Long Lake, New York Property Taxes
The median property tax rate in Long Lake, NY is 0.91%, which is lower than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Long Lake at $235,950, the typical annual property tax bill amounts to $1,995, significantly below the national median of $2,690. Property taxes in Long Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Long Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Long Lake 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
Long Lake, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$2,147
$2,123
Ownwell’s Long Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Long Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Long Lake 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 Long Lake, New York
Property taxes in Long Lake, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Long Lake is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Long Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long Lake 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 Long Lake's effective property tax rate to other areas in Hamilton County and the national median. For comparison, the zip code 12847 has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Long Lake provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Long Lake Tax Rate
0.91%
Average Hamilton County Tax Rate
0.85%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Long Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12847 | 0.68% | 0.81% | 0.91% | 0.91% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Long Lake, New York
In Long Lake, 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 Hamilton 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 Long Lake, 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 25th percentile tax bill in Long Lake is $1,070, while the 75th percentile tax bill is $3,922. The highest median tax bill is found in the 12847 zip code, amounting to $1,995. 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 Long Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Long Lake Assessed Value
$235,950
Average Hamilton County Assessed Value
$177,800
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Long Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12847 | $79,400 | $120,075 | $235,950 | $464,025 | $656,100 |
Source: Ownwell
Property Tax Bills Across Long Lake, New York
In Long Lake, located in Hamilton County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $235,950, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. For example, tax bills in Long Lake range from $1,070 at the 25th percentile to $3,922 at the 75th percentile, with the 90th percentile reaching $5,790. Compared to the national median property tax rate of 0.99%, Long Lake's tax bills reflect the unique valuation methods and local tax rates of Hamilton County. This system ensures that homeowners contribute fairly to local services, but it also means that significant variations can occur based on individual property assessments.
Average Long Lake Tax Bill
$1,995
Average Hamilton County Tax Bill
$1,483
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12847 | $681 | $1,070 | $1,995 | $3,922 | $5,790 |
Source: Ownwell