Ozone Park, New York Property Taxes
The median property tax rate in Ozone Park, NY is 0.73%, which is significantly lower than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $834,000 in Ozone Park, the typical annual property tax bill amounts to $6,030, substantially higher than the national median of $2,690. Property taxes in Ozone Park 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 Ozone 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 Ozone Park or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ozone Park, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$6,088
$5,650
Ownwell’s Ozone Park Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Ozone Park. By simply entering your property's estimated assessed value, the calculator uses the median tax rate for Ozone Park to provide an accurate estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value, determined by Kings County, is crucial for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Ozone Park, New York
Property taxes in Ozone 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 Ozone Park is 0.73%, which is lower than both the New York state median and the U.S. national median of 0.99%. Local government entities within Ozone Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ozone 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 Ozone Park's effective property tax rate to other counties in New York and the national median. For comparison, the 11416 zip code has the highest median property tax rate of 0.77%, while the 11417 zip code has the lowest median tax rate of 0.73%. Understanding how these areas compare with Ozone Park provides valuable insights into the varying tax landscape across Kings County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ozone Park Tax Rate
0.73%
Average Kings County Tax Rate
0.67%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ozone Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11208 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| 11416 | 0.70% | 0.70% | 0.77% | 0.84% | 0.85% |
| 11417 | 0.65% | 0.66% | 0.73% | 0.85% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Ozone Park, New York
In Ozone 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 Kings 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 Ozone Park, 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 Ozone Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $6,336 in zip code 11416, while the lowest is $5,987 in zip code 11417.
Property Tax Assessment Values Across Ozone Park, New York
Source: Ownwell
$255,420
$1,308,710
$2,362,000
Average Ozone Park Assessed Value
$834,000
Average Kings County Assessed Value
$1,094,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ozone Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11208 | $822,000 | $822,000 | $822,000 | $822,000 | $822,000 |
| 11416 | $787,100 | $817,250 | $853,500 | $878,750 | $889,100 |
| 11417 | $722,700 | $805,500 | $838,000 | $895,250 | $926,000 |
Source: Ownwell
Property Tax Bills Across Ozone Park, New York
In Ozone Park, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local government assessors who evaluate the property's market value and apply an assessment ratio to it. This ratio can vary, but it essentially brings the market value down to a taxable amount. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in Ozone Park can expect property tax bills to vary significantly. For instance, the median home price in the area is $834,000, and tax bills range widely. The 25th percentile tax bill is around $5,987, while the 75th percentile reaches up to $6,597. At the higher end, the 90th percentile tax bill can be as much as $7,901. These figures indicate that homeowners in Ozone Park face property tax bills that are above the national median property tax rate of 0.99%, reflecting the higher property values in the area. This financial obligation can significantly impact household budgets, making it crucial for homeowners to understand their property tax calculations.
Average Ozone Park Tax Bill
$6,030
Average Kings County Tax Bill
$6,747
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Ozone Park, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11208 | $6,030 | $6,030 | $6,030 | $6,030 | $6,030 |
| 11416 | $5,937 | $6,026 | $6,336 | $6,813 | $7,202 |
| 11417 | $5,956 | $5,987 | $5,987 | $6,468 | $8,184 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Kings Assessment Review Commission | |
| Website | propertyinformationportal.nyc.gov |