Silver Lake, Wyoming County, New York Property Taxes
Median Silver Lake, NY effective property tax rate: 3.04%, significantly higher than the national median of 1.02%, but lower than the New York state median of 2.39%.
Median Silver Lake, NY home value: $115,000
Median annual Silver Lake, NY tax bill: $3,387, $987 higher than the national median property tax bill of $2,400.
How are property taxes in Wyoming calculated?
Property taxes in Silver Lake, 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 Silver Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Silver Lake, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Silver Lake, Wyoming County, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.04%
Estimate Property Tax Bill
$3,496
$3,244
Property Tax Rates Across Silver Lake, Wyoming County, New York
Local government entities determine tax rates, which can vary significantly within a state. This variation occurs because each county annually estimates the budget needed to provide services and divides it by the total value of all taxable property within its jurisdiction. This calculation determines the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is the fundamental annual process.
In Silver Lake, located in Wyoming County, NY, the effective property tax rate stands out when compared to other cities in the state and across the nation. With a median property tax rate of 3.04%, Silver Lake's rate is significantly higher than the national median of 1.02%. This means homeowners in Silver Lake may face a higher property tax burden compared to the average U.S. homeowner. Understanding these rates is crucial for homeowners looking to manage their expenses effectively. Comparing the local tax rate to the state and national medians can provide valuable insights for those considering property investments or appealing their property assessments.
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 Silver Lake Tax Rate
3.04%
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 Wyoming County Tax Rate
2.98%
Median Effective New York Tax Rate
2.39%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Silver Lake, Wyoming County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14549 | 2.75% | 2.92% | 3.04% | 3.21% | 3.37% |
Source: Ownwell
Property Tax Assessment Values Across Silver Lake, Wyoming County, New York
When examining property taxes in Silver Lake, 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 Wyoming 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 Wyoming County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Silver Lake. For example, the median home price in Silver Lake is $115,000, with tax bills ranging significantly across the county. 14549 has the highest median home price at $115,000.
Property Tax Assessment Values Across Silver Lake, Wyoming County, New York
Source: Ownwell
$75,269
$160,635
$246,000
Median Silver Lake Market Value
$115,000
Median Wyoming County Market Value
$124,000
Median New York Market Value
$255,644
Median United States Market Value
$235,294
Property Tax Assessment Values Across Silver Lake, Wyoming County, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14549 | $70,000 | $89,000 | $115,000 | $145,000 | $258,000 |
Source: Ownwell
Property Tax Bills Across Silver Lake, Wyoming County, New York
Median Silver Lake Tax Bill
$3,387
Median Wyoming County Tax Bill
$3,932
Median New York Tax Bill
$5,938
Median United States Tax Bill
$2,400
Property Tax Bills Across Silver Lake, Wyoming County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14549 | $2,063 | $2,672 | $3,387 | $4,313 | $7,247 |
Source: Ownwell