Loon Lake, Franklin County, New York Property Taxes

Name: Property Tax Bills Across Loon Lake, Franklin County, New York
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Loon Lake, NY effective property tax rate: 1.71%, significantly higher than the national median of 1.02%, but lower than the New York state median of 2.39%.
Median Loon Lake, NY home value: $108,750
Median annual Loon Lake, NY tax bill: $1,855, $545 lower than the national median property tax bill of $2,400.

How are property taxes in Franklin calculated?

Property taxes in Loon Lake, NY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Loon Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Loon Lake, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Loon Lake, Franklin County, New York Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.43%

Estimate Property Tax Bill

$3,133

$2,907

Ownwell’s Loon Lake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Loon Lake with just two data points. By entering your property's estimated assessed value, our calculator applies Loon Lake’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Franklin County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Loon Lake, Franklin County, New York

Local government entities establish tax rates, leading to significant variation within a state. This occurs because each year, counties calculate their necessary budget to fund services and divide this by the total value of all taxable properties within their area, resulting in the property tax rate. Though votes and legislation play a role in determining tax rates and budgets, this is essentially the yearly procedure. In Loon Lake, located in Franklin County, NY, the effective property tax rate is a notable figure when compared to other cities in New York and the broader national context. With New York's median property tax rate at 1.71%, it's significantly above the national median rate of 1.02%. This difference underscores the importance of understanding local tax dynamics and exploring potential savings through appeals or exemptions. By comparing Loon Lake’s rate to the state and national medians, property owners can better grasp the impact of their local taxes and consider consulting services to potentially reduce their tax liabilities.

Property Tax Rates Across Loon Lake, Franklin County, New York

Source: Ownwell

1.19%

1.82%

2.45%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Loon Lake Tax Rate

1.43%

Median Effective Franklin County Tax Rate

1.90%

Median Effective New York Tax Rate

1.90%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Loon Lake, Franklin County, New York

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
12989	1.34%	1.43%	1.43%	1.43%	1.78%

Source: Ownwell

Property Tax Assessment Values Across Loon Lake, Franklin County, New York

When examining property taxes in Loon Lake, NY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Franklin County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Franklin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Loon Lake. For example, the median home price in Loon Lake is $108,750, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Loon Lake, Franklin County, New York

Source: Ownwell

$50,985

$188,993

$327,000

Median Loon Lake Market Value

$219,063

Median Franklin County Market Value

$128,525

Median New York Market Value

$312,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Loon Lake, Franklin County, New York

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
12989	$79,219	$113,516	$219,063	$275,390	$304,063

Source: Ownwell

Property Tax Bills Across Loon Lake, Franklin County, New York

In Loon Lake, located in Franklin County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The tax rate is applied to this assessed value to determine the annual tax bill. With a median home price of $108,750, homeowners in Loon Lake face property tax bills that vary significantly. For instance, the 25th percentile tax bill is $986, while the 75th percentile reaches $3,096, and the 90th percentile climbs to $3,688. These figures indicate that some homeowners pay well above the national median property tax bill of $2,400. This disparity can place a financial strain on homeowners, particularly those whose property values are assessed higher than the market value.

Ownwell offers a solution by helping homeowners appeal their property tax assessments and secure potential exemptions. By leveraging expert knowledge and experience, Ownwell can assist homeowners in Loon Lake in reducing their property tax burdens, ensuring they only pay their fair share. This service can lead to substantial savings, providing financial relief and peace of mind.

Property Tax Bills Across Loon Lake, Franklin County, New York

Source: Ownwell

$1,047

$2,684

$4,320

Median Loon Lake Tax Bill

$3,129

Median Franklin County Tax Bill

$2,503

Median New York Tax Bill

$5,420

Median United States Tax Bill

$2,400

Property Tax Bills Across Loon Lake, Franklin County, New York

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
12989	$1,132	$1,801	$3,129	$3,805	$4,343

Source: Ownwell

Don't miss the deadline to file a grievance!

Dates

Links
Franklin Assessment Review Commission
Website	maps.dancgis.org