Murray Isle, New York Property Taxes
The median property tax rate in Murray Isle, NY is 1.73%, 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 Murray Isle at $337,429, the typical annual property tax bill reaches $5,777, exceeding the national median of $2,690. Property taxes in Murray Isle 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 Murray Isle'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 Murray Isle 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
Murray Isle, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.73%
Estimate Property Tax Bill
$5,838
$5,772
Ownwell’s Murray Isle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murray Isle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murray Isle 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 Murray Isle, New York
Property taxes in Murray Isle, New York, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Murray Isle stands at 1.73%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Murray Isle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Murray Isle 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 Murray Isle's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13624 has the same median property tax rate of 1.73%. Understanding how these cities compare with Murray Isle provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murray Isle Tax Rate
1.73%
Average Jefferson County Tax Rate
1.81%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murray Isle, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13624 | 1.73% | 1.73% | 1.73% | 1.73% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Murray Isle, New York
In Murray Isle, 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 Jefferson 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 Murray Isle, 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 Murray Isle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 13624, with a median of $5777.
Average Murray Isle Assessed Value
$337,429
Average Jefferson County Assessed Value
$134,468
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murray Isle, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13624 | $174,190 | $239,762 | $337,429 | $461,608 | $633,333 |
Source: Ownwell
Property Tax Bills Across Murray Isle, New York
In Murray Isle, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Factors influencing the tax bill include the property's market value, any exemptions or abatements, and the specific tax rate set by Jefferson County. Homeowners in Murray Isle, within Jefferson County, face a range of property tax bills. The 25th percentile tax bill is $4,127, while the 75th percentile reaches up to $7,976, and the 90th percentile can be as high as $11,022. These amounts reflect the variance in property values and tax rates within the area. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and property values specifically affect their financial obligations. High property taxes can significantly impact household budgets, influencing decisions on homeownership and property investments in Murray Isle.
Average Murray Isle Tax Bill
$5,777
Average Jefferson County Tax Bill
$2,407
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Murray Isle, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13624 | $2,995 | $4,127 | $5,777 | $7,976 | $11,022 |
Source: Ownwell