Lake Clear, Franklin County, New York Property Taxes
Median Lake Clear, NY effective property tax rate: 1.60%, significantly higher than the national median of 1.02%, but lower than the New York state median of 2.39%.
Median Lake Clear, NY home value: $185,119
Median annual Lake Clear, NY tax bill: $2,867, $467 higher than the national median property tax bill of $2,400.
How are property taxes in Franklin calculated?
Property taxes in Lake Clear, NY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lake Clear’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake Clear, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lake Clear, Franklin County, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.6%
Estimate Property Tax Bill
$2,962
$2,749
Property Tax Rates Across Lake Clear, Franklin County, New York
Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell.
In Lake Clear, located in Franklin County, NY, the effective property tax rate is notably higher than the national median of 1.02%. This rate reflects the county's decisions on budget allocations and the total assessed value of properties within its borders. The property tax rate in Lake Clear is identical to the highest and lowest rates found across the state, highlighting a uniformity within the region.
When comparing Lake Clear's rate to the median property tax rates in both New York and the U.S., it becomes evident that the local rate is above the national average. This comparison underscores the importance of understanding local tax structures and their impact on property owners.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lake Clear Tax Rate
1.60%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Franklin County Tax Rate
2.45%
Median Effective New York Tax Rate
2.39%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lake Clear, Franklin County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12945 | 1.51% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Lake Clear, Franklin County, New York
When examining property taxes in Lake Clear, NY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Franklin County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Franklin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lake Clear.
For example, the median home price in Lake Clear is $185,119, with tax bills ranging significantly across the county. ZIP code 12945 has the highest median home price at $185,119.
Property Tax Assessment Values Across Lake Clear, Franklin County, New York
Source: Ownwell
$42,262
$149,833
$257,404
Median Lake Clear Market Value
$185,119
Median Franklin County Market Value
$100,730
Median New York Market Value
$255,644
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lake Clear, Franklin County, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12945 | $76,881 | $119,554 | $185,119 | $272,381 | $427,238 |
Source: Ownwell
Property Tax Bills Across Lake Clear, Franklin County, New York
In Lake Clear, Franklin County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. With a median home price of $185,119, homeowners in Lake Clear face tax bills that can vary significantly, ranging from the 25th percentile at $1,908 to the 90th percentile at $6,785. The median tax bill is notably higher than the national median of $2,400, reflecting the region's robust property tax rates.
High property tax bills can be a burden for homeowners, impacting their financial stability and overall cost of living. Ownwell offers property tax appeal services that can help homeowners in Lake Clear potentially reduce their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell assists homeowners in challenging their assessments, aiming for a fairer tax obligation. This service can lead to significant savings, making homeownership more affordable in the long run.
Median Lake Clear Tax Bill
$2,867
Median Franklin County Tax Bill
$2,460
Median New York Tax Bill
$5,938
Median United States Tax Bill
$2,400
Property Tax Bills Across Lake Clear, Franklin County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12945 | $1,190 | $1,908 | $2,867 | $4,334 | $6,785 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Franklin Assessment Review Commission | |
| Website | maps.dancgis.org |