Waverly, New York Property Taxes
The median property tax rate in Waverly, NY is 3.61%, 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 Waverly, the typical annual property tax bill reaches $3,189, exceeding the national median of $2,690. Property taxes in Waverly 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 Waverly'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 Waverly 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
Waverly, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.61%
Estimate Property Tax Bill
$3,684
$3,642
Ownwell’s Waverly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waverly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waverly 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 Tioga County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Waverly, New York
Property taxes in Waverly, 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 Waverly is 3.61%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in New York and the national median. For comparison, the 14892 zip code has both the highest and lowest median property tax rate of 3.61%. Understanding how these cities compare with Waverly 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 Waverly Tax Rate
3.61%
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 Waverly, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14892 | 2.23% | 2.42% | 3.61% | 3.61% | 3.61% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, New York
In Waverly, 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 Tioga County 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 Waverly, 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 Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $102,044, with the highest and lowest median tax bills both being $3,189 in the 14892 zip code.
Average Waverly Assessed Value
$102,044
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 Waverly, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14892 | $52,725 | $76,431 | $102,044 | $140,599 | $201,318 |
Source: Ownwell
Property Tax Bills Across Waverly, New York
In Waverly, Tioga County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is then multiplied by the local tax rate to determine the total tax bill. For example, with a median home price of $102,044, homeowners can expect varying tax bills depending on the assessed value and applicable exemptions. Factors such as property size, location, and improvements can influence the assessed value. The tax bill can vary significantly; homeowners in the 25th percentile pay around $2,329, while those in the 75th percentile face bills of approximately $4,215. The highest tax bills, in the 90th percentile, can reach up to $5,590. These tax bills can have a considerable impact on homeowners, affecting their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Waverly's property taxes highlight the importance of understanding local tax rates and assessments.
Average Waverly Tax Bill
$3,189
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 Waverly, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14892 | $1,417 | $2,329 | $3,189 | $4,215 | $5,590 |
Source: Ownwell