Paradox, New York Property Taxes
The median property tax rate in Paradox, NY is 1.46%, 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 Paradox at $249,100, the typical annual property tax bill reaches $3,533, exceeding the national median of $2,690. Property taxes in Paradox 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 Paradox'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 Paradox 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
Paradox, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$3,637
$3,596
Ownwell’s Paradox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paradox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paradox 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 Paradox, New York
Property taxes in Paradox, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paradox is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Paradox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paradox 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 Paradox's effective property tax rate to other counties in New York and the national median. For comparison, the 12858 zip code has both the highest and lowest median property tax rate of 1.46%. Understanding how these cities compare with Paradox 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 Paradox Tax Rate
1.46%
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 Paradox, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12858 | 1.46% | 1.46% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Paradox, New York
In Paradox, 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 Paradox, 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 Paradox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,533, found in the 12858 zip code.
Average Paradox Assessed Value
$249,100
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 Paradox, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12858 | $89,220 | $139,700 | $249,100 | $460,900 | $703,880 |
Source: Ownwell
Property Tax Bills Across Paradox, New York
In Paradox, property tax bills are calculated based on the assessed value of a home, which is determined by the local taxing authority. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, in Paradox, the median home price is $249,100. Homeowners in this area can expect to pay a median property tax bill of $3,533, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's market value, local tax rates, and any applicable exemptions. For example, the tax bill for the 25th percentile is $1,984, while the 75th percentile reaches $6,643, and the 90th percentile climbs to $10,279. These figures illustrate the range of property tax bills homeowners in Paradox might face, depending on the assessed value of their properties. Higher tax bills can impact homeowners by increasing the overall cost of homeownership in the area.
Average Paradox Tax Bill
$3,533
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 Paradox, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12858 | $1,166 | $1,984 | $3,533 | $6,643 | $10,279 |
Source: Ownwell