Rainbow Lake, Franklin County, New York Property Taxes

Name: Property Tax Bills Across Rainbow Lake, Franklin County, New York
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Rainbow Lake, NY effective property tax rate: 1.52%, significantly higher than the national median of 1.02%, but lower than the New York state median of 2.39%.
Median Rainbow Lake, NY home value: $257,404
Median annual Rainbow Lake, NY tax bill: $3,870, $1,470 higher than the national median property tax bill of $2,400.

How are property taxes in Franklin County calculated?

Property taxes in Rainbow Lake, 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 Rainbow Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Rainbow Lake, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Rainbow Lake, Franklin County, New York Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.52%

Estimate Property Tax Bill

$3,913

$3,631

Ownwell’s Rainbow Lake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Rainbow Lake with just two data points. By entering your property's estimated assessed value, our calculator applies Rainbow Lake’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Franklin County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Rainbow Lake, 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 services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Rainbow Lake’s effective property tax rate to other cities in New York and the median property tax rates in New York and the U.S.

Property Tax Rates Across Rainbow Lake, Franklin County, New York

Source: Ownwell

1.52%

2.28%

3.03%

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 Rainbow Lake Tax Rate

1.52%

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 Rainbow Lake, Franklin County, New York

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
12976	1.52%	1.52%	1.52%	1.55%	1.56%

Source: Ownwell

Property Tax Assessment Values Across Rainbow Lake, Franklin County, New York

When examining property taxes in Rainbow Lake, 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 assessment office 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. Assessment notices: In Franklin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Rainbow Lake. For example, the median home price in Rainbow Lake is $257,404, with tax bills ranging significantly across the county. 12976 has the highest median home price at $257,404.

Property Tax Assessment Values Across Rainbow Lake, Franklin County, New York

Source: Ownwell

$42,262

$149,833

$257,404

Median Rainbow Lake Market Value

$257,404

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 Rainbow Lake, Franklin County, New York

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
12976	$65,084	$140,954	$257,404	$464,084	$668,504

Source: Ownwell

Property Tax Bills Across Rainbow Lake, Franklin County, New York

In Rainbow Lake, NY, property tax bills are determined by the assessed value of a home, which is then multiplied by the local tax rate set by Franklin County. Homeowners in this area experience property tax bills that can vary significantly. For instance, the tax bill at the 25th percentile is $2,109, while at the 75th percentile, it rises to $7,036. The highest median tax bill recorded is $3,870, aligning with the national median property tax bill of $2,400. This variability is influenced by factors such as property location, home value, and local government budgets. For homeowners, these tax bills can represent a substantial financial burden, especially when they exceed the national median property tax rate of 1.02%. Ownwell offers valuable assistance by providing expert property tax appeal and exemption services. By leveraging their expertise, homeowners can potentially lower their assessed property values and consequently reduce their tax bills, ensuring they do not pay more than necessary.

Property Tax Bills Across Rainbow Lake, Franklin County, New York

Source: Ownwell

$1,268

$2,683

$4,098

Median Rainbow Lake Tax Bill

$3,870

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 Rainbow Lake, Franklin County, New York

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
12976	$984	$2,109	$3,870	$7,036	$10,389

Source: Ownwell

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Dates

Links
Franklin Assessment Review Commission
Website	maps.dancgis.org