Wampsville, New York Property Taxes
The median property tax rate in Wampsville, NY is 3.54%, 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 $134,058, the typical annual property tax bill in Wampsville reaches $4,752, surpassing the national median of $2,690. Property taxes here 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 Wampsville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wampsville 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
Wampsville, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.54%
Estimate Property Tax Bill
$4,746
$4,692
Ownwell’s Wampsville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Wampsville. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Wampsville to provide an accurate estimate of your property tax bill. This essential tool helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Wampsville, New York
Property taxes in Wampsville, New York, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wampsville is 3.54%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Wampsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wampsville 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 Wampsville's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 13163 has both the highest and lowest median property tax rate of 3.54%. Understanding how these areas compare with Wampsville provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wampsville Tax Rate
3.54%
Average Madison County Tax Rate
3.06%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wampsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13163 | 3.54% | 3.54% | 3.54% | 3.62% | 3.81% |
Source: Ownwell
Property Tax Assessment Values Across Wampsville, New York
In Wampsville, 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 Madison County Assessment Office 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 Wampsville, 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. The median home price in Wampsville is $134,058, with tax bills ranging from $4,045 at the 25th percentile to $6,192 at the 90th percentile. The highest and lowest median tax bills are both found in the 13163 zip code, amounting to $4,752. 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.
Average Wampsville Assessed Value
$134,058
Average Madison County Assessed Value
$136,471
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wampsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13163 | $100,000 | $114,118 | $134,058 | $153,530 | $169,245 |
Source: Ownwell
Property Tax Bills Across Wampsville, New York
In Wampsville, Madison County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made to the home. For homeowners in Wampsville, the median home price is $134,058. Property tax bills can vary significantly, with the 25th percentile tax bill at $4,045 and the 75th percentile at $5,624. The highest median tax bill in the area is $4,752, found in the zip code 13163. Comparatively, the national median property tax rate is 0.99%, making Wampsville's property taxes relatively high. These tax bills can impact homeowners by influencing their overall housing costs and potentially affecting their decisions on property investments and home improvements.
Average Wampsville Tax Bill
$4,752
Average Madison County Tax Bill
$4,460
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Wampsville, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13163 | $3,545 | $4,045 | $4,752 | $5,624 | $6,192 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Madison Assessment Review Commission | |
| Website | property.madisoncounty.ny.gov |