Little Neck, New York Property Taxes
The median property tax rate in Little Neck, NY is 1.70%, 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 Little Neck, the typical annual property tax bill reaches $7,993, significantly exceeding the national median of $2,690. Property taxes in Little Neck 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 Little Neck'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 Little Neck 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
Little Neck, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$7,990
$7,900
$1,148
Average Little Neck, New York Tax Savings
Ownwell’s Little Neck Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Neck with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Neck 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 Little Neck. 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 Little Neck, New York
Property taxes in Little Neck, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little Neck is 1.70%, significantly higher than the U.S. national median of 0.99%. Local government entities within Little Neck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Neck 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 Little Neck's effective property tax rate to other areas in Nassau County and the national median. For comparison, the zip code 11363 has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these areas compare with Little Neck 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 Little Neck Tax Rate
1.70%
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 Little Neck, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11363 | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
$1,148
Average Little Neck Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Little Neck, New York
In Little Neck, 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 Assessor 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 Little Neck, 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 Little Neck helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Little Neck, the highest and lowest median tax bills are both $7,993, found in the zip code 11363.
Property Tax Assessment Values Across Little Neck, New York
Source: Ownwell
$37,000
$1,990,750
$3,944,500
Average Little Neck Assessed Value
$470,000
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 Little Neck, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11363 | $470,000 | $470,000 | $470,000 | $470,000 | $470,000 |
Source: Ownwell
$1,148
Average Little Neck Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Little Neck, New York
In Little Neck, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. For a median home price of $470,000, the tax bill remains consistent across various percentiles, with the 25th, 75th, and 90th percentiles all at $7,993. This uniformity highlights the fixed nature of property tax rates in the area. Compared to the national median property tax rate of 0.99%, Little Neck's tax rate is significantly higher, impacting homeowners' annual expenses. Factors considered in determining the tax bill include the home's assessed value, any applicable exemptions, and the local tax rate. High property taxes can strain homeowners' finances, making it essential to seek potential savings. Ownwell specializes in property tax appeal and exemption services, helping homeowners in Little Neck reduce their tax burdens. By analyzing property assessments and identifying discrepancies, Ownwell can effectively lower property tax bills, providing substantial savings and financial relief for homeowners.
Average Little Neck Tax Bill
$7,993
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 Little Neck, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11363 | $7,993 | $7,993 | $7,993 | $7,993 | $7,993 |
Source: Ownwell
$1,148
Average Little Neck 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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