East Worcester, New York Property Taxes
The median property tax rate in East Worcester, NY is 0.58%, significantly lower than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in East Worcester at $88,235, the typical annual property tax bill is $638, well below the national median of $2,690. Property taxes in East Worcester 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 East Worcester'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 East Worcester 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
East Worcester, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$512
$506
Ownwell’s East Worcester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Worcester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Worcester 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 East Worcester, New York
Property taxes in East Worcester, 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 East Worcester is 0.58%, which is below the U.S. national median of 0.99%. Local government entities within East Worcester set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Worcester 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 East Worcester's effective property tax rate to other areas in Otsego County and the national median. For comparison, the ZIP code 12064 has both the highest and lowest median property tax rate at 0.58%. Understanding how these areas compare with East Worcester provides valuable insights into the varying tax landscape across Otsego County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Worcester Tax Rate
0.58%
Average Otsego County Tax Rate
0.66%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Worcester, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12064 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across East Worcester, New York
In East Worcester, 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 Otsego 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 East Worcester 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 East Worcester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $638, found in the zip code 12064.
Property Tax Assessment Values Across East Worcester, New York
Source: Ownwell
$80,943
$161,622
$242,300
Average East Worcester Assessed Value
$88,235
Average Otsego County Assessed Value
$130,728
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Worcester, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12064 | $38,628 | $61,862 | $88,235 | $108,774 | $159,882 |
Source: Ownwell
Property Tax Bills Across East Worcester, New York
In East Worcester, Otsego County, NY, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor, who evaluates the property's market value and applies an assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in East Worcester, the median home price stands at $88,235. With the local tax rate applied, the typical tax bill is around $638, which is consistent across the 25th, 75th, and 90th percentiles. This uniformity indicates a stable tax environment for residents. Comparatively, the national median property tax rate is 0.99%, making East Worcester's property taxes relatively moderate. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly. The stability in tax bills also provides a predictable financial landscape for property owners in the area.
Average East Worcester Tax Bill
$638
Average Otsego County Tax Bill
$1,051
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across East Worcester, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12064 | $638 | $638 | $638 | $638 | $638 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Otsego Assessment Review Commission | |
| Website | otsegocountygis.mapxpress.net |