Watertown, New York Property Taxes
The median property tax rate in Watertown, NY is 0.69%, considerably lower than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Watertown at $119,400, the typical annual property tax bill reaches $956, significantly below the national median of $2,690. Property taxes in Watertown 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 Watertown'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 Watertown 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
Watertown, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$824
$765
Ownwell’s Watertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watertown 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 Watertown, New York
Property taxes in Watertown, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watertown is 0.69%, which is lower than both the New York state median and the U.S. national median of 0.99%. Local government entities within Watertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watertown 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 Watertown's effective property tax rate to other areas in Jefferson County and the national median. For comparison, the zip code 13602 has the highest median property tax rate of 1.67%, while zip code 13601 has the lowest median tax rate of 0.69%. Understanding how these areas compare with Watertown provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Watertown Tax Rate
0.69%
Average Jefferson County Tax Rate
1.81%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watertown, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13601 | 0.69% | 0.69% | 0.69% | 1.87% | 1.99% |
| 13602 | 1.67% | 1.67% | 1.67% | 1.67% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Watertown, New York
In Watertown, 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 Jefferson 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. Assessment notices in Watertown 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. For instance, the highest median tax bill in the area is $1,210 in zip code 13602, while the lowest is $955 in zip code 13601. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Watertown Assessed Value
$119,400
Average Jefferson County Assessed Value
$134,468
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Watertown, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13601 | $58,900 | $85,700 | $119,400 | $171,700 | $252,784 |
| 13602 | $72,549 | $72,549 | $72,549 | $72,549 | $72,549 |
Source: Ownwell
Property Tax Bills Across Watertown, New York
In Watertown, NY, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. For a median home price of $119,400, the property tax rate in Jefferson County plays a crucial role in calculating the final tax bill. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $616 and the 75th percentile at $2,430. The 90th percentile tax bill can go as high as $4,216, illustrating a wide range of potential tax liabilities. Several factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions. For instance, homes in the zip code 13602 have the highest median tax bill of $1,210, while those in the zip code 13601 have the lowest at $955. These variations directly impact homeowners' finances, making it essential for them to understand their property's assessed value and the local tax rate to anticipate their annual tax obligations accurately.
Average Watertown Tax Bill
$956
Average Jefferson County Tax Bill
$2,407
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Watertown, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13601 | $423 | $616 | $955 | $2,430 | $4,216 |
| 13602 | $1,210 | $1,210 | $1,210 | $1,210 | $1,210 |
Source: Ownwell