Inlet, New York Property Taxes
The median property tax rate in Inlet, NY is 0.90%, which is lower than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $243,600 in Inlet, the typical annual property tax bill amounts to $2,237, falling below the national median of $2,690. Property taxes in Inlet are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Inlet'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 Inlet 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
Inlet, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$2,192
$2,168
Ownwell’s INLET Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in INLET using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in INLET 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 Inlet, New York
Property taxes in Inlet, 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 Inlet is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Inlet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inlet 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 Inlet's effective property tax rate to other areas in Hamilton County and the national median. For comparison, the zip code 13360 has the highest median property tax rate of 0.90%, while the lowest median tax rate also stands at 0.90% in the same zip code. Understanding how these cities compare with Inlet provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Inlet Tax Rate
0.90%
Average Hamilton County Tax Rate
0.85%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inlet, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13360 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Inlet, New York
In Inlet, 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 Hamilton 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 Inlet, 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 Inlet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Inlet is $243,600, with tax bills ranging from $1,082 at the 25th percentile to $5,050 at the 90th percentile. The zip code with the highest and lowest median tax bill is 13360, both at $2,237.
Average Inlet Assessed Value
$243,600
Average Hamilton County Assessed Value
$177,800
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Inlet, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13360 | $50,600 | $114,850 | $243,600 | $384,775 | $538,160 |
Source: Ownwell
Property Tax Bills Across Inlet, New York
In INLET, located in Hamilton County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value determined by the local assessor's office. For example, if the median home price is $243,600, the assessed value will be a fraction of this amount, depending on local assessment ratios. Once the assessed value is established, it is multiplied by the local property tax rate to determine the tax bill. Factors such as property size, location, and any applicable exemptions also influence the final amount. Homeowners in INLET experience varying tax bills, with the 25th percentile paying around $1,082, while those in the 75th percentile see bills closer to $3,597. At the higher end, the 90th percentile faces tax bills of approximately $5,050. These property tax bills can significantly impact household budgets, making it essential for homeowners to understand the factors that contribute to their tax obligations.
Average Inlet Tax Bill
$2,237
Average Hamilton County Tax Bill
$1,483
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Inlet, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13360 | $474 | $1,082 | $2,237 | $3,597 | $5,050 |
Source: Ownwell