Wyoming, New York Property Taxes
The median property tax rate in Wyoming, NY is 3.48%, 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 $126,500 in Wyoming, the typical annual property tax bill reaches $4,576, far exceeding the national median of $2,690. Property taxes in Wyoming are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Wyoming'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 Wyoming 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
Wyoming, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.48%
Estimate Property Tax Bill
$4,402
$4,353
Ownwell’s Wyoming Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wyoming with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wyoming 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 Wyoming, New York
Property taxes in Wyoming, New York, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wyoming is 3.48%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Wyoming set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wyoming 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 Wyoming's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14591 has the highest median property tax rate of 3.48%, while the same zip code also has the lowest median tax rate of 3.48%. Understanding how these cities compare with Wyoming 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 Wyoming Tax Rate
3.48%
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 Wyoming, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14591 | 3.02% | 3.35% | 3.48% | 3.75% | 3.88% |
Source: Ownwell
Property Tax Assessment Values Across Wyoming, New York
In Wyoming, 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 Wyoming, 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 Wyoming 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 14591, at $4576, while the same zip code also has the lowest median tax bill at $4576.
Average Wyoming Assessed Value
$126,500
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 Wyoming, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14591 | $44,920 | $90,000 | $126,500 | $172,350 | $234,060 |
Source: Ownwell
Property Tax Bills Across Wyoming, New York
In Wyoming, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $126,500. Homeowners’ tax bills are influenced by several factors, including the assessed value of their property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For example, the tax bill at the 25th percentile in Wyoming is $3,262, while at the 75th percentile, it rises to $5,865. At the 90th percentile, homeowners can expect to pay around $7,635. These figures indicate that property taxes can vary significantly depending on the specific assessed value and location within Wyoming. The highest median tax bill in the county is $4,576, which is considerably higher than the national median property tax rate of 0.99%. This variation in property taxes can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Wyoming Tax Bill
$4,576
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 Wyoming, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14591 | $1,682 | $3,262 | $4,576 | $5,865 | $7,635 |
Source: Ownwell