Silver Springs, New York Property Taxes
The median property tax rate in Silver Springs, NY is 3.58%, 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 Silver Springs at $99,500, the typical annual property tax bill reaches $3,513, exceeding the national median of $2,690. Property taxes in Silver Springs 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 Silver Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Silver Springs 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
Silver Springs, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.58%
Estimate Property Tax Bill
$3,562
$3,522
Ownwell’s Silver Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Springs 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 Silver Springs, New York
Property taxes in Silver Springs, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Springs is 3.58%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Silver Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Springs 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 Silver Springs' effective property tax rate to other counties in New York and the national median. For comparison, the 14550 zip code has the highest median property tax rate of 3.58%, while the same zip code also has the lowest median tax rate of 3.58%. Understanding how these cities compare with Silver Springs provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver Springs Tax Rate
3.58%
Average Wyoming County Tax Rate
2.98%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14550 | 2.64% | 2.82% | 3.58% | 3.91% | 4.03% |
Source: Ownwell
Property Tax Assessment Values Across Silver Springs, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Silver Springs, 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 local 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 Silver Springs, 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 Silver Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $3,513, found in the 14550 zip code.
Property Tax Assessment Values Across Silver Springs, New York
Source: Ownwell
$75,269
$160,635
$246,000
Average Silver Springs Assessed Value
$99,500
Average Wyoming County Assessed Value
$124,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silver Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14550 | $54,370 | $73,000 | $99,500 | $192,050 | $304,500 |
Source: Ownwell
Property Tax Bills Across Silver Springs, New York
In Silver Springs, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate. For example, in Wyoming County, where Silver Springs is located, homeowners can expect a range of tax bills depending on their property's assessed value. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. Homeowners in Silver Springs often experience tax bills that vary widely. The 25th percentile tax bill is around $2,722, while those in the 75th percentile can see bills as high as $5,500. The 90th percentile tax bill can reach up to $8,171. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the localized nature of property tax assessments. This variability can significantly impact homeowners, influencing their financial planning and property-related decisions.
Average Silver Springs Tax Bill
$3,513
Average Wyoming County Tax Bill
$3,932
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14550 | $2,046 | $2,722 | $3,513 | $5,500 | $8,171 |
Source: Ownwell