Lake George, New York Property Taxes
The median property tax rate in Lake George, NY is 1.15%, which is notably 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 $309,400, the typical annual property tax bill in Lake George amounts to $3,789, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lake George'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 George or another part of Warren County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake George, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$3,558
$3,518
Ownwell’s Lake George Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake George with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake George 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 Lake George, New York
Property taxes in Lake George, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake George is 1.15%, higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lake George set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake George 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 George's effective property tax rate to other counties in New York and the national median. For comparison, the 12845 zip code has the highest median property tax rate of 1.15%, while the 12845 zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Lake George provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake George Tax Rate
1.15%
Average Warren County Tax Rate
1.79%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake George, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12845 | 1.11% | 1.11% | 1.15% | 1.34% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Lake George, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake George, 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 Warren County Real Property Tax Services 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 George, 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. For instance, the median home price in Lake George is $309,400, and the tax bills can range significantly. The 25th percentile tax bill is $2,744, while the 75th percentile tax bill is $5,677. The 90th percentile tax bill can reach as high as $12,135. Notably, the highest and lowest median tax bills in the area are both $3,789, found in the 12845 zip code. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake George Assessed Value
$309,400
Average Warren County Assessed Value
$215,800
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake George, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12845 | $156,667 | $217,778 | $309,400 | $462,300 | $1,036,658 |
Source: Ownwell
Property Tax Bills Across Lake George, New York
In Lake George, located in Warren County, NY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. Once the assessed value is established, the property tax rate is applied to calculate the annual tax bill. For homeowners in Lake George, the median home price is $309,400. The property tax bills in the area can vary significantly. For example, at the 25th percentile, homeowners can expect to pay around $2,744, while those at the 75th percentile may see bills as high as $5,677. At the 90th percentile, tax bills can reach $12,135. Comparatively, the median property tax bill in the zip code 12845 is $3,789. These tax obligations impact homeowners by influencing their overall housing costs and potentially affecting their ability to budget for other expenses. Understanding how these factors interplay is crucial for homeowners looking to manage their financial planning effectively.
Average Lake George Tax Bill
$3,789
Average Warren County Tax Bill
$4,027
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake George, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12845 | $1,935 | $2,744 | $3,789 | $5,677 | $12,135 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Warren Assessment Review Commission | |
| Website | imo.warrencountyny.gov |