Mill Neck, New York Property Taxes
The median property tax rate in Mill Neck, NY is 1.55%, 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 Mill Neck at $1,701,000, the typical annual property tax bill reaches $27,068, far exceeding the national median of $2,690. Property taxes in Mill Neck 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 Mill Neck'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 Mill Neck 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
Mill Neck, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$26,366
$26,068
$1,148
Average Mill Neck, New York Tax Savings
Ownwell’s Mill Neck Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mill Neck with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mill Neck 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 Mill Neck. 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 Mill Neck, New York
Property taxes in Mill Neck, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mill Neck is 1.55%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Mill Neck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mill Neck 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 Mill Neck's effective property tax rate to other counties in New York and the national median. For comparison, the 11765 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Mill Neck 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 Mill Neck Tax Rate
1.55%
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 Mill Neck, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11765 | 1.25% | 1.39% | 1.55% | 1.79% | 2.00% |
Source: Ownwell
$1,148
Average Mill Neck Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Mill Neck, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mill Neck, New York. 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 Assessor 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. Assessment notices in Mill Neck 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 Mill Neck helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $27,068, with the zip code 11765.
Average Mill Neck Assessed Value
$1,701,000
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 Mill Neck, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11765 | $633,700 | $1,092,250 | $1,701,000 | $2,704,250 | $3,879,000 |
Source: Ownwell
$1,148
Average Mill Neck Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Mill Neck, New York
In Mill Neck, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate. With a median home price of $1,701,000, property tax bills can vary significantly. For example, homeowners in the 25th percentile pay around $16,384, while those in the 75th percentile face bills up to $44,026. The highest median tax bill in the area reaches $27,068, which is considerably higher than the national median property tax rate of 0.99%. Several factors influence these tax bills, including property size, location, and market conditions. High property taxes can place a significant financial burden on homeowners, making it crucial to explore ways to reduce these costs. Ownwell offers property tax appeal and exemption services that can help homeowners in Mill Neck challenge their assessed values and potentially lower their tax bills. By leveraging expert knowledge and experience, Ownwell ensures homeowners pay only their fair share in property taxes.
Average Mill Neck Tax Bill
$27,068
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 Mill Neck, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11765 | $9,255 | $16,384 | $27,068 | $44,026 | $67,072 |
Source: Ownwell
$1,148
Average Mill Neck 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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