Paul Smiths, New York Property Taxes
The median property tax rate in Paul Smiths, NY is 1.52%, 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 Paul Smiths, the typical annual property tax bill reaches $2,907, exceeding the national median of $2,690. Property taxes in Paul Smiths 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 Paul Smiths' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Paul Smiths or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paul Smiths, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$2,915
$2,882
Ownwell’s Paul Smiths Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paul Smiths with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paul Smiths 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 Paul Smiths, New York
Property taxes in Paul Smiths, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paul Smiths is 1.52%, significantly higher than the U.S. national median of 0.99%. Local government entities within Paul Smiths set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paul Smiths 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 Paul Smiths' effective property tax rate to other counties in New York and the national median. For comparison, the 12970 zip code has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Paul Smiths provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paul Smiths Tax Rate
1.52%
Average Franklin County Tax Rate
2.45%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paul Smiths, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12970 | 1.51% | 1.52% | 1.52% | 1.52% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Paul Smiths, New York
In Paul Smiths, 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 Franklin 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 Paul Smiths, 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 Paul Smiths 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 $2,907, found in the 12970 zip code.
Average Paul Smiths Assessed Value
$191,756
Average Franklin County Assessed Value
$100,730
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paul Smiths, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12970 | $70,321 | $131,450 | $191,756 | $491,603 | $1,355,969 |
Source: Ownwell
Property Tax Bills Across Paul Smiths, New York
In Paul Smiths, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Franklin County, where Paul Smiths is located, the median home price stands at $191,756. Property taxes can vary significantly within the area, with the tax bill for the 25th percentile being $2,001 and the 75th percentile reaching up to $7,483. A homeowner in the highest median tax bill zip code, 12970, can expect to pay around $2,907 annually. These variations are influenced by factors such as property location, home improvements, and market conditions. Compared to the national median property tax rate of 0.99%, homeowners in Paul Smiths may find their tax bills to be relatively higher. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual household expenses and long-term financial planning.
Average Paul Smiths Tax Bill
$2,907
Average Franklin County Tax Bill
$2,460
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Paul Smiths, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12970 | $1,063 | $2,001 | $2,907 | $7,483 | $20,439 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Franklin Assessment Review Commission | |
| Website | maps.dancgis.org |