Willet, New York Property Taxes
The median property tax rate in Willet, NY is 3.24%, 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 Willet at $78,089, the typical annual property tax bill reaches $1,804, which is lower than the national median of $2,690. Property taxes in Willet 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 Willet'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 Willet 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
Willet, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.24%
Estimate Property Tax Bill
$2,530
$2,348
Ownwell’s Willet Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Willet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willet to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Willet, New York
Property taxes in Willet, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willet is 3.24%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Willet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willet 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 Willet's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13863 has the highest median property tax rate of 3.24%, while the same zip code also has the lowest median tax rate of 3.24%. Understanding how these cities compare with Willet provides valuable insights into the varying tax landscape across Cortland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Willet Tax Rate
3.24%
Average Cortland County Tax Rate
3.26%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willet, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13863 | 1.05% | 1.49% | 3.24% | 3.24% | 3.24% |
Source: Ownwell
Property Tax Assessment Values Across Willet, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Willet, NY. 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 Cortland 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 Willet, 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. The median home price in Willet is $78,089, with tax bills ranging from $1,024 at the 25th percentile to $4,126 at the 90th percentile. The highest median tax bill is $1,804 in zip code 13863, which is also the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Willet Assessed Value
$78,089
Average Cortland County Assessed Value
$117,179
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Willet, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13863 | $31,847 | $49,682 | $78,089 | $108,535 | $147,006 |
Source: Ownwell
Property Tax Bills Across Willet, New York
In Willet, located in Cortland County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, the median home price in Willet is $78,089, and homeowners can expect varying tax bills depending on their property's value and specific circumstances. The tax bill can significantly affect homeowners. For instance, those in the 25th percentile may see tax bills around $1,024, while those in the 75th percentile could pay up to $3,043. At the 90th percentile, tax bills can reach $4,126. Compared to the national median property tax rate of 0.99%, Willet's rates reflect the local market and assessment practices. Understanding these factors helps homeowners anticipate their tax obligations and plan accordingly.
Average Willet Tax Bill
$1,804
Average Cortland County Tax Bill
$3,928
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Willet, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13863 | $488 | $1,024 | $1,804 | $3,043 | $4,126 |
Source: Ownwell