Wolcott, New York Property Taxes
The median property tax rate in Wolcott, NY is 2.58%, 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 Wolcott, the typical annual property tax bill reaches $3,209, exceeding the national median of $2,690. Property taxes in Wolcott 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 Wolcott'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 Wolcott 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
Wolcott, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$3,059
$3,024
Ownwell’s Wolcott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wolcott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wolcott 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 Wolcott, New York
Property taxes in Wolcott, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wolcott is 2.58%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Wolcott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wolcott 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 Wolcott's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 14590 has the highest median property tax rate of 2.58%, while the lowest median tax rate is also 2.58%. Understanding how these cities compare with Wolcott provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wolcott Tax Rate
2.58%
Average Wayne County Tax Rate
3.01%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wolcott, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14590 | 2.15% | 2.36% | 2.58% | 2.89% | 3.26% |
Source: Ownwell
Property Tax Assessment Values Across Wolcott, New York
In Wolcott, 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 Wayne 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 Wolcott, 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 Wolcott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 14590, with a median tax bill of $3,209.
Average Wolcott Assessed Value
$118,550
Average Wayne County Assessed Value
$152,100
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wolcott, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14590 | $41,910 | $74,825 | $118,550 | $192,700 | $274,400 |
Source: Ownwell
Property Tax Bills Across Wolcott, New York
In Wolcott, property tax bills are determined based on assessed property values and the applicable tax rate set by local authorities in Wayne County, NY. The assessed value of a property is a percentage of its market value, which is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Wolcott can expect their property tax bills to vary depending on the assessed value of their homes and the specific tax rates applied by the local government. For instance, the median home price in Wolcott is $118,550. Property tax bills can range significantly within the area: the 25th percentile tax bill is $2,050, while the 75th percentile tax bill is $4,955, and the 90th percentile tax bill reaches up to $6,931. These variations highlight the impact of property value assessments and tax rates on individual tax bills. Homeowners must account for these factors when budgeting for annual expenses, as property taxes can represent a significant portion of homeownership costs.
Average Wolcott Tax Bill
$3,209
Average Wayne County Tax Bill
$4,668
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Wolcott, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14590 | $1,258 | $2,050 | $3,209 | $4,955 | $6,931 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Wayne Assessment Review Commission | |
| Website | wayne.sdgnys.com |