Lake Luzerne, New York Property Taxes
The median property tax rate in Lake Luzerne, NY, is 1.61%, 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 Luzerne, the typical annual property tax bill reaches $2,813, slightly exceeding the national median of $2,690. Property taxes in Lake Luzerne 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 Luzerne'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 Luzerne 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 Luzerne, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$2,808
$2,776
Ownwell’s Lake Luzerne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Luzerne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Luzerne 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 Luzerne, New York
Property taxes in Lake Luzerne, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Luzerne is 1.61%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Lake Luzerne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Luzerne 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 Luzerne's effective property tax rate to other areas in New York and the national median. For comparison, the zip code 12846 has the highest median property tax rate of 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these areas compare with Lake Luzerne provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Luzerne Tax Rate
1.61%
Average Warren County Tax Rate
1.79%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Luzerne, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12846 | 1.58% | 1.61% | 1.61% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Lake Luzerne, New York
In Lake Luzerne, 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 Warren 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 Lake Luzerne, 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 Luzerne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2813, found in zip code 12846.
Average Lake Luzerne Assessed Value
$174,400
Average Warren County Assessed Value
$215,800
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Luzerne, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12846 | $79,890 | $116,300 | $174,400 | $255,800 | $350,345 |
Source: Ownwell
Property Tax Bills Across Lake Luzerne, New York
In Lake Luzerne, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Warren County assessor’s office, which evaluates the property's market value and applies an assessment ratio. Homeowners in Lake Luzerne typically see a range of tax bills, with the 25th percentile at $1,867 and the 75th percentile at $4,125. For those in the 90th percentile, tax bills can reach up to $5,636. The median home price in Lake Luzerne stands at $174,400, and the highest median tax bill in the area is $2,813, which is above the national median property tax rate of 0.99%. These figures illustrate how property taxes can significantly impact homeowners, influencing monthly mortgage payments and overall affordability. Factors such as property improvements, neighborhood developments, and changes in local government budgets can also affect annual tax bills, making it crucial for homeowners to stay informed about their property's assessed value and any potential tax rate adjustments.
Average Lake Luzerne Tax Bill
$2,813
Average Warren County Tax Bill
$4,027
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Luzerne, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12846 | $1,256 | $1,867 | $2,813 | $4,125 | $5,636 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Warren Assessment Review Commission | |
| Website | imo.warrencountyny.gov |