Walton, New York Property Taxes
The median property tax rate in Walton, NY is 2.29%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Walton being $114,100, the typical annual property tax bill reaches $2,925, exceeding the national median of $2,690. Property taxes in Walton 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 Walton'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 Walton 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
Walton, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.29%
Estimate Property Tax Bill
$2,613
$2,583
Ownwell’s Walton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walton 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 Walton, New York
Property taxes in Walton, New York, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Walton stands at 2.29%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Walton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walton 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 Walton's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13856 has both the highest and lowest median property tax rate of 2.29%. Understanding how these areas compare with Walton provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walton Tax Rate
2.29%
Average Delaware County Tax Rate
2.34%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13856 | 2.11% | 2.11% | 2.29% | 2.90% | 3.82% |
Source: Ownwell
Property Tax Assessment Values Across Walton, New York
In Walton, New York, understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Delaware County Appraisal District for tax purposes. Conversely, 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 property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Walton, 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 Walton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Walton are both $2925, found in the 13856 zip code.
Average Walton Assessed Value
$114,100
Average Delaware County Assessed Value
$129,271
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walton, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13856 | $44,700 | $76,500 | $114,100 | $158,800 | $244,700 |
Source: Ownwell
Property Tax Bills Across Walton, New York
In Walton, NY, property tax bills are calculated based on the assessed value of your home and the local property tax rate. The assessed value is determined by the local tax assessor and is a percentage of the market value of your property. Homeowners in Walton typically see property tax bills that range from $2,040 at the 25th percentile to $5,354 at the 90th percentile. The median home price in Walton is $114,100, which plays a significant role in determining the assessed value. Several factors contribute to the final tax bill, including changes in the market value of homes, local government budgets, and specific exemptions that homeowners might qualify for. The median property tax rate in Walton is higher than the national median of 0.99%. This can place a substantial financial burden on homeowners, making it crucial to understand how these taxes are calculated and what options are available for potential relief or exemptions.
Average Walton Tax Bill
$2,925
Average Delaware County Tax Bill
$3,106
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Walton, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13856 | $1,180 | $2,040 | $2,925 | $3,966 | $5,354 |
Source: Ownwell