Saranac Lake, Franklin County, New York Property Taxes
Median Saranac Lake, 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 Saranac Lake, NY home value: $191,310
Median annual Saranac Lake, NY tax bill: $4,098, $1,698 higher than the national median property tax bill of $2,400.
How are property taxes in Franklin calculated?
Property taxes in Saranac 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 Saranac Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Saranac Lake, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Saranac Lake, 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
$3,061
$2,840
Property Tax Rates Across Saranac Lake, Franklin County, New York
Local government entities are responsible for setting property tax rates, which can differ significantly across a state. This variation arises because each county annually determines its budget needs for services and divides this by the total assessed value of all taxable property within its area, resulting in the property tax rate. Although setting tax rates and budgets involves votes and legislative measures, this is essentially the yearly process.
In Saranac Lake, located in Franklin County, the effective property tax rate is 1.60%, which stands out when compared to the national median property tax rate of 1.02%. This higher rate reflects the local government's budgetary requirements and the total assessed property values in the area. While Saranac Lake's rate aligns with the highest and lowest rates in the county, it is notably higher than the national average. This comparison highlights the importance of understanding local tax dynamics, as they can significantly impact 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 Saranac Lake 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 Saranac Lake, Franklin County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12983 | 1.51% | 1.60% | 1.60% | 2.59% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Saranac Lake, Franklin County, New York
When examining property taxes in Saranac 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 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 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 Saranac Lake.
For example, the median home price in Saranac Lake is $191,310, with tax bills ranging significantly across the county. Zip code 12983 has the highest median home price at $191,310.
Property Tax Assessment Values Across Saranac Lake, Franklin County, New York
Source: Ownwell
$42,262
$149,833
$257,404
Median Saranac Lake Market Value
$191,310
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 Saranac Lake, Franklin County, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12983 | $84,500 | $137,500 | $191,310 | $329,822 | $705,940 |
Source: Ownwell
Property Tax Bills Across Saranac Lake, Franklin County, New York
Median Saranac Lake Tax Bill
$4,098
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 Saranac Lake, Franklin County, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12983 | $1,654 | $2,717 | $4,098 | $6,006 | $11,338 |
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 |