Lakewood, New York Property Taxes
The median property tax rate in Lakewood, NY is 3.31%, 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 Lakewood, the typical annual property tax bill reaches $3,660, exceeding the national median of $2,690. Property taxes in Lakewood 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 Lakewood'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 Lakewood 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
Lakewood, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.31%
Estimate Property Tax Bill
$3,800
$3,757
Ownwell’s Lakewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakewood 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 Lakewood, New York
Property taxes in Lakewood, New York, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakewood is 3.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lakewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakewood 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 Lakewood's effective property tax rate to other counties and the national median. For comparison, the highest median property tax rate in Chautauqua County is also 3.31%, found in the zip code 14750, while the lowest median tax rate is the same at 3.31%. Understanding how these cities compare with Lakewood provides valuable insights into the varying tax landscape across Chautauqua County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakewood Tax Rate
3.31%
Average Chautauqua County Tax Rate
2.90%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakewood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14750 | 2.92% | 2.99% | 3.31% | 3.31% | 3.31% |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, New York
In Lakewood, 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 Chautauqua 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. Assessment notices in Lakewood 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 Lakewood 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 $3660 in zip code 14750, while the lowest median tax bill is also $3660 in the same zip code.
Average Lakewood Assessed Value
$114,804
Average Chautauqua County Assessed Value
$91,916
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakewood, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14750 | $45,535 | $76,133 | $114,804 | $184,290 | $290,030 |
Source: Ownwell
Property Tax Bills Across Lakewood, New York
In Lakewood, located in Chautauqua 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 local assessors who evaluate the market value of properties. Homeowners in Lakewood can expect their property tax bills to vary significantly based on their home's assessed value and location within the county. For example, the median home price in Lakewood is $114,804, and the property tax bills range from $2,380 at the 25th percentile to $9,034 at the 90th percentile. The highest and lowest median tax bills in the area are both $3,660, reflecting the uniformity in assessment practices. These tax rates are notably higher than the national median property tax rate of 0.99%, impacting homeowners by increasing their annual financial obligations. Understanding these factors can help homeowners anticipate their property tax bills and manage their budgets more effectively.
Average Lakewood Tax Bill
$3,660
Average Chautauqua County Tax Bill
$2,807
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakewood, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14750 | $1,400 | $2,380 | $3,660 | $5,800 | $9,034 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Chautauqua Assessment Review Commission | |
| Website | chautauquacounty.maps.arcgis.com |