Cold Spring Harbor, New York Property Taxes
The median property tax rate in Cold Spring Harbor, NY is 1.88%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $939,500 in Cold Spring Harbor, the typical annual property tax bill reaches $18,247, far exceeding the national median of $2,690. Property taxes in Cold Spring Harbor are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cold Spring Harbor'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 Cold Spring Harbor 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
Cold Spring Harbor, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$17,663
$16,390
$1,148
Average Tax Savings
Ownwell’s Cold Spring Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cold Spring Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cold Spring Harbor to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Cold Spring Harbor. 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 Cold Spring Harbor, New York
Property taxes in Cold Spring Harbor, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cold Spring Harbor is 1.88%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Cold Spring Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cold Spring Harbor 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 Cold Spring Harbor's effective property tax rate to other areas in New York and the national median. For comparison, the 11724 zip code has the highest median property tax rate of 1.88%, while the 11724 zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Cold Spring Harbor provides valuable insights into the varying tax landscape across Nassau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cold Spring Harbor Tax Rate
1.88%
Average Nassau County Tax Rate
2.10%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cold Spring Harbor, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11724 | 1.72% | 1.79% | 1.88% | 2.24% | 2.54% |
Source: Ownwell
$1,148
Average Cold Spring Harbor Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Cold Spring Harbor, New York
In Cold Spring Harbor, 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 Nassau County Assessment Department 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 Cold Spring Harbor, 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 Cold Spring Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 11724, with a median tax bill of $18,247.
Property Tax Assessment Values Across Cold Spring Harbor, New York
Source: Ownwell
$37,000
$1,990,750
$3,944,500
Average Cold Spring Harbor Assessed Value
$939,500
Average Nassau County Assessed Value
$537,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cold Spring Harbor, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11724 | $609,500 | $794,250 | $939,500 | $1,129,500 | $1,648,000 |
Source: Ownwell
$1,148
Average Cold Spring Harbor Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Cold Spring Harbor, New York
In Cold Spring Harbor, NY, property tax bills are calculated based on the assessed value of the home, which is then multiplied by the local tax rate. With a median home price of $939,500, property taxes can be substantial. The tax bill at the 25th percentile is $16,660, while at the 75th percentile, it rises to $22,203, and it can reach up to $30,865 at the 90th percentile. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the area's high property values and tax rates. Several factors influence the tax bill, including property size, location, and any applicable exemptions. High property taxes can be a burden for homeowners, but Ownwell can help. By providing expert property tax appeal and exemption services, Ownwell ensures that homeowners are not overpaying. Our team reviews your property’s assessed value and compares it to similar properties, identifying discrepancies and filing appeals on your behalf. This can lead to significant savings and ease the financial strain of high property taxes.
Average Cold Spring Harbor Tax Bill
$18,247
Average Nassau County Tax Bill
$11,613
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Cold Spring Harbor, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11724 | $12,462 | $16,660 | $18,247 | $22,203 | $30,865 |
Source: Ownwell
$1,148
Average Cold Spring Harbor Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to file a grievance!
Dates | |
|---|---|
| Appeal Deadline | March 3 |
Links | |
|---|---|
| Nassau Assessment Review Commission | |
| Website | lrv.nassaucountyny.gov |
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