Lakemont, New York Property Taxes
The median property tax rate in Lakemont, NY is 1.74%, considerably higher than the national median of 0.99% but lower than the New York state median of 2.39%. With the median home value in Lakemont at $105,550, the typical annual property tax bill reaches $1,837, which is below the national median of $2,690. Property taxes in Lakemont 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 Lakemont'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 Lakemont 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
Lakemont, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$1,837
$1,816
Ownwell’s Lakemont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakemont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakemont 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 Lakemont, New York
Property taxes in Lakemont, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakemont is 1.74%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lakemont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakemont 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 Lakemont's effective property tax rate to other areas in Yates County and the national median. For comparison, the zip code 14857 has the highest median property tax rate of 1.74%, while the same zip code also has the lowest median tax rate of 1.74%. Understanding how these cities compare with Lakemont provides valuable insights into the varying tax landscape across Yates County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakemont Tax Rate
1.74%
Average Yates County Tax Rate
1.79%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakemont, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14857 | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Lakemont, New York
In Lakemont, 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 Yates 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 Lakemont, 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 Lakemont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,837 for zip code 14857, while the lowest median tax bill is also $1,837 for the same zip code.
Average Lakemont Assessed Value
$105,550
Average Yates County Assessed Value
$166,700
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakemont, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14857 | $78,870 | $88,875 | $105,550 | $122,225 | $132,230 |
Source: Ownwell
Property Tax Bills Across Lakemont, New York
In Lakemont, Yates County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Lakemont experience tax bills that range significantly, with the 25th percentile at $1,547 and the 75th percentile at $2,127. The 90th percentile tax bill reaches $2,301, indicating a variation in tax burdens depending on property values and exemptions. The median home price in Lakemont is $105,550, and with the national median property tax rate at 0.99%, homeowners in this region may find their tax rates competitive. However, the highest and lowest median tax bills in Lakemont both stand at $1,837, reflecting consistency in tax assessments within certain areas. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Homeowners must stay informed about property assessments and available exemptions to manage their tax liabilities effectively.
Average Lakemont Tax Bill
$1,837
Average Yates County Tax Bill
$3,654
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakemont, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14857 | $1,373 | $1,547 | $1,837 | $2,127 | $2,301 |
Source: Ownwell