Lockport, New York Property Taxes
The median property tax rate in Lockport, NY is 2.40%, 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 Lockport at $170,000, the typical annual property tax bill reaches $4,406, exceeding the national median of $2,690. Property taxes in Lockport 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 Lockport'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 Lockport 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
Lockport, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$4,080
$3,786
Ownwell’s Lockport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lockport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lockport to estimate 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 Lockport, New York
Property taxes in Lockport, 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 Lockport is 2.40%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lockport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockport 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 Lockport's effective property tax rate to other counties in New York and the national median. For comparison, the 14094 zip code has the highest median property tax rate of 2.40%, while the 14095 zip code has the lowest median tax rate of 0.63%. Understanding how these areas compare with Lockport provides valuable insights into the varying tax landscape across Niagara County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockport Tax Rate
2.40%
Average Niagara County Tax Rate
2.34%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockport, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14094 | 2.32% | 2.40% | 2.40% | 2.72% | 2.98% |
| 14095 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Lockport, New York
In Lockport, 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 Niagara 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 Lockport, 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. For instance, residents in the 14094 zip code see the highest median tax bill at $4,406, while those in the 14095 zip code experience the lowest median tax bill at $1,842. 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 Lockport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lockport Assessed Value
$170,000
Average Niagara County Assessed Value
$156,739
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockport, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14094 | $91,000 | $120,000 | $170,000 | $238,000 | $323,930 |
| 14095 | $291,000 | $291,000 | $291,000 | $291,000 | $291,000 |
Source: Ownwell
Property Tax Bills Across Lockport, New York
In Lockport, located in Niagara County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's market value, size, location, and condition. Homeowners in Lockport can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $2,857, while the 75th percentile reaches up to $6,224, and the 90th percentile can be as high as $8,450. The highest median tax bill in the area is $4,406 in the 14094 zip code, whereas the lowest median tax bill is $1,842 in the 14095 zip code. These property taxes fund essential community services like public schools, emergency services, and infrastructure maintenance, directly affecting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, Lockport's rates reflect the unique economic and property value conditions of the area.
Average Lockport Tax Bill
$4,406
Average Niagara County Tax Bill
$3,626
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockport, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14094 | $2,135 | $2,857 | $4,406 | $6,225 | $8,450 |
| 14095 | $1,842 | $1,842 | $1,842 | $1,842 | $1,842 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Niagara Assessment Review Commission | |
| Website | niagaracounty.prosgar.com |