Lake Katrine, New York Property Taxes
The median property tax rate in Lake Katrine, NY is 3.18%, 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 Lake Katrine at $222,727, the typical annual property tax bill reaches $6,978, exceeding the national median of $2,690. Property taxes in Lake Katrine 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 Lake Katrine'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 Lake Katrine 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
Lake Katrine, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.18%
Estimate Property Tax Bill
$7,083
$7,003
Ownwell’s Lake Katrine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Katrine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Katrine 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 Lake Katrine, New York
Property taxes in Lake Katrine, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Katrine is 3.18%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lake Katrine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Katrine 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 Lake Katrine's effective property tax rate to other counties in New York and the national median. For comparison, the 12449 zip code has the highest median property tax rate of 3.18%, while the same zip code also has the lowest median tax rate of 3.18%. Understanding how these cities compare with Lake Katrine provides valuable insights into the varying tax landscape across Ulster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Katrine Tax Rate
3.18%
Average Ulster County Tax Rate
2.67%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Katrine, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12449 | 2.80% | 3.06% | 3.18% | 3.21% | 3.21% |
Source: Ownwell
Property Tax Assessment Values Across Lake Katrine, New York
In Lake Katrine, 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 Ulster 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 Lake Katrine, 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 Lake Katrine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 12449 has the highest and lowest median tax bill at $6,978.
Average Lake Katrine Assessed Value
$222,727
Average Ulster County Assessed Value
$268,649
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Katrine, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12449 | $158,109 | $181,818 | $222,727 | $278,000 | $333,164 |
Source: Ownwell
Property Tax Bills Across Lake Katrine, New York
In Lake Katrine, Ulster 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 tax bill. The median home price in Lake Katrine is $222,727, and the property tax rate in Ulster County significantly impacts homeowners. Factors such as property size, location, and improvements can influence the assessed value, leading to varying tax bills. For instance, tax bills in the 25th percentile are around $5,362, while those in the 75th percentile reach $8,517. The 90th percentile sees tax bills as high as $10,469. Compared to the national median property tax rate of 0.99%, homeowners in Lake Katrine often face higher tax bills, reflecting the region's property values and tax rates. These property taxes fund essential local services like schools, infrastructure, and emergency services, directly affecting the community's quality of life. Homeowners must budget for these costs as part of their overall housing expenses.
Average Lake Katrine Tax Bill
$6,978
Average Ulster County Tax Bill
$6,879
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Katrine, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12449 | $4,625 | $5,362 | $6,978 | $8,517 | $10,469 |
Source: Ownwell