Wellesley Island, New York Property Taxes
The median property tax rate in Wellesley Island, NY is 1.65%, considerably higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Wellesley Island at $278,072, the typical annual property tax bill reaches $4,873, exceeding the national median of $2,690. Property taxes in Wellesley Island 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 Wellesley Island'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 Wellesley Island 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
Wellesley Island, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$4,588
$4,536
Ownwell’s Wellesley Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellesley Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellesley Island 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 Wellesley Island, New York
Property taxes in Wellesley Island, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellesley Island is 1.65%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Wellesley Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellesley Island 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 Wellesley Island's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13640 has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these areas compare with Wellesley Island provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wellesley Island Tax Rate
1.65%
Average Jefferson County Tax Rate
1.81%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellesley Island, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13640 | 1.64% | 1.64% | 1.65% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Wellesley Island, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wellesley Island, NY. 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 Jefferson 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. In Wellesley Island, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 13640 has both the highest and lowest median tax bill, valued at $4,873.
Property Tax Assessment Values Across Wellesley Island, New York
Source: Ownwell
$31,915
$230,779
$429,643
Average Wellesley Island Assessed Value
$278,072
Average Jefferson County Assessed Value
$134,468
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wellesley Island, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13640 | $93,436 | $169,122 | $278,072 | $421,476 | $602,687 |
Source: Ownwell
Property Tax Bills Across Wellesley Island, New York
In Wellesley Island, located in Jefferson County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and reflects the property's market value. Homeowners in this region face a range of property tax bills, influenced by factors such as property size, location, and improvements. The median home price in Wellesley Island stands at $278,072, contributing to varying tax bills. For instance, the 25th percentile tax bill is approximately $2,834, while the 75th percentile tax bill reaches around $7,465. At the higher end, the 90th percentile tax bill can be as much as $11,078. These tax bills significantly affect homeowners, impacting their annual expenses and potentially influencing decisions about property investments and home ownership. With the national median property tax rate at 0.99%, the specific rates and assessed values in Wellesley Island play a crucial role in determining the financial responsibilities of property owners.
Average Wellesley Island Tax Bill
$4,873
Average Jefferson County Tax Bill
$2,407
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellesley Island, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13640 | $1,543 | $2,834 | $4,873 | $7,465 | $11,078 |
Source: Ownwell