Wellsville, New York Property Taxes
The median property tax rate in Wellsville, NY is 3.91%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $75,300 in Wellsville, the typical annual property tax bill reaches $2,991, exceeding the national median of $2,690. Property taxes in Wellsville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wellsville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wellsville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wellsville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.91%
Estimate Property Tax Bill
$2,944
$2,911
Ownwell’s Wellsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellsville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Wellsville, New York
Property taxes in Wellsville, New York, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellsville is 3.91%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wellsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellsville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Wellsville's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14895 has the highest median property tax rate of 3.91%, while the same zip code also has the lowest median tax rate of 3.91%. Understanding how these cities compare with Wellsville provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wellsville Tax Rate
3.91%
Average Allegany County Tax Rate
3.64%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14895 | 3.43% | 3.55% | 3.91% | 4.47% | 4.48% |
Source: Ownwell
Property Tax Assessment Values Across Wellsville, New York
In Wellsville, New York, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Allegany County Assessor's Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Wellsville, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Wellsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 14895, with a median tax bill of $2,991.
Average Wellsville Assessed Value
$75,300
Average Allegany County Assessed Value
$72,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wellsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14895 | $34,200 | $52,100 | $75,300 | $104,100 | $146,100 |
Source: Ownwell
Property Tax Bills Across Wellsville, New York
Property tax bills in Wellsville, located in Allegany County, NY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor, who evaluates the property's market value. In Wellsville, the median home price is $75,300, which serves as a baseline for many property assessments. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value, and therefore, the final tax bill. Homeowners in Wellsville experience a range of tax bills, with the 25th percentile at $2,068 and the 75th percentile at $4,161. For those in the 90th percentile, tax bills can reach up to $5,671. These property taxes are crucial for funding local services like schools, public safety, and infrastructure. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Wellsville Tax Bill
$2,991
Average Allegany County Tax Bill
$2,710
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14895 | $1,317 | $2,068 | $2,991 | $4,161 | $5,671 |
Source: Ownwell