Silver Bay, New York Property Taxes
The median property tax rate in Silver Bay, New York, is 1.33%, 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 Silver Bay, the typical annual property tax bill reaches $7,589, significantly exceeding the national median of $2,690. Property taxes in Silver Bay 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 Silver Bay'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 Silver Bay 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
Silver Bay, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$7,591
$7,505
Ownwell’s Silver Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Bay 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 Silver Bay, New York
Property taxes in Silver Bay, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Bay is 1.33%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Silver Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Bay 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 Silver Bay's effective property tax rate to other counties in New York and the national median. For comparison, the 12874 zip code has the highest median property tax rate of 1.33%, while the same 12874 zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Silver Bay 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 Silver Bay Tax Rate
1.33%
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 Silver Bay, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12874 | 1.33% | 1.33% | 1.33% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Silver Bay, New York
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Silver Bay, New York. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Warren 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 Silver Bay, 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. The median home price in Silver Bay is $570,750, with tax bills ranging from $3,666 at the 25th percentile to $19,659 at the 90th percentile. The zip code 12874 has the highest and lowest median tax bill at $7,589. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Silver Bay Assessed Value
$570,750
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 Silver Bay, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12874 | $179,380 | $264,100 | $570,750 | $1,031,950 | $1,480,480 |
Source: Ownwell
Property Tax Bills Across Silver Bay, New York
In Silver Bay, Warren County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value aims to reflect the market value of the property. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. For homeowners in Silver Bay, the median home price stands at $570,750. The tax bill varies significantly, with the 25th percentile at $3,666 and the 75th percentile reaching $13,190. At the 90th percentile, homeowners could see tax bills as high as $19,659. These figures highlight the range of property tax burdens, which can affect household budgets and the overall cost of homeownership. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Silver Bay to understand how local assessments and tax rates influence their financial obligations.
Average Silver Bay Tax Bill
$7,589
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 Silver Bay, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 12874 | $2,358 | $3,666 | $7,589 | $13,190 | $19,659 |
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 |