Otego, New York Property Taxes
The median property tax rate in Otego, NY is 2.80%, 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 Otego at $121,750, the typical annual property tax bill reaches $3,544, exceeding the national median of $2,690. Property taxes in Otego 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 Otego'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 Otego 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
Otego, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.8%
Estimate Property Tax Bill
$3,409
$3,371
Ownwell’s Otego Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otego with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otego 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 Otego, New York
Property taxes in Otego, 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 Otego is 2.80%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Otego set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otego 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 Otego's effective property tax rate to other counties in New York and the national median. For comparison, the 13825 zip code has the highest median property tax rate of 2.80%, while the same zip code also has the lowest median tax rate of 2.80%. Understanding how these cities compare with Otego provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otego Tax Rate
2.80%
Average Delaware County Tax Rate
2.34%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otego, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13825 | 2.73% | 2.80% | 2.80% | 2.80% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Otego, New York
In Otego, 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 Delaware 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 Otego, 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 Otego helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Otego are both $3544, found in the zip code 13825.
Average Otego Assessed Value
$121,750
Average Delaware County Assessed Value
$129,271
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otego, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13825 | $70,990 | $97,025 | $121,750 | $183,275 | $226,070 |
Source: Ownwell
Property Tax Bills Across Otego, New York
In Otego, located in Delaware County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and any improvements or renovations can influence the assessed value. For homeowners in Otego, the median home price is $121,750. Property tax bills vary significantly, with the 25th percentile at $2,528 and the 75th percentile at $5,303. At the 90th percentile, homeowners can expect to pay around $6,473 annually. The highest and lowest median tax bills in the area are both $3,544, indicating a relatively consistent tax rate across different properties within the same zip code. These property taxes fund essential local services, including schools, public safety, and infrastructure, directly impacting the community’s quality of life.
Average Otego Tax Bill
$3,544
Average Delaware County Tax Bill
$3,106
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Otego, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13825 | $1,682 | $2,528 | $3,544 | $5,303 | $6,473 |
Source: Ownwell