Oyster Bay, New York Property Taxes
The median property tax rate in Oyster Bay, NY is 1.95%, 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 Oyster Bay at $756,000, the typical annual property tax bill reaches $15,011, exceeding the national median of $2,690. Property taxes in Oyster Bay are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oyster Bay'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 Oyster Bay 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
Oyster Bay, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$14,742
$14,576
$1,148
Average Oyster Bay, New York Tax Savings
Ownwell’s Oyster Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oyster Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oyster Bay 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 Oyster Bay. 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 Oyster Bay, New York
Property taxes in Oyster Bay, 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 Oyster Bay is 1.95%, significantly higher than the U.S. national median of 0.99%. Local government entities within Oyster Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oyster Bay 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 Oyster Bay's effective property tax rate to other areas in Nassau County and the national median. For comparison, the zip code 11771 has the highest median property tax rate of 1.95%, while the same zip code also has the lowest median tax rate of 1.95%. Understanding how these rates compare with Oyster Bay 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 Oyster Bay Tax Rate
1.95%
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 Oyster Bay, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11771 | 1.36% | 1.57% | 1.95% | 2.23% | 2.40% |
Source: Ownwell
$1,148
Average Oyster Bay Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Oyster Bay, New York
In Oyster Bay, 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 Oyster Bay, 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 Oyster Bay stands at $756,000, with the 25th percentile tax bill at $11,772 and the 75th percentile tax bill at $22,726. 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 Oyster Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Oyster Bay, New York
Source: Ownwell
$37,000
$1,990,750
$3,944,500
Average Oyster Bay Assessed Value
$756,000
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 Oyster Bay, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11771 | $475,000 | $569,000 | $756,000 | $1,331,000 | $2,095,000 |
Source: Ownwell
$1,148
Average Oyster Bay Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Oyster Bay, New York
In Oyster Bay, NY, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. For instance, with a median home price of $756,000, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $11,772, while those in the 75th percentile might see bills as high as $22,726. Factors such as property size, location, and improvements can influence these assessments, making it crucial for homeowners to ensure their property is fairly evaluated. Compared to the national median property tax rate of 0.99%, Oyster Bay's tax rates can be substantially higher, placing a considerable financial burden on homeowners. This is where Ownwell steps in to help. By providing expert property tax appeal and exemption services, Ownwell ensures that your home is accurately assessed, potentially saving you thousands of dollars annually. Our team of specialists works diligently to identify discrepancies and secure the most favorable tax outcomes for you.
Average Oyster Bay Tax Bill
$15,011
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 Oyster Bay, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11771 | $9,653 | $11,772 | $15,011 | $22,726 | $34,702 |
Source: Ownwell
$1,148
Average Oyster Bay 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 |
Save money on your property taxes with Ownwell.
Enter your address.
With just your address Ownwell will analyze your property expenses to find you savings using real time market data, local expertise and AI.
Answer some questions.
The more we know about your property, the more we can save you. There's no up-front costs, it's risk-free to sign up. Only pay if you save!
Unlock your savings.
We gather evidence, file all documentation, and attend hearings on your behalf year after year, so you never overpay again.