Inwood, New York Property Taxes
The median property tax rate in Inwood, NY is 1.54%, 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 Inwood at $475,000, the typical annual property tax bill reaches $7,069, exceeding the national median of $2,690. Property taxes in Inwood 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 Inwood'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 Inwood 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
Inwood, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$7,315
$7,233
$1,148
Average Inwood, New York Tax Savings
Ownwell’s Inwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Inwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Inwood to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Inwood. 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 Inwood, New York
Property taxes in Inwood, New York, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Inwood is 1.54%, significantly higher than the U.S. national median of 0.99%. Local government entities within Inwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inwood 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 Inwood's effective property tax rate to other areas in Nassau County and the national median. For comparison, the 11096 zip code has the highest median property tax rate of 1.54%, while the same 11096 zip code also has the lowest median tax rate of 1.54%. Understanding how these areas compare with Inwood provides valuable insights into the varying tax landscape across Nassau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Inwood Tax Rate
1.54%
Average Nassau County Tax Rate
2.10%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11096 | 1.14% | 1.39% | 1.54% | 1.66% | 1.72% |
Source: Ownwell
$1,148
Average Inwood Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Inwood, New York
In Inwood, 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 Nassau County Department of Assessment 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 Inwood, 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. The median home price in Inwood is $475,000, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $5,728, while the 75th percentile tax bill is $8,284, and the 90th percentile tax bill is $9,535. 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 Inwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Inwood Assessed Value
$475,000
Average Nassau County Assessed Value
$537,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Inwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11096 | $353,000 | $407,000 | $475,000 | $541,000 | $608,700 |
Source: Ownwell
$1,148
Average Inwood Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Inwood, New York
Property tax bills in Inwood, located in Nassau County, NY, are determined by multiplying the assessed value of a property by the local tax rate. For homeowners in Inwood, the median home price is $475,000. The property tax bill varies significantly, with the 25th percentile at $5,728 and the 75th percentile at $8,284, showcasing a range of potential tax liabilities. The highest median tax bill in the area is $7,069, which is considerably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and market conditions. High property taxes can place a substantial financial burden on homeowners, making it essential to seek potential savings. Ownwell assists homeowners by providing expert property tax appeal and exemption services. By leveraging local market insights and thorough assessments, Ownwell helps homeowners identify discrepancies in their property valuations and navigate the appeal process, potentially lowering their tax bills and alleviating financial stress.
Average Inwood Tax Bill
$7,069
Average Nassau County Tax Bill
$11,613
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Inwood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11096 | $4,473 | $5,728 | $7,069 | $8,284 | $9,535 |
Source: Ownwell
$1,148
Average Inwood Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to file a grievance!
Dates | |
|---|---|
| Appeal Deadline | March 18 |
Links | |
|---|---|
| Nassau Assessment Review Commission | |
| Website | lrv.nassaucountyny.gov |
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