Locke, New York Property Taxes
The median property tax rate in Locke, NY is 2.57%, 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 Locke, the typical annual property tax bill reaches $3,105, exceeding the national median of $2,690. Property taxes in Locke 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 Locke'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 Locke 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
Locke, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$3,312
$3,275
Ownwell’s Locke Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Locke with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Locke to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is the figure assigned by Cayuga County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Locke, New York
Property taxes in Locke, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Locke is 2.57%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Locke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locke 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 Locke's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13092 has the highest median property tax rate of 2.57%, while the same zip code also has the lowest median tax rate of 2.57%. Understanding how these areas compare with Locke provides valuable insights into the varying tax landscape across Cayuga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Locke Tax Rate
2.57%
Average Cayuga County Tax Rate
2.43%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Locke, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13092 | 2.03% | 2.18% | 2.57% | 2.57% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Locke, New York
In Locke, 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 Cayuga 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 Locke, 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. For instance, the median home price in Locke is $128,866, with tax bills ranging from $1,986 at the 25th percentile to $6,126 at the 90th percentile. The highest median tax bill in the area is $3,105, found in the 13092 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Locke Assessed Value
$128,866
Average Cayuga County Assessed Value
$136,353
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Locke, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13092 | $47,592 | $84,845 | $128,866 | $179,382 | $253,898 |
Source: Ownwell
Property Tax Bills Across Locke, New York
In Locke, located in Cayuga 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 tax assessor and represents a percentage of the property's market value. For instance, with a median home price of $128,866, the tax bill can vary significantly. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in Locke experience a range of property tax bills. For example, the 25th percentile tax bill is around $1,986, while the 75th percentile reaches $4,368. At the 90th percentile, homeowners might pay as much as $6,126. These figures highlight the variation in tax burdens within the area. Compared to the national median property tax rate of 0.99%, homeowners in Locke may find their tax obligations higher, reflecting the local tax rate and assessed property values. This can significantly impact household budgets, making it crucial for homeowners to understand their property assessments and potential tax liabilities.
Average Locke Tax Bill
$3,105
Average Cayuga County Tax Bill
$3,328
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Locke, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13092 | $1,051 | $1,986 | $3,105 | $4,368 | $6,126 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Cayuga Assessment Review Commission | |
| Website | ccgis.cayugacounty.us |