Waterloo, New York Property Taxes
The median property tax rate in Waterloo, NY is 2.77%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Waterloo, the typical annual property tax bill reaches $3,323, surpassing the national median of $2,690. Property taxes in Waterloo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waterloo'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 Waterloo or another part of Seneca County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waterloo, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.77%
Estimate Property Tax Bill
$2,873
$2,841
Ownwell’s Waterloo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterloo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterloo 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 Waterloo, New York
Property taxes in Waterloo, 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 Waterloo is 2.77%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Waterloo set these rates annually, and they can vary across different neighborhoods. Each year, Waterloo 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 Waterloo's effective property tax rate to other counties in New York and the national median. For comparison, the 13165 zip code has the highest median property tax rate of 2.77%, while the same zip code also has the lowest median tax rate of 2.77%. Understanding how these cities compare with Waterloo provides valuable insights into the varying tax landscape across Seneca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waterloo Tax Rate
2.77%
Average Seneca County Tax Rate
2.53%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterloo, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13165 | 2.32% | 2.43% | 2.77% | 3.75% | 3.77% |
Source: Ownwell
Property Tax Assessment Values Across Waterloo, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waterloo, 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 Seneca 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 Waterloo, 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 is $103,724, with tax bills ranging from $2,514 at the 25th percentile to $5,784 at the 90th percentile. Being aware of these valuation processes in Waterloo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waterloo Assessed Value
$103,724
Average Seneca County Assessed Value
$129,610
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waterloo, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13165 | $58,763 | $79,972 | $103,724 | $145,570 | $200,832 |
Source: Ownwell
Property Tax Bills Across Waterloo, New York
In Waterloo, located in Seneca County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and reflects a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. For homeowners in Waterloo, the median home price is $103,724. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,514 and the 75th percentile reaching $4,267. At the higher end, the 90th percentile tax bill can go up to $5,784. The highest and lowest median tax bills in the area are both $3,323, indicating some consistency in tax assessments within the zip code 13165. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Homeowners must budget for these taxes as part of their overall housing costs, ensuring they can meet their financial obligations.
Average Waterloo Tax Bill
$3,323
Average Seneca County Tax Bill
$3,564
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterloo, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13165 | $1,520 | $2,514 | $3,323 | $4,267 | $5,784 |
Source: Ownwell