Lexington, New York Property Taxes
The median property tax rate in Lexington, NY is 1.57%, 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 Lexington at $196,702, the typical annual property tax bill reaches $3,101, exceeding the national median of $2,690. Property taxes in Lexington 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 Lexington'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 Lexington 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
Lexington, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,088
$3,053
Ownwell’s Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington 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 Lexington, New York
Property taxes in Lexington, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 1.57%, higher than the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other counties in New York and the national median. For comparison, the 12452 zip code has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these cities compare with Lexington provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
1.57%
Average Greene County Tax Rate
2.04%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12452 | 1.40% | 1.55% | 1.57% | 1.61% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, New York
In Lexington, 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 Greene 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 Lexington, 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 example, the zip code 12452 has the highest median tax bill at $3,101. 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 Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lexington Assessed Value
$196,702
Average Greene County Assessed Value
$210,370
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12452 | $66,332 | $115,897 | $196,702 | $287,138 | $420,422 |
Source: Ownwell
Property Tax Bills Across Lexington, New York
In Lexington, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value, reflecting the estimated selling price of the property. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, size, and condition, as well as any applicable exemptions or abatements. Homeowners in Lexington experience a range of property tax bills. The 25th percentile tax bill is $1,891, while the 75th percentile reaches $4,456, and the 90th percentile can be as high as $6,542. Comparatively, the national median property tax rate is 0.99%, making Lexington's property taxes significant for many homeowners. With the median home price at $196,702, understanding these factors is crucial for budgeting and financial planning. High property taxes can impact affordability and influence decisions on buying or selling a home in the area.
Average Lexington Tax Bill
$3,101
Average Greene County Tax Bill
$4,183
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12452 | $1,043 | $1,891 | $3,101 | $4,456 | $6,542 |
Source: Ownwell