Lake Peekskill, New York Property Taxes
The median property tax rate in Lake Peekskill, NY is 3.47%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Lake Peekskill at $271,900, the typical annual property tax bill amounts to $9,284, far exceeding the national median of $2,690. Property taxes in Lake Peekskill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Peekskill'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 Lake Peekskill or another part of Putnam County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Peekskill, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.47%
Estimate Property Tax Bill
$9,435
$9,329
Ownwell’s Lake Peekskill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Peekskill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Peekskill 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 Lake Peekskill, New York
Property taxes in Lake Peekskill, New York, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Lake Peekskill is 3.47%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities in Lake Peekskill set these rates annually, and they can vary considerably across different neighborhoods. Each year, Lake Peekskill 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 Lake Peekskill's effective property tax rate to other counties in New York and the national median. For comparison, the 10537 zip code has the highest median property tax rate of 3.47%, while the same zip code also has the lowest median tax rate of 3.47%. Understanding how these cities compare with Lake Peekskill provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Peekskill Tax Rate
3.47%
Average Putnam County Tax Rate
3.27%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Peekskill, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10537 | 3.38% | 3.47% | 3.47% | 3.47% | 3.47% |
Source: Ownwell
Property Tax Assessment Values Across Lake Peekskill, New York
In Lake Peekskill, 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 Putnam County Assessment Office 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 Lake Peekskill, 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 Lake Peekskill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $9284, found in zip code 10537.
Property Tax Assessment Values Across Lake Peekskill, New York
Source: Ownwell
$13,900
$495,650
$977,400
Average Lake Peekskill Assessed Value
$271,900
Average Putnam County Assessed Value
$378,400
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Peekskill, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10537 | $204,740 | $235,000 | $271,900 | $324,000 | $372,420 |
Source: Ownwell
Property Tax Bills Across Lake Peekskill, New York
In Lake Peekskill, located in Putnam County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and reflects a percentage of the property's market value. Homeowners in Lake Peekskill face a median property tax bill of $9,284, significantly higher than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For instance, the 25th percentile of tax bills in Lake Peekskill is $8,048, while the 75th percentile reaches $11,149, and the 90th percentile climbs to $12,652. These figures illustrate the variability in tax bills depending on property characteristics and assessed values. This high variability can place a substantial financial burden on homeowners, making it crucial for them to understand how their property is assessed and what exemptions or appeals may be available to potentially lower their tax obligations.
Average Lake Peekskill Tax Bill
$9,284
Average Putnam County Tax Bill
$11,749
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Peekskill, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10537 | $6,823 | $8,048 | $9,284 | $11,149 | $12,652 |
Source: Ownwell