Raquette Lake, New York Property Taxes
The median property tax rate in Raquette Lake, NY is 0.68%, which is notably lower than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Raquette Lake at $286,600, the typical annual property tax bill amounts to $2,024, falling below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Raquette Lake'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 Raquette Lake or another part of Hamilton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Raquette Lake, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,949
$1,927
Ownwell’s Raquette Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raquette Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raquette 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 Raquette Lake, New York
Property taxes in Raquette Lake, New York, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Raquette Lake is 0.68%, which is lower than both the New York state median and the U.S. national median of 0.99%. Local government entities within Raquette Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raquette 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 Raquette Lake's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13436 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Raquette 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 Raquette Lake Tax Rate
0.68%
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 Raquette Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13436 | 0.67% | 0.67% | 0.68% | 0.68% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Raquette Lake, New York
In Raquette 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 Raquette 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. 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 Raquette Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $286,600, with tax bills ranging from $863 at the 25th percentile to $4,142 at the 90th percentile. Interestingly, the highest and lowest median tax bills are both found in zip code 13436, each at $2,024.
Average Raquette Lake Assessed Value
$286,600
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 Raquette Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13436 | $51,140 | $117,175 | $286,600 | $446,200 | $562,340 |
Source: Ownwell
Property Tax Bills Across Raquette Lake, New York
In Raquette 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 assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made to the property. For homeowners in Raquette Lake, the median home price stands at $286,600. Property tax bills in this area can vary significantly. For instance, the 25th percentile tax bill is $863, while the 75th percentile reaches $3,117, and the 90th percentile can go up to $4,142. These figures indicate a broad range of potential tax liabilities, reflecting the diversity in property values and local tax rates. Compared to the national median property tax rate of 0.99%, Raquette Lake’s property tax bills can represent a substantial financial consideration for homeowners, influencing decisions about buying, selling, or renovating properties in the area.
Average Raquette Lake Tax Bill
$2,024
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 Raquette Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13436 | $405 | $863 | $2,024 | $3,117 | $4,142 |
Source: Ownwell