Lake Clear, New York Property Taxes
The median property tax rate in Lake Clear, NY is 1.60%, 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 Lake Clear, the typical annual property tax bill reaches $2,867, exceeding the national median of $2,690. Property taxes in Lake Clear 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 Clear'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 Clear 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 Clear, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$2,962
$2,929
Ownwell’s Lake Clear Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Clear with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Clear 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 Lake Clear, New York
Property taxes in Lake Clear, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Clear is 1.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lake Clear set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Clear 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 Clear's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 12945 has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these areas compare with Lake Clear provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Clear Tax Rate
1.60%
Average Franklin County Tax Rate
2.45%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Clear, 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, New York
In Lake Clear, 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 Franklin County Assessment Office 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 Clear, 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. For instance, the median home price in Lake Clear is $185,119. The tax bill at the 25th percentile is $1,908, while at the 75th percentile, it is $4,334. Notably, the highest and lowest median tax bill in the area is $2,867, both in zip code 12945. By understanding 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 Clear helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Clear Assessed Value
$185,119
Average Franklin County Assessed Value
$100,730
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Clear, 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, New York
In Lake Clear, located in Franklin County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For example, a median home price in Lake Clear is $185,119. Homeowners in the 25th percentile can expect an annual tax bill of around $1,908, while those in the 75th percentile might see bills as high as $4,334. At the 90th percentile, tax bills can reach up to $6,785. The highest median tax bill in the area is $2,867, notably higher than the national median property tax rate of 0.99%. These figures highlight how property taxes can significantly impact homeowners, affecting their overall financial planning and housing affordability. Understanding these factors is crucial for homeowners in managing their expenses and anticipating future tax liabilities.
Average Lake Clear Tax Bill
$2,867
Average Franklin County Tax Bill
$2,460
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Clear, 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 |