New Hyde Park, New York Property Taxes
The median property tax rate in New Hyde Park, NY is 1.89%, significantly higher than the national median of 0.99% but lower than the New York state median of 2.39%. With a median home value of $660,000, the typical annual property tax bill in New Hyde Park reaches $12,501, far exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding New Hyde 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 New Hyde 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
New Hyde Park, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$12,474
$12,333
$1,148
Average New Hyde Park, New York Tax Savings
Ownwell’s New Hyde Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Hyde Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Hyde 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 New Hyde 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 New Hyde Park, New York
Property taxes in New Hyde Park, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Hyde Park is 1.89%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within New Hyde Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Hyde 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 New Hyde Park's effective property tax rate to other areas in New York and the national median. For comparison, the 11040 zip code has the highest median property tax rate of 1.89%, while the same 11040 zip code also has the lowest median tax rate of 1.89%. Understanding how these cities compare with New Hyde 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 New Hyde Park Tax Rate
1.89%
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 New Hyde Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11040 | 1.52% | 1.71% | 1.89% | 2.04% | 2.18% |
Source: Ownwell
$1,148
Average New Hyde Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across New Hyde Park, New York
In New Hyde Park, NY, grasping the difference between "market value" and "assessed value" is essential for understanding property taxes. The market value represents 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. Conversely, 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 New Hyde Park 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. Awareness of these valuation processes in New Hyde Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $660,000, with the 25th percentile tax bill at $10,721 and the 75th percentile at $14,804. The highest and lowest median tax bills are both $12,501, found in zip code 11040.
Property Tax Assessment Values Across New Hyde Park, New York
Source: Ownwell
$37,000
$1,990,750
$3,944,500
Average New Hyde Park Assessed Value
$660,000
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 New Hyde Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11040 | $544,000 | $595,000 | $660,000 | $769,000 | $894,000 |
Source: Ownwell
$1,148
Average New Hyde Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across New Hyde Park, New York
In New Hyde Park, Nassau County, NY, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local tax rate. With a median home price of $660,000, homeowners in this area face substantial property tax bills. The tax bill can vary significantly, ranging from $10,721 at the 25th percentile to $17,878 at the 90th percentile. Notably, the highest median tax bill in the 11040 zip code is $12,501, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. These high tax bills can place a significant financial burden on homeowners. Ownwell offers a solution by providing property tax appeal and exemption services. By leveraging their expertise, homeowners can potentially reduce their assessed value and qualify for exemptions, resulting in lower property tax bills. This can lead to substantial savings and alleviate some of the financial pressures associated with high property taxes.
Average New Hyde Park Tax Bill
$12,501
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 New Hyde Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11040 | $9,064 | $10,721 | $12,501 | $14,804 | $17,878 |
Source: Ownwell
$1,148
Average New Hyde 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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