Silver Springs, Wyoming County, New York Property Taxes
Median Silver Springs, NY effective property tax rate: 3.58%, significantly higher than the national median of 1.02%, but lower than the New York state median of 2.39%.
Median Silver Springs, NY home value: $99,500
Median annual Silver Springs, NY tax bill: $3,513, $1,113 higher than the national median property tax bill of $2,400.
How are property taxes in Wyoming calculated?
Property taxes in Silver Springs, 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 Springs’ property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Silver Springs, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Silver Springs, Wyoming County, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.58%
Estimate Property Tax Bill
$3,562
$3,306
Property Tax Rates Across Silver Springs, Wyoming County, New York
Local government entities determine tax rates, and these rates can differ significantly across a state. This variation occurs because each county annually calculates its budget needs for services and divides this by the total assessed value of all taxable properties within its boundaries. The result of this calculation is the property tax rate. Although the process involves votes and legislation to set these rates and budgets, this is the core of how it operates annually.
In Silver Springs, located in Wyoming County, NY, the effective property tax rate can be compared to other cities within New York and against the median property tax rates of both the state and the entire U.S. With New York's median property tax rate being notably higher than the national median of 1.02%, it's essential for property owners in Silver Springs to understand how their local rate measures up. Comparing these rates can provide valuable insight into your property's tax obligations and potential areas for appeal or exemption.
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 Springs Tax Rate
3.58%
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 Springs, Wyoming County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14550 | 2.64% | 2.82% | 3.58% | 3.91% | 4.03% |
Source: Ownwell
Property Tax Assessment Values Across Silver Springs, Wyoming County, New York
When examining property taxes in Silver Springs, 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 March. 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 Springs. For example, the median home price in Silver Springs is $99,500, with tax bills ranging significantly across the county. Zip code 14550 has the highest median home price at $99,500.
Property Tax Assessment Values Across Silver Springs, Wyoming County, New York
Source: Ownwell
$75,269
$160,635
$246,000
Median Silver Springs Market Value
$99,500
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 Springs, Wyoming County, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14550 | $54,370 | $73,000 | $99,500 | $192,050 | $304,500 |
Source: Ownwell
Property Tax Bills Across Silver Springs, Wyoming County, New York
Median Silver Springs Tax Bill
$3,513
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 Springs, Wyoming County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14550 | $2,046 | $2,722 | $3,513 | $5,500 | $8,171 |
Source: Ownwell