Schroon Lake, New York Property Taxes
The median property tax rate in Schroon Lake, 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 Schroon Lake, the typical annual property tax bill reaches $3,175, exceeding the national median of $2,690. Property taxes in Schroon Lake 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 Schroon Lake'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 Schroon Lake 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
Schroon Lake, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$3,237
$3,200
Ownwell’s Schroon Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Schroon Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Schroon Lake 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 Schroon Lake, New York
Property taxes in Schroon Lake, 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 Schroon Lake is 1.46%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Schroon Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Schroon Lake 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 Schroon Lake's effective property tax rate to other counties in New York and the national median. For comparison, the 12870 zip code has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Schroon Lake 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 Schroon Lake 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 Schroon Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12870 | 1.46% | 1.46% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Schroon Lake, New York
In Schroon Lake, 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 Schroon Lake, 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. Schroon Lake has a median home price of $221,700, with tax bills ranging from $1,936 at the 25th percentile to $10,249 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Schroon Lake Assessed Value
$221,700
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 Schroon Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12870 | $74,320 | $136,400 | $221,700 | $373,800 | $703,240 |
Source: Ownwell
Property Tax Bills Across Schroon Lake, New York
In Schroon Lake, Essex County, NY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and is intended to represent a percentage of the property's market value. Various factors, such as property size, location, and improvements, influence this assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in Schroon Lake can expect property tax bills to vary significantly. For example, tax bills at the 25th percentile are around $1,936, while those at the 75th percentile reach approximately $5,420. For properties in the 90th percentile, tax bills can soar to $10,249. The median home price in Schroon Lake is $221,700, and the property tax rate is notably higher than the national median rate of 0.99%. This substantial variation in tax bills can have a significant impact on homeowners, influencing their financial planning and long-term investment decisions.
Average Schroon Lake Tax Bill
$3,175
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 Schroon Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12870 | $1,059 | $1,936 | $3,175 | $5,420 | $10,249 |
Source: Ownwell