Mc Lean, New York Property Taxes
The median property tax rate in MC LEAN, NY is 2.91%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in MC LEAN, the typical annual property tax bill reaches $3,457, surpassing the national median of $2,690. Property taxes in MC LEAN 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 MC LEAN'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 MC LEAN 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
Mc Lean, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.91%
Estimate Property Tax Bill
$3,434
$3,395
Ownwell’s MC LEAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC LEAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC LEAN 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 Mc Lean, New York
Property taxes in McLean, 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 McLean is 2.91%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within McLean set these rates annually, and they can vary significantly across different neighborhoods. Each year, McLean 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 McLean's effective property tax rate to other counties in New York and the national median. For comparison, the 13102 zip code has the highest median property tax rate of 2.91%, while the same zip code also has the lowest median tax rate of 2.91%. Understanding how these cities compare with McLean provides valuable insights into the varying tax landscape across Tompkins County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Lean Tax Rate
2.91%
Average Tompkins County Tax Rate
2.79%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Lean, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13102 | 2.21% | 2.53% | 2.91% | 3.33% | 3.37% |
Source: Ownwell
Property Tax Assessment Values Across Mc Lean, New York
In Mc Lean, 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 Tompkins 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 Mc Lean, 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. The median home price in Mc Lean is $118,000, with tax bills ranging from $2,489 at the 25th percentile to $4,978 at the 90th percentile. The zip code 13102 has the highest and lowest median tax bill of $3,457. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Lean Assessed Value
$118,000
Average Tompkins County Assessed Value
$225,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Lean, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13102 | $60,500 | $100,500 | $118,000 | $148,750 | $172,700 |
Source: Ownwell
Property Tax Bills Across Mc Lean, New York
In MC LEAN, located in Tompkins 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 property tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For example, with a median home price of $118,000, homeowners in this area can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $2,489, while the 75th percentile reaches $4,414, and the 90th percentile can go up to $4,978. Compared to the national median property tax rate of 0.99%, the tax bills in MC LEAN reflect the local economic and market conditions, impacting homeowners' financial planning and budgeting. Understanding these factors can help homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Mc Lean Tax Bill
$3,457
Average Tompkins County Tax Bill
$6,186
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Lean, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13102 | $1,682 | $2,489 | $3,457 | $4,414 | $4,978 |
Source: Ownwell