Old Westbury, New York Property Taxes
The median property tax rate in Old Westbury, NY is 1.85%, 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 Old Westbury, the typical annual property tax bill reaches $34,708, exceeding the national median of $2,690. Property taxes in Old Westbury 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 Old Westbury'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 Old Westbury 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
Old Westbury, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$33,522
$31,107
$1,148
Average Tax Savings
Ownwell’s Old Westbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Westbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Westbury 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 Old Westbury. 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 Old Westbury, New York
Property taxes in Old Westbury, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Westbury is 1.85%, significantly higher than the U.S. national median of 0.99%. Local government entities within Old Westbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Westbury 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 Old Westbury's effective property tax rate to other counties in New York and the national median. For comparison, the 11568 zip code has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these cities compare with Old Westbury 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 Old Westbury Tax Rate
1.85%
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 Old Westbury, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11568 | 1.62% | 1.72% | 1.85% | 2.05% | 2.33% |
Source: Ownwell
$1,148
Average Old Westbury Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Old Westbury, New York
In Old Westbury, 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 Assessor 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 Old Westbury, 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. The median home price in Old Westbury is $1,812,000, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $26,201, while the 75th percentile tax bill reaches $45,551. The highest and lowest median tax bills are both $34,708, found in the zip code 11568. 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 Old Westbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Old Westbury, New York
Source: Ownwell
$37,000
$1,990,750
$3,944,500
Average Old Westbury Assessed Value
$1,812,000
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 Old Westbury, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11568 | $1,134,000 | $1,393,000 | $1,812,000 | $2,423,000 | $3,416,000 |
Source: Ownwell
$1,148
Average Old Westbury Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Old Westbury, New York
In Old Westbury, located in Nassau County, NY, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $1,812,000, tax bills can vary significantly, ranging from $26,201 at the 25th percentile to $66,902 at the 90th percentile. The highest and lowest median tax bills in the area are both $34,708, as seen in the 11568 zip code. These figures highlight the substantial tax burden on homeowners, which can exceed the national median property tax rate of 0.99%. Ownwell can assist homeowners in Old Westbury by providing expert property tax appeal and exemption services. By thoroughly reviewing property assessments and identifying potential errors or overvaluations, Ownwell can help reduce tax liabilities, ensuring homeowners pay only their fair share. This can result in significant savings, alleviating the financial strain of high property taxes.
Average Old Westbury Tax Bill
$34,708
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 Old Westbury, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 11568 | $20,450 | $26,201 | $34,708 | $45,551 | $66,902 |
Source: Ownwell
$1,148
Average Old Westbury 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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