Wells, New York Property Taxes
The median property tax rate in Wells, NY is 0.83%, which is notably lower than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $129,050 in Wells, the typical annual property tax bill amounts to $1,114, falling well below the national median of $2,690. Property taxes in Wells are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Navigating Wells' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wells 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
Wells, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,071
$1,059
Ownwell’s Wells Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wells 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 Wells, New York
Property taxes in Wells, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wells is 0.83%, lower than the U.S. national median of 0.99%. Local government entities within Wells set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wells 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 Wells' effective property tax rate to other counties in New York and the national median. For comparison, the 12190 zip code in Hamilton County has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Wells provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wells Tax Rate
0.83%
Average Hamilton County Tax Rate
0.85%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wells, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12190 | 0.83% | 0.83% | 0.83% | 0.83% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Wells, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wells, New York. 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 Hamilton County Appraisal District 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. Assessment notices in Wells 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. For instance, the highest median tax bill in Wells is $1,114 in the 12190 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wells Assessed Value
$129,050
Average Hamilton County Assessed Value
$177,800
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wells, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12190 | $53,760 | $78,925 | $129,050 | $191,675 | $270,080 |
Source: Ownwell
Property Tax Bills Across Wells, New York
In Wells, located in Hamilton County, NY, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and is intended to reflect the market value of the home. For homeowners in Wells, the median home price is $129,050. The tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local taxing authorities. In Wells, the 25th percentile of tax bills is around $672, while the 75th percentile reaches $1675, and the 90th percentile can go up to $2338. These figures indicate a range of property tax burdens, reflecting variations in property values and possible exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Wells may find their tax bills vary significantly based on the assessed value of their property and local tax policies. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Wells Tax Bill
$1,114
Average Hamilton County Tax Bill
$1,483
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Wells, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12190 | $465 | $672 | $1,114 | $1,675 | $2,338 |
Source: Ownwell