Lebanon Springs, New York Property Taxes
The median property tax rate in Lebanon Springs, NY is 1.80%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $203,333 in Lebanon Springs, the typical annual property tax bill reaches $3,664, surpassing the national median of $2,690. Property taxes in Lebanon Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lebanon Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lebanon Springs 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
Lebanon Springs, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,660
$3,396
Ownwell’s Lebanon Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lebanon Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon Springs 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 Lebanon Springs, New York
Property taxes in Lebanon Springs, 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 Lebanon Springs is 1.80%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lebanon Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon Springs 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 Lebanon Springs' effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12125 has both the highest and lowest median property tax rate of 1.80%. Understanding how these cities compare with Lebanon Springs provides valuable insights into the varying tax landscape across Columbia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Springs Tax Rate
1.80%
Average Columbia County Tax Rate
1.71%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12125 | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon Springs, New York
In Lebanon Springs, NY, 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 Columbia 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 Lebanon Springs, 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 Lebanon Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lebanon Springs is $203,333, with the highest and lowest median tax bills both being $3,664 in the 12125 zip code.
Property Tax Assessment Values Across Lebanon Springs, New York
Source: Ownwell
$92,593
$270,729
$448,864
Average Lebanon Springs Assessed Value
$203,333
Average Columbia County Assessed Value
$284,810
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lebanon Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12125 | $203,333 | $203,333 | $203,333 | $203,333 | $203,333 |
Source: Ownwell
Property Tax Bills Across Lebanon Springs, New York
In Lebanon Springs, Columbia County, NY, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local property tax rate. The median home price in Lebanon Springs is $203,333, and the property tax rate is significantly higher than the national median of 0.99%. Homeowners in this area typically face a median tax bill of $3,664. The tax bill is determined by several factors, including the assessed value of the property, which is often based on market conditions and comparable sales in the area. Local government budgets and school funding requirements also play a critical role in setting the tax rate. This higher-than-average tax bill can have substantial effects on homeowners, influencing their overall cost of living and potentially impacting property values. Understanding these factors is essential for homeowners looking to manage their expenses and plan for the future.
Average Lebanon Springs Tax Bill
$3,664
Average Columbia County Tax Bill
$4,915
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon Springs, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12125 | $3,664 | $3,664 | $3,664 | $3,664 | $3,664 |
Source: Ownwell