Highland Lake, New York Property Taxes
The median property tax rate in Highland Lake, NY is 1.07%, slightly higher than the national median of 0.99% but significantly lower than the New York state median of 2.39%. With a median home value of $258,958 in Highland Lake, the typical annual property tax bill amounts to $2,166, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Navigating Highland Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Highland Lake or another part of Sullivan County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Highland Lake, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,771
$2,740
Ownwell’s Highland Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highland Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highland Lake 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 Highland Lake, New York
Property taxes in Highland Lake, New York, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Highland Lake is 1.07%, higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Highland Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highland Lake 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 Highland Lake's effective property tax rate to other counties in New York and the national median. For comparison, the 12743 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these areas compare with Highland Lake provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Highland Lake Tax Rate
1.07%
Average Sullivan County Tax Rate
1.60%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highland Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12743 | 1.03% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Highland Lake, New York
In Highland Lake, 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 Sullivan 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 Highland Lake, 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. In Highland Lake, the zip code with the highest median tax bill is 12743, while the lowest median tax bill is also found in zip code 12743, both with a median tax bill of $2,166. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Highland Lake Assessed Value
$258,958
Average Sullivan County Assessed Value
$159,121
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Highland Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12743 | $101,427 | $182,187 | $258,958 | $392,604 | $556,542 |
Source: Ownwell
Property Tax Bills Across Highland Lake, New York
In Highland Lake, Sullivan County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $258,958, homeowners can expect varying tax bills depending on their property's specific valuation and applicable exemptions. The tax bill can range significantly, with the 25th percentile at $1,368 and the 75th percentile reaching $2,819. At the 90th percentile, homeowners might see tax bills as high as $3,609. These figures highlight the variability in property tax burdens within the community. Notably, the highest and lowest median tax bills both stand at $2,166 in the zip code 12743, indicating some consistency within that area. Compared to the national median property tax rate of 0.99%, Highland Lake's property taxes can be a significant financial consideration for homeowners, influencing their overall cost of living and long-term financial planning.
Average Highland Lake Tax Bill
$2,166
Average Sullivan County Tax Bill
$2,467
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Highland Lake, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12743 | $956 | $1,368 | $2,166 | $2,819 | $3,609 |
Source: Ownwell