Lake Hill, New York Property Taxes
The median property tax rate in Lake Hill, NY is 1.60%, 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 Lake Hill at $442,623, the typical annual property tax bill reaches $6,961, exceeding the national median of $2,690. Property taxes in Lake Hill 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 Lake Hill'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 Lake Hill 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
Lake Hill, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$7,082
$7,002
Ownwell’s Lake Hill Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Hill to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Lake Hill, New York
Property taxes in Lake Hill, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Hill is 1.60%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lake Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Hill 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 Lake Hill's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12448 has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Lake Hill provides valuable insights into the varying tax landscape across Ulster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Hill Tax Rate
1.60%
Average Ulster County Tax Rate
2.67%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Hill, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12448 | 1.48% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Lake Hill, New York
In Lake Hill, 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 Ulster County Assessment Office 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 Lake Hill, 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 Lake Hill 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 are both $6,961, found in the 12448 zip code.
Average Lake Hill Assessed Value
$442,623
Average Ulster County Assessed Value
$268,649
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Hill, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12448 | $196,721 | $290,328 | $442,623 | $668,852 | $1,079,016 |
Source: Ownwell
Property Tax Bills Across Lake Hill, New York
In Lake Hill, Ulster County, NY, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate to calculate the annual tax bill. For example, with a median home price of $442,623, homeowners can expect varying tax bills. The tax bill at the 25th percentile is $4,606, while at the 75th percentile, it rises to $10,756, and at the 90th percentile, it can reach $17,376. These figures are significantly higher than the national median property tax rate of 0.99%. Factors such as home improvements, neighborhood developments, and changes in the local tax rate can also influence the assessed value and, consequently, the tax bill. For homeowners, understanding these factors is crucial as they directly affect annual expenses and long-term financial planning.
Average Lake Hill Tax Bill
$6,961
Average Ulster County Tax Bill
$6,879
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Hill, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12448 | $3,151 | $4,606 | $6,961 | $10,756 | $17,376 |
Source: Ownwell