Thousand Island Park, New York Property Taxes
The median property tax rate in Thousand Island Park, NY is 1.64%, considerably higher than the national median of 0.99% but lower than the New York state median of 2.39%. With the median home value in Thousand Island Park at $31,915, the typical annual property tax bill reaches $522, significantly below the national median of $2,690. Property taxes in Thousand Island Park 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 Thousand Island Park'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 Thousand Island Park 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
Thousand Island Park, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$523
$518
Ownwell’s Thousand Island Park Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Thousand Island Park with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Thousand Island Park to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is determined by Jefferson County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Thousand Island Park, New York
Property taxes in Thousand Island Park, 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 Thousand Island Park is 1.64%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Thousand Island Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thousand Island Park 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 Thousand Island Park's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13692 has both the highest and lowest median property tax rate of 1.64%. Understanding how these cities compare with Thousand Island Park 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 Thousand Island Park Tax Rate
1.64%
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 Thousand Island Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13692 | 1.64% | 1.64% | 1.64% | 1.64% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Thousand Island Park, New York
In Thousand Island Park, 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. 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 Thousand Island Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 13692 has the highest and lowest median tax bill, both at $522.
Property Tax Assessment Values Across Thousand Island Park, New York
Source: Ownwell
$31,915
$230,779
$429,643
Average Thousand Island Park Assessed Value
$31,915
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 Thousand Island Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13692 | $12,192 | $21,064 | $31,915 | $48,830 | $90,958 |
Source: Ownwell
Property Tax Bills Across Thousand Island Park, New York
Property tax bills in Thousand Island Park, located in Jefferson County, NY, are determined by assessing the market value of a property and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate to calculate the tax bill. In this region, the median home price is $31,915. Homeowners in Thousand Island Park can expect their property tax bills to vary significantly, with the 25th percentile at $345 and the 75th percentile at $818. For those in the 90th percentile, the tax bill can reach up to $1,566. Compared to the national median property tax rate of 0.99%, the tax rate in Thousand Island Park offers a different perspective on property tax burdens. Factors such as property size, location, and improvements can influence the assessed value, thus affecting the overall tax bill. This variability can impact homeowners' financial planning and long-term investment in their property.
Average Thousand Island Park Tax Bill
$522
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 Thousand Island Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13692 | $200 | $345 | $522 | $818 | $1,566 |
Source: Ownwell