Worcester, New York Property Taxes
The median property tax rate in Worcester, NY is 2.26%, 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 Worcester at $145,489, the typical annual property tax bill reaches $3,283, exceeding the national median of $2,690. Property taxes in Worcester 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 Worcester'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 Worcester 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
Worcester, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$3,288
$3,251
Ownwell’s Worcester Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Worcester with just two data inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Worcester to generate an estimated property tax bill, providing valuable insights into potential tax liabilities. If you're curious about neighborhood-level trends, scroll down for more localized information. Your property's assessed value is assigned by Schoharie County for tax calculations, factoring in any applicable exemptions. This tool simplifies understanding your property tax obligations, making it easier to plan your finances effectively.
Property Tax Rates Across Worcester, New York
Property taxes in Worcester, New York, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Worcester is 2.26%, significantly higher than both the New York state median of 1.4% and the U.S. national median of 0.99%. Local government entities in Worcester set these rates annually, and they can vary considerably across different neighborhoods. Each year, Worcester 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 Worcester's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12197 has the highest median property tax rate of 2.26%, while the same zip code also has the lowest median tax rate of 2.26%. Understanding how these cities compare with Worcester provides valuable insights into the varying tax landscape across Schoharie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Worcester Tax Rate
2.26%
Average Schoharie County Tax Rate
2.84%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worcester, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12197 | 2.26% | 2.26% | 2.26% | 2.26% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Worcester, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Worcester, NY. 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 Schoharie County 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 Worcester, 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. Worcester's median home price is $145,489, with the highest and lowest median tax bills both at $3,283 in zip code 12197. 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 Worcester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Worcester Assessed Value
$145,489
Average Schoharie County Assessed Value
$130,625
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Worcester, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12197 | $145,489 | $145,489 | $145,489 | $145,489 | $145,489 |
Source: Ownwell
Property Tax Bills Across Worcester, New York
In Worcester, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Homeowners in Worcester can expect their tax bills to vary depending on several factors, including the property's size, location, and any improvements made. For instance, the median home price in Worcester is $145,489. With the median property tax bill being $3,283, homeowners are paying a significant amount relative to the national median property tax rate of 0.99%. This means that Worcester residents face higher property tax bills compared to the national average, affecting their overall housing affordability. The tax bill can impact homeowners by influencing their monthly mortgage payments and overall cost of living. High property taxes might deter potential buyers, but they also fund essential local services such as schools, public safety, and infrastructure, contributing to the community's overall well-being.
Average Worcester Tax Bill
$3,283
Average Schoharie County Tax Bill
$3,729
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Worcester, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12197 | $3,283 | $3,283 | $3,283 | $3,283 | $3,283 |
Source: Ownwell