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Locust Valley, New York Property Taxes

The median property tax rate in Locust Valley, NY is 2.13%, 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 Locust Valley at $727,000, the typical annual property tax bill reaches $15,529, exceeding the national median of $2,690. Property taxes in Locust Valley 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 Locust Valley'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 Locust Valley 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

Locust Valley, New York Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Average Tax Rate

2.13%

Estimate Property Tax Bill

$15,485

$15,311

SAVE WITH OWNWELL

$1,148

Average Locust Valley, New York Tax Savings

Ownwell’s Locust Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Locust Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locust Valley 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 Locust Valley. 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 Locust Valley, New York

Property taxes in Locust Valley, 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 Locust Valley is 2.13%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Locust Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locust Valley 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 Locust Valley's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 11560 has the highest median property tax rate of 2.13%, while the same zip code also has the lowest median tax rate of 2.13%. Understanding how these areas compare with Locust Valley 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.

Property Tax Rates Across Locust Valley, New York

Source: Ownwell

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0.17%

1.74%

3.30%

Average Locust Valley Tax Rate

2.13%

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 Locust Valley, New York

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
115601.61%1.88%2.13%2.36%2.52%

Source: Ownwell

Property Tax Assessment Values Across Locust Valley, New York

In Locust Valley, 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 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 Locust Valley, 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. The median home price in Locust Valley is $727,000, with tax bills ranging from $11,624 at the 25th percentile to $40,398 at the 90th percentile. The highest and lowest median tax bills are both $15,529, found in zip code 11560. 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 Locust Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.

Property Tax Assessment Values Across Locust Valley, New York

Source: Ownwell

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$37,000

$1,990,750

$3,944,500

Average Locust Valley Assessed Value

$727,000

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 Locust Valley, New York

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
11560$451,000$537,000$727,000$1,310,000$2,164,900

Source: Ownwell

Property Tax Bills Across Locust Valley, New York

In Locust Valley, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. With a median home price of $727,000, homeowners in the area face substantial tax bills. The median property tax bill in Locust Valley stands at $15,529, significantly higher than the national median property tax rate of 0.99%. Factors such as property size, location, and market conditions are considered when determining the assessed value, which directly influences the tax bill. For many homeowners, this financial burden can be overwhelming, with tax bills ranging from $11,624 at the 25th percentile to $40,398 at the 90th percentile. Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By leveraging expert knowledge and a thorough understanding of local tax codes, Ownwell can help homeowners challenge their assessed values and secure potential savings on their tax bills. This service can make a significant difference, reducing the financial strain and ensuring that property taxes are fair and manageable.

Property Tax Bills Across Locust Valley, New York

Source: Ownwell

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$850

$26,740

$52,630

Average Locust Valley Tax Bill

$15,529

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 Locust Valley, New York

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
11560$9,067$11,624$15,529$24,698$40,398

Source: Ownwell

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