Interlaken, New York Property Taxes
The median property tax rate in Interlaken, NY is 2.06%, 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 Interlaken at $365,000, the typical annual property tax bill reaches $7,288, significantly exceeding the national median of $2,690. Property taxes in Interlaken 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 Interlaken'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 Interlaken 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
Interlaken, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.06%
Estimate Property Tax Bill
$7,519
$6,977
Ownwell’s Interlaken Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Interlaken with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Interlaken 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 Interlaken, New York
Property taxes in Interlaken, 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 Interlaken is 2.06%, significantly higher than the U.S. national median of 0.99%. Local government entities within Interlaken set these rates annually, and they can vary significantly across different neighborhoods. Each year, Interlaken 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 Interlaken's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 14847 has the highest median property tax rate of 2.06%, while the same zip code also has the lowest median tax rate of 2.06%. Understanding how these cities compare with Interlaken provides valuable insights into the varying tax landscape across Schuyler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Interlaken Tax Rate
2.06%
Average Schuyler County Tax Rate
2.27%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Interlaken, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14847 | 1.95% | 1.99% | 2.06% | 2.13% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Interlaken, New York
In Interlaken, 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 Schuyler 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 Interlaken, 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 Interlaken helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Interlaken both stand at $7,288 in zip code 14847.
Average Interlaken Assessed Value
$365,000
Average Schuyler County Assessed Value
$150,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Interlaken, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14847 | $233,000 | $282,500 | $365,000 | $447,500 | $497,000 |
Source: Ownwell
Property Tax Bills Across Interlaken, New York
In Interlaken, Schuyler County, NY, property tax bills are determined based on the assessed value of a home and the applicable tax rate. The median home price in the area stands at $365,000. Local assessors evaluate properties to establish their assessed values, which are then used to calculate the tax bill. Factors such as property size, location, and market conditions influence these assessments. The tax rate in Interlaken can vary, but it generally aligns with the county's standards. Homeowners in the 25th percentile can expect tax bills around $5,847, while those in the 75th percentile face bills closer to $8,730. At the 90th percentile, tax bills can reach up to $9,595. These figures highlight the significant impact property taxes can have on homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Interlaken Tax Bill
$7,288
Average Schuyler County Tax Bill
$3,536
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Interlaken, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14847 | $4,982 | $5,847 | $7,288 | $8,730 | $9,595 |
Source: Ownwell