Ray Brook, New York Property Taxes
The median property tax rate in Ray Brook, NY is 1.56%, 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 Ray Brook, the typical annual property tax bill reaches $3,242, exceeding the national median of $2,690. Property taxes in Ray Brook 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 Ray Brook'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 Ray Brook 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
Ray Brook, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$3,487
$3,235
Ownwell’s RAY BROOK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RAY BROOK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RAY BROOK 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 Ray Brook, New York
Property taxes in Ray Brook, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ray Brook is 1.56%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Ray Brook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ray Brook 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 Ray Brook's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12977 has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Ray Brook 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 Ray Brook Tax Rate
1.56%
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 Ray Brook, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12977 | 1.32% | 1.45% | 1.56% | 1.56% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Ray Brook, New York
In Ray Brook, 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 Ray Brook, 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 Ray Brook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 12977 has the highest and lowest median tax bill at $3,242, compared to the national median property tax rate of 0.99%.
Average Ray Brook Assessed Value
$223,500
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 Ray Brook, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12977 | $127,110 | $164,650 | $223,500 | $381,900 | $462,280 |
Source: Ownwell
Property Tax Bills Across Ray Brook, New York
In Ray Brook, located in Essex 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 the local assessor's office, which evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Ray Brook experience a range of property tax bills. For example, the 25th percentile tax bill is $2,216, while the 75th percentile tax bill reaches $5,859. At the 90th percentile, homeowners might pay as much as $7,125 annually. Comparatively, the highest median tax bill in the area is $3,242, which is significantly higher than the national median property tax rate of 0.99%. These tax bills can substantially impact homeowners, affecting their overall housing costs and financial planning.
Average Ray Brook Tax Bill
$3,242
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 Ray Brook, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12977 | $1,568 | $2,216 | $3,242 | $5,859 | $7,125 |
Source: Ownwell