Lake Placid, New York Property Taxes
The median property tax rate in Lake Placid, NY is 1.48%, 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 Lake Placid, the typical annual property tax bill reaches $573, significantly below the national median of $2,690. Property taxes in Lake Placid 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 Placid'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 Placid 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 Placid, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$734
$682
Ownwell’s Lake Placid Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Placid with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lake Placid to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, ensuring you are well-prepared for any financial obligations. 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 Essex County and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lake Placid, New York
Property taxes in Lake Placid, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Placid is 1.48%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lake Placid set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Placid 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 Placid's effective property tax rate to other counties in New York and the national median. For comparison, the 12946 zip code has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Lake Placid provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Placid Tax Rate
1.48%
Average Essex County Tax Rate
1.92%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Placid, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12946 | 1.15% | 1.15% | 1.48% | 1.50% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Lake Placid, New York
In Lake Placid, 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 Essex 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 Lake Placid, 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 Placid helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lake Placid are both $573, found in the 12946 zip code.
Average Lake Placid Assessed Value
$49,622
Average Essex County Assessed Value
$151,489
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Placid, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12946 | $5,600 | $5,600 | $49,622 | $389,300 | $736,680 |
Source: Ownwell
Property Tax Bills Across Lake Placid, New York
In Lake Placid, 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 and reflects a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and any improvements made can influence the assessed value, thereby affecting the tax bill. Homeowners in Lake Placid experience a wide range of property tax bills. For instance, the tax bill at the 25th percentile is $84, while at the 75th percentile, it jumps to $5,175, and at the 90th percentile, it reaches $9,588. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand their local rates and assessments. These taxes fund essential services like schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Lake Placid Tax Bill
$573
Average Essex County Tax Bill
$2,966
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Placid, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12946 | $84 | $84 | $573 | $5,175 | $9,588 |
Source: Ownwell