Wayland, New York Property Taxes
The median property tax rate in Wayland, NY is 2.98%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $88,100 in Wayland, the typical annual property tax bill reaches $2,609, just below the national median of $2,690. Property taxes in Wayland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Wayland's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Wayland or another part of Steuben County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wayland, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$2,625
$2,436
Ownwell’s Wayland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wayland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wayland 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 Wayland, New York
Property taxes in Wayland, 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 Wayland is 2.98%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Wayland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayland 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 Wayland's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14572 has both the highest and lowest median property tax rate of 2.98%. Understanding how these areas compare with Wayland provides valuable insights into the varying tax landscape across Steuben County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wayland Tax Rate
2.98%
Average Steuben County Tax Rate
2.84%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayland, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14572 | 2.77% | 2.98% | 2.98% | 3.07% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Wayland, New York
In Wayland, 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 Steuben 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 Wayland, 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. For instance, the median home price in Wayland is $88,100, with tax bills ranging from $2,034 at the 25th percentile to $5,388 at the 90th percentile. The highest median tax bill in the area, found in the 14572 zip code, is $2,609. 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 Wayland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wayland Assessed Value
$88,100
Average Steuben County Assessed Value
$102,326
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wayland, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14572 | $44,800 | $69,625 | $88,100 | $129,675 | $182,400 |
Source: Ownwell
Property Tax Bills Across Wayland, New York
In Wayland, Steuben County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Wayland is $88,100, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the property's market value, local government budgets, and specific tax levies for schools, infrastructure, and other public services. Homeowners in Wayland can expect a wide range of property tax bills. For example, the 25th percentile tax bill is approximately $2,034, while the 75th percentile reaches around $3,812. At the higher end, the 90th percentile tax bill can be as much as $5,388. These figures highlight the variability in property tax obligations, which can significantly impact homeowners' finances. Comparatively, the national median property tax rate is 0.99%, making Wayland's rates relatively substantial. Understanding these factors helps homeowners anticipate and manage their annual property tax expenses effectively.
Average Wayland Tax Bill
$2,609
Average Steuben County Tax Bill
$2,992
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayland, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14572 | $1,329 | $2,034 | $2,609 | $3,812 | $5,388 |
Source: Ownwell