Lorraine, New York Property Taxes
The median property tax rate in Lorraine, NY is 2.30%, 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 Lorraine, the typical annual property tax bill reaches $1,921, which is below the national median of $2,690. Property taxes in Lorraine 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 Lorraine'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 Lorraine 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
Lorraine, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$1,903
$1,882
Ownwell’s Lorraine Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lorraine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lorraine to provide an estimate of 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 Lorraine, New York
Property taxes in Lorraine, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lorraine is 2.30%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lorraine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lorraine 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 Lorraine's effective property tax rate to other counties in New York and the national median. For comparison, the 13659 zip code has the highest median property tax rate of 2.30%, while the same 13659 zip code also has the lowest median tax rate of 2.30%. Understanding how these areas compare with Lorraine provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lorraine Tax Rate
2.30%
Average Jefferson County Tax Rate
1.81%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lorraine, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13659 | 2.30% | 2.30% | 2.30% | 2.39% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Lorraine, New York
In Lorraine, 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 Jefferson 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 Lorraine, 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. The median home price in Lorraine is $82,738, with tax bills ranging from $1,124 at the 25th percentile to $4,211 at the 90th percentile. Being aware of these valuation processes in Lorraine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lorraine Assessed Value
$82,738
Average Jefferson County Assessed Value
$134,468
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lorraine, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13659 | $28,929 | $46,638 | $82,738 | $129,137 | $182,190 |
Source: Ownwell
Property Tax Bills Across Lorraine, New York
Property tax bills in Lorraine, NY, are determined by multiplying the assessed value of a property by the local tax rate set by Jefferson County. The assessed value is typically a percentage of the property's market value. For example, the median home price in Lorraine is $82,738. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Lorraine experience varying tax bills, with the 25th percentile at $1,124 and the 75th percentile at $3,036. The 90th percentile tax bill can reach up to $4,211. These figures highlight the range of property tax burdens within the city. Comparatively, Lorraine’s median tax bill is higher than the national median property tax rate of 0.99%, reflecting the region's specific valuation and rate-setting practices. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Lorraine Tax Bill
$1,921
Average Jefferson County Tax Bill
$2,407
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lorraine, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13659 | $666 | $1,124 | $1,921 | $3,036 | $4,211 |
Source: Ownwell