Wells Bridge, New York Property Taxes
The median property tax rate in Wells Bridge, NY is 0.75%, which is notably lower than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Wells Bridge at $94,717, the typical annual property tax bill amounts to $876, significantly below the national median of $2,690. Property taxes in Wells Bridge are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a clear understanding of Wells Bridge's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Wells Bridge or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wells Bridge, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$710
$659
Ownwell’s Wells Bridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wells Bridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wells Bridge 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 Wells Bridge, New York
Property taxes in Wells Bridge, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wells Bridge is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Wells Bridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wells Bridge 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 Wells Bridge's effective property tax rate to other areas in New York and the national median. For comparison, the 13859 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Wells Bridge 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 Wells Bridge Tax Rate
0.75%
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 Wells Bridge, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13859 | 0.67% | 0.74% | 0.75% | 0.78% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Wells Bridge, New York
In Wells Bridge, 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 Assessment Office 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 Wells Bridge, 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. The median home price in Wells Bridge is $94,717, and the tax bills range from $603 at the 25th percentile to $1,167 at the 90th percentile. The highest and lowest median tax bills are both $876 in the zip code 13859. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wells Bridge Assessed Value
$94,717
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 Wells Bridge, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13859 | $62,905 | $73,208 | $94,717 | $122,830 | $151,056 |
Source: Ownwell
Property Tax Bills Across Wells Bridge, New York
In Wells Bridge, Otsego County, NY, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of your property. The local tax rate is applied to this assessed value to compute your annual tax bill. Several factors influence the assessed value, including the size, location, and condition of the property. Homeowners in Wells Bridge can expect their property tax bill to vary, with the 25th percentile tax bill at $603 and the 75th percentile at $1051. For those at the 90th percentile, the tax bill can be as high as $1167. Compared to the national median property tax rate of 0.99%, Wells Bridge's tax bills are influenced by local property values and tax rates, which can significantly impact homeowners' annual expenses. Understanding these factors can help homeowners anticipate and manage their property tax obligations more effectively.
Average Wells Bridge Tax Bill
$876
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 Wells Bridge, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13859 | $554 | $603 | $876 | $1,051 | $1,167 |
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 |