South Wales, New York Property Taxes
The median property tax rate in South Wales, NY is 2.29%, significantly higher than the national median of 0.99% but slightly below the New York state median of 2.39%. With a median home value of $99,381 in South Wales, the typical annual property tax bill amounts to $2,561, which is just under the national median of $2,690. Property taxes in South Wales are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding South Wales' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of South Wales 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
South Wales, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.29%
Estimate Property Tax Bill
$2,276
$2,250
Ownwell’s South Wales Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Wales with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Wales 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 South Wales, New York
Property taxes in South Wales, NY, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Wales is 2.29%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within South Wales set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Wales 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 South Wales's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14139 has the highest median property tax rate of 2.29%, while the same zip code also has the lowest median tax rate of 2.29%. Understanding how these cities compare with South Wales provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Wales Tax Rate
2.29%
Average Wyoming County Tax Rate
2.98%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Wales, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14139 | 2.29% | 2.29% | 2.29% | 2.45% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across South Wales, New York
In South Wales, 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 local 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 South Wales, 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 South Wales helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,561 in the 14139 zip code, while the lowest median tax bill is also $2,561 in the same zip code.
Average South Wales Assessed Value
$99,381
Average Wyoming County Assessed Value
$124,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Wales, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14139 | $34,020 | $43,196 | $99,381 | $162,372 | $192,578 |
Source: Ownwell
Property Tax Bills Across South Wales, New York
In South Wales, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence this calculation, including the home's market value, location, and any applicable exemptions or deductions. For homeowners in South Wales, the median home price stands at $99,381. Property tax bills vary significantly, with the 25th percentile tax bill at $990, the 75th percentile at $3,863, and the 90th percentile reaching $4,527. The highest median tax bill in the area is $2,561, which is notably higher than the national median property tax rate of 0.99%. The property tax rate impacts homeowners by contributing to the overall cost of owning a home. Higher tax bills can affect affordability and may influence decisions on buying or selling property. Understanding how these taxes are calculated helps homeowners budget accordingly and potentially seek available exemptions to reduce their tax burden.
Average South Wales Tax Bill
$2,561
Average Wyoming County Tax Bill
$3,932
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across South Wales, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14139 | $780 | $990 | $2,561 | $3,863 | $4,527 |
Source: Ownwell