Franklin Square, New York Property Taxes
The median property tax rate in Franklin Square, NY is 2.00%, 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 Franklin Square, the typical annual property tax bill reaches $10,685, exceeding the national median of $2,690. Property taxes in Franklin Square 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 Franklin Square'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 Franklin Square 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
Franklin Square, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$10,720
$10,599
$1,148
Average Franklin Square, New York Tax Savings
Ownwell’s Franklin Square Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin Square with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin Square to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Franklin Square. 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 Franklin Square, New York
Property taxes in Franklin Square, 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 Franklin Square is 2.00%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Franklin Square set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklin Square 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. For comparison, the zip code 11010 has the highest median property tax rate of 2.00%, while the same zip code also has the lowest median tax rate of 2.00%. Understanding how these cities compare with Franklin Square provides valuable insights into the varying tax landscape across Nassau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Square Tax Rate
2.00%
Average Nassau County Tax Rate
2.10%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin Square, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11010 | 1.59% | 1.81% | 2.00% | 2.14% | 2.28% |
Source: Ownwell
$1,148
Average Franklin Square Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Franklin Square, New York
In Franklin Square, 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 Nassau County Assessment Department 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 Franklin Square, 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 Franklin Square helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 11010, with a tax bill of $10,685, which is significantly higher than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Franklin Square, New York
Source: Ownwell
$37,000
$1,990,750
$3,944,500
Average Franklin Square Assessed Value
$536,000
Average Nassau County Assessed Value
$537,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin Square, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11010 | $462,000 | $494,000 | $536,000 | $594,000 | $664,000 |
Source: Ownwell
$1,148
Average Franklin Square Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Franklin Square, New York
In Franklin Square, NY, property tax bills are calculated based on the assessed value of the home and the local tax rate. With a median home price of $536,000, homeowners face significant tax bills. The tax bill for the 25th percentile is $9,319, while the 75th percentile reaches $12,169, and the 90th percentile soars to $13,822. These amounts are notably higher than the national median property tax rate of 0.99%. Several factors influence these tax bills, including the home's assessed value, local government budgets, and public service funding needs. High property taxes can place a heavy burden on homeowners. This is where Ownwell steps in. Our property tax consulting services help homeowners in Franklin Square navigate the complexities of property tax appeals and exemptions. By leveraging our expertise, we can identify potential savings and work to reduce your property tax bill, ensuring you pay only what is fair. Let Ownwell assist you in lowering your property tax burden and keeping more money in your pocket.
Average Franklin Square Tax Bill
$10,685
Average Nassau County Tax Bill
$11,613
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin Square, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11010 | $7,939 | $9,319 | $10,685 | $12,169 | $13,822 |
Source: Ownwell
$1,148
Average Franklin Square Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to file a grievance!
Dates | |
|---|---|
| Appeal Deadline | March 18 |
Links | |
|---|---|
| Nassau Assessment Review Commission | |
| Website | lrv.nassaucountyny.gov |
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