and Mortgage Rates Affect Moving Decisions

Another factor affecting homeowners right now is the broader housing market. Many people locked in historically low mortgage rates before interest rates began climbing. As a result, moving to another home could mean taking on a much higher monthly payment.

Between rising borrowing costs and high property taxes, many homeowners are choosing to stay where they are rather than relocate, even if they might have considered moving in the past.

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What High Property Taxes Mean for Broome County Residents

For residents of Broome County, the numbers in this study highlight something many homeowners already feel when that annual bill arrives.

Compared to most places in the United States, property taxes here rank among the highest in the country. That doesn’t make living here less worthwhile. But it does mean property taxes are likely to remain an important part of homeowners' financial conversations across the Southern Tier.