Lockwood, New York Property Taxes
The median property tax rate in Lockwood, NY is 2.44%, considerably higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Lockwood at $114,714, the typical annual property tax bill reaches $2,692, slightly exceeding the national median of $2,690. Property taxes in Lockwood 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 Lockwood'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 Lockwood 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
Lockwood, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$2,799
$2,597
Ownwell’s Lockwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lockwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lockwood 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 Lockwood, New York
Property taxes in Lockwood, New York, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockwood is 2.44%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lockwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockwood 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 Lockwood's effective property tax rate to other counties in New York and the national median. For comparison, the 14859 zip code has the highest median property tax rate of 2.44%, while the same zip code also has the lowest median tax rate of 2.44%. Understanding how these areas compare with Lockwood provides valuable insights into the varying tax landscape across Tioga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockwood Tax Rate
2.44%
Average Tioga County Tax Rate
3.13%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockwood, 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, New York
In Lockwood, 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 Tioga 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 Lockwood, 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. Being aware of these valuation processes in Lockwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Zip code 14859 has both the highest and lowest median tax bill, which is $2,692.
Average Lockwood Assessed Value
$114,714
Average Tioga County Assessed Value
$119,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockwood, 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, New York
In Lockwood, New York, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, in Lockwood, the median home price is $114,714, and homeowners typically see tax bills ranging from $1,542 at the 25th percentile to $4,098 at the 75th percentile. At the 90th percentile, tax bills can go up to $5,712. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the relatively high property taxes in New York. Several factors influence the assessed value, including the property's location, size, and condition. Higher tax bills can place a significant financial burden on homeowners, affecting their overall cost of living and potentially influencing their decisions about property improvements or even selling their homes. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Lockwood Tax Bill
$2,692
Average Tioga County Tax Bill
$3,510
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockwood, 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