Island Park, New York Property Taxes
The median property tax rate in Island Park, NY is 1.81%, 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 Island Park at $460,500, the typical annual property tax bill reaches $8,202, exceeding the national median of $2,690. Property taxes in Island Park 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 Island Park'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 Island Park 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
Island Park, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$8,335
$8,241
$1,148
Average Island Park, New York Tax Savings
Ownwell’s Island Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Island Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Island Park 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 Island Park. 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 Island Park, New York
Property taxes in Island Park, New York, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Island Park is 1.81%, significantly higher than the U.S. national median of 0.99%. Local government entities within Island Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Island Park 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 Island Park’s effective property tax rate to other areas in Nassau County and the national median. For comparison, the zip code 11558 has the highest median property tax rate of 1.81%, while the same zip code also has the lowest median tax rate of 1.81%. Understanding how these areas compare with Island Park 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 Island Park Tax Rate
1.81%
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 Island Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11558 | 1.38% | 1.60% | 1.81% | 1.97% | 2.13% |
Source: Ownwell
$1,148
Average Island Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Island Park, New York
In Island Park, 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 Assessment Department 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 Island Park, 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 Island Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $460,500, with tax bills ranging from $6,723 at the 25th percentile to $11,307 at the 90th percentile. Notably, the zip code with the highest and lowest median tax bill is 11558, both at $8,202.
Property Tax Assessment Values Across Island Park, New York
Source: Ownwell
$37,000
$1,990,750
$3,944,500
Average Island Park Assessed Value
$460,500
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 Island Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11558 | $344,000 | $409,000 | $460,500 | $517,250 | $605,000 |
Source: Ownwell
$1,148
Average Island Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Island Park, New York
In Island Park, Nassau County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Island Park face a median home price of $460,500, with tax bills ranging from $6,723 at the 25th percentile to $11,307 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Island Park's property taxes are relatively high. Several factors influence the tax bill, including property size, location, and market conditions. High property taxes can significantly impact homeowners' budgets, making it crucial to ensure that their property is not over-assessed. Ownwell offers property tax appeal and exemption services to help homeowners reduce their tax burdens. By conducting thorough property assessments and leveraging local market data, Ownwell can identify discrepancies and file appeals on behalf of homeowners, potentially saving them thousands of dollars annually.
Average Island Park Tax Bill
$8,202
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 Island Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11558 | $5,324 | $6,723 | $8,202 | $9,769 | $11,307 |
Source: Ownwell
$1,148
Average Island Park 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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