Lansing, New York Property Taxes
The median property tax rate in Lansing, NY is 2.89%, 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 Lansing at $215,000, the typical annual property tax bill reaches $5,829, exceeding the national median of $2,690. Property taxes in Lansing 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 Lansing'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 Lansing 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
Lansing, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.89%
Estimate Property Tax Bill
$6,214
$6,143
Ownwell’s Lansing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lansing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lansing 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 Lansing, New York
Property taxes in Lansing, 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 Lansing is 2.89%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lansing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lansing 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 Lansing's effective property tax rate to other counties in New York and the national median. For comparison, the 14882 zip code has the highest median property tax rate of 2.89%, while the same zip code also has the lowest median tax rate of 2.89%. Understanding how these cities compare with Lansing provides valuable insights into the varying tax landscape across Tompkins County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lansing Tax Rate
2.89%
Average Tompkins County Tax Rate
2.79%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lansing, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14882 | 1.84% | 2.58% | 2.89% | 2.97% | 3.04% |
Source: Ownwell
Property Tax Assessment Values Across Lansing, New York
In Lansing, 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 local 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 Lansing, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lansing is $5,829 in the 14882 zip code, which is also the lowest median tax bill.
Average Lansing Assessed Value
$215,000
Average Tompkins County Assessed Value
$225,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lansing, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14882 | $102,400 | $165,000 | $215,000 | $309,000 | $455,000 |
Source: Ownwell
Property Tax Bills Across Lansing, New York
Property tax bills in Lansing, Tompkins County, NY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. In Lansing, the median home price is $215,000, and the property tax rate is significantly higher than the national median of 0.99%. Homeowners in the 25th percentile can expect to pay around $4,108 annually, while those in the 75th percentile face a tax bill of approximately $8,486. For the top 10% of homeowners, property taxes can soar to $12,529. These figures highlight the substantial impact property taxes can have on homeowners' budgets, particularly in areas with higher-than-average rates. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Lansing Tax Bill
$5,829
Average Tompkins County Tax Bill
$6,186
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lansing, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14882 | $1,940 | $4,108 | $5,829 | $8,486 | $12,529 |
Source: Ownwell