Locke, New York Property Taxes
The median property tax rate in Locke, NY is 2.45%, 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 Locke, the typical annual property tax bill reaches $4,028, exceeding the national median of $2,690. Property taxes in Locke 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 Locke'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 Locke 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
Locke, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$4,177
$4,130
Ownwell’s Locke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Locke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locke 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 Locke, New York
Property taxes in Locke, 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 Locke is 2.45%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Locke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locke 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 Locke's effective property tax rate to other counties in New York and the national median. For comparison, the 13092 zip code has both the highest and lowest median property tax rate of 2.45%. Understanding how these cities compare with Locke provides valuable insights into the varying tax landscape across Tompkins County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Locke Tax Rate
2.45%
Average Tompkins County Tax Rate
2.79%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Locke, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13092 | 0.92% | 1.80% | 2.45% | 2.70% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Locke, New York
In Locke, 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 Tompkins 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 Locke, 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, the median home price in Locke is $170,500, with tax bills ranging from $2,377 at the 25th percentile to $8,059 at the 90th percentile. The highest median tax bill in Locke is $4,028, found in the 13092 zip code, which also has the lowest median tax bill of $4,028. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Locke Assessed Value
$170,500
Average Tompkins County Assessed Value
$225,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Locke, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13092 | $86,000 | $126,000 | $170,500 | $236,000 | $308,000 |
Source: Ownwell
Property Tax Bills Across Locke, New York
In Locke, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. For instance, the median home price in Locke is $170,500. The tax rate for Tompkins County, where Locke is located, is applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property’s location, size, and any applicable exemptions or deductions. Homeowners in Locke experience a range of property tax bills. The 25th percentile tax bill is approximately $2,377, while the 75th percentile tax bill is around $5,646. At the higher end, the 90th percentile tax bill reaches $8,059. This variability highlights how individual property characteristics and local tax policies impact what homeowners owe. Comparatively, Locke's property tax rates are significant, given the national median property tax rate of 0.99%. This underscores the importance for homeowners to understand their tax assessments and explore potential exemptions to manage their tax liabilities effectively.
Average Locke Tax Bill
$4,028
Average Tompkins County Tax Bill
$6,186
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Locke, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13092 | $1,188 | $2,377 | $4,028 | $5,646 | $8,059 |
Source: Ownwell