Owego, New York Property Taxes
The median property tax rate in Owego, NY is 2.74%, 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 $123,592 in Owego, the typical annual property tax bill reaches $3,350, surpassing the national median of $2,690. Property taxes in Owego are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Owego'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 Owego or another part of Tioga County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Owego, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.74%
Estimate Property Tax Bill
$3,386
$3,348
Ownwell’s Owego Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Owego. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Owego to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Tioga County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Owego, New York
Property taxes in Owego, 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 Owego is 2.74%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Owego set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owego 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 Owego's effective property tax rate to other counties in New York and the national median. For comparison, the 13827 zip code has the highest median property tax rate of 2.74%, while the same zip code also has the lowest median tax rate of 2.74%. Understanding how these cities compare with Owego provides valuable insights into the varying tax landscape across Tioga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Owego Tax Rate
2.74%
Average Tioga County Tax Rate
3.13%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owego, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13827 | 2.22% | 2.66% | 2.74% | 3.16% | 3.16% |
Source: Ownwell
Property Tax Assessment Values Across Owego, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Owego, New York. 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 Tioga 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 Owego, 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 Owego helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 13827 has the highest and lowest median tax bill at $3,350.
Average Owego Assessed Value
$123,592
Average Tioga County Assessed Value
$119,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Owego, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13827 | $49,190 | $83,654 | $123,592 | $176,009 | $236,364 |
Source: Ownwell
Property Tax Bills Across Owego, New York
In Owego, located in Tioga County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the tax rate set by the local taxing authorities. For instance, the median home price in Owego is $123,592. Homeowners can expect a wide range of tax bills depending on their property's assessed value and specific tax rates. Factors such as property size, location, and improvements can influence the assessed value. In Owego, the 25th percentile tax bill is $2,091, while the 75th percentile tax bill reaches $4,971, and the 90th percentile tax bill can be as high as $6,843. This variation means that homeowners with properties valued at the higher end will pay significantly more in property taxes compared to those with lower-valued properties. The highest median tax bill in the area is $3,350, which is considerably higher than the national median property tax rate of 0.99%. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners' annual expenses.
Average Owego Tax Bill
$3,350
Average Tioga County Tax Bill
$3,510
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Owego, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13827 | $1,308 | $2,091 | $3,350 | $4,971 | $6,843 |
Source: Ownwell