Woodstock, New York Property Taxes
The median property tax rate in Woodstock, NY is 1.60%, 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 Woodstock at $413,115, the typical annual property tax bill reaches $8,051, significantly exceeding the national median of $2,690. Property taxes in Woodstock 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 Woodstock'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 Woodstock 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
Woodstock, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$6,610
$6,134
Ownwell’s Woodstock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodstock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodstock 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 Woodstock, New York
Property taxes in Woodstock, 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 Woodstock is 1.60%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Woodstock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodstock 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 Woodstock's effective property tax rate to other counties in New York and the national median. For comparison, the 12498 zip code has both the highest and lowest median property tax rate of 1.60%. Understanding how these cities compare with Woodstock provides valuable insights into the varying tax landscape across Ulster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodstock Tax Rate
1.60%
Average Ulster County Tax Rate
2.67%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodstock, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12498 | 1.52% | 1.60% | 1.60% | 2.25% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Woodstock, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woodstock, NY. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Ulster 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 Woodstock, 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 Woodstock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 12498 has both the highest and lowest median tax bill at $8,051, with tax bills varying significantly across different percentiles, from $5,221 at the 25th percentile to $16,927 at the 90th percentile.
Average Woodstock Assessed Value
$413,115
Average Ulster County Assessed Value
$268,649
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodstock, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12498 | $237,705 | $313,115 | $413,115 | $598,361 | $882,787 |
Source: Ownwell
Property Tax Bills Across Woodstock, New York
In Woodstock, located in Ulster County, NY, property tax bills are calculated based on the assessed value of a homeowner's property. This assessed value is determined by the local assessor and is meant to represent a percentage of the property's market value. Several factors influence the assessed value, including the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Homeowners in Woodstock can expect varying property tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill in the area is around $5,221, while those at the 75th percentile pay approximately $11,347. High-value properties can see tax bills reaching up to $16,927 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, highlighting that Woodstock's property tax rates can be significantly higher, impacting homeowners' financial planning and overall cost of living.
Average Woodstock Tax Bill
$8,051
Average Ulster County Tax Bill
$6,879
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodstock, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12498 | $3,725 | $5,221 | $8,051 | $11,347 | $16,927 |
Source: Ownwell