Lockwood, Tioga County, New York Property Taxes
Median Lockwood, NY effective property tax rate: 2.44%, significantly higher than the national median of 1.02%, but slightly higher than the New York state median of 2.39%.
Median Lockwood, NY home value: $114,714
Median annual Lockwood, NY tax bill: $2,692, $292 higher than the national median property tax bill of $2,400.
How are property taxes in Tioga calculated?
Property taxes in Lockwood, NY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lockwood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lockwood, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lockwood, Tioga County, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.44%
Estimate Property Tax Bill
$2,799
$2,597
Property Tax Rates Across Lockwood, Tioga County, New York
Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Lockwood’s effective property tax rate to other cities in New York and the median property tax rates in New York and the U.S.
In Lockwood, located in Tioga County, the property tax rate is significantly higher than the national median of 1.02%. This rate reflects the county's budgetary needs and the value of taxable properties. Interestingly, Tioga County has both the highest and lowest median tax rates in the state, indicating a uniform rate across the region. This consistency can simplify the property tax process for homeowners, but it also underscores the importance of understanding how these rates are determined. Comparing Lockwood's rate to the national median highlights the variance in property taxes across the country.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lockwood Tax Rate
2.44%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Tioga County Tax Rate
3.13%
Median Effective New York Tax Rate
2.39%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lockwood, Tioga County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14859 | 1.98% | 2.41% | 2.44% | 2.44% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Lockwood, Tioga County, New York
When examining property taxes in Lockwood, NY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Tioga County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Tioga County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lockwood. For example, the median home price in Lockwood is $114,714, with tax bills ranging significantly across the county. Zip code 14859 has the highest median home price at $114,714.
Property Tax Assessment Values Across Lockwood, Tioga County, New York
Source: Ownwell
$72,120
$116,544
$160,968
Median Lockwood Market Value
$114,714
Median Tioga County Market Value
$119,000
Median New York Market Value
$255,644
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lockwood, Tioga County, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14859 | $42,234 | $68,052 | $114,714 | $168,596 | $235,695 |
Source: Ownwell
Property Tax Bills Across Lockwood, Tioga County, New York
Median Lockwood Tax Bill
$2,692
Median Tioga County Tax Bill
$3,510
Median New York Tax Bill
$5,938
Median United States Tax Bill
$2,400
Property Tax Bills Across Lockwood, Tioga County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14859 | $980 | $1,542 | $2,692 | $4,098 | $5,712 |
Source: Ownwell