Caroga Lake, New York Property Taxes
The median property tax rate in Caroga Lake, NY is 1.80%, which is considerably lower than the New York state median of 2.39% but still higher than the national median of 0.99%. With the median home value in Caroga Lake at $137,885, the typical annual property tax bill amounts to $2,464, just below the national median of $2,690. Property taxes in Caroga Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Caroga 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 Caroga 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
Caroga Lake, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$2,482
$2,303
Ownwell’s Caroga Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caroga Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caroga 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 Caroga Lake, New York
Property taxes in Caroga 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 Caroga Lake is 1.80%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Caroga Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caroga 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 Caroga Lake's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 12032 has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these areas compare with Caroga Lake provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caroga Lake Tax Rate
1.80%
Average Fulton County Tax Rate
2.23%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caroga Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12032 | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Caroga Lake, New York
In Caroga 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 Fulton 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 Caroga 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. Being aware of these valuation processes in Caroga Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 12032 has both the highest and lowest median tax bill, which is $2,464. This is higher than the national median property tax rate of 0.99%.
Average Caroga Lake Assessed Value
$137,885
Average Fulton County Assessed Value
$117,346
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caroga Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12032 | $44,866 | $72,115 | $137,885 | $209,712 | $279,384 |
Source: Ownwell
Property Tax Bills Across Caroga Lake, New York
In Caroga Lake, located in Fulton County, NY, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in this area is $137,885, which serves as a baseline for determining property taxes. Homeowners can expect a wide range of tax bills, with the 25th percentile at $1,287 and the 75th percentile reaching $3,752. For those at the 90th percentile, tax bills can escalate to $5,028. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. The assessed value is determined by local assessors and aims to reflect the property's market value. Compared to the national median property tax rate of 0.99%, homeowners in Caroga Lake may find their tax bills vary significantly based on their specific property's assessed value and the local tax rate. Understanding these factors is crucial for homeowners, as property taxes can significantly impact their annual expenses and overall financial planning.
Average Caroga Lake Tax Bill
$2,464
Average Fulton County Tax Bill
$2,522
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Caroga Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12032 | $798 | $1,287 | $2,464 | $3,752 | $5,028 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Fulton Assessment Review Commission | |
| Website | sdg.fultoncountyny.gov |