Report: Swank Sagaponack Has Lowest Tax Rate in NY

One of the priciest places to live in New York has among the lowest property tax rates in the state, according to a new report from Empire Center for New York State Policy.

A small area where Sagaponack Village and Sagaponack School District overlap has a tax rate of just $1.24 per $1,000 of assessed property value. Meanwhile, the median tax rate for Long Island is $23.53 per $1,000.

At the median Suffolk County home price of $319,600, a Sagaponack tax bill would amount to just $396 annually, according to the report. However, the median home value in Sagaponack is more than 10 times the county median.

Sagaponack holds the title of Bloomberg Businessweek's , with a median home value of $3.5 million. Forbes Magazine ranks Sagaponack's 11962 as the in the nation.

The village tax rate for 2012-13 is just $0.067 per $1,000. The proposed tax rate for Sagaponack School District is $0.379. Town, county and fire district taxes make up the remainder of the $1.24 tax rate.

Let Patch save you time. Get great local stories like this delivered right to your inbox or smartphone every day with our free newsletter. Simple, fast sign-up here.

Residents of who live within Wainscott School District have a property tax rate of $2.07. Residents of whose homes fall outside of the village boundaries have a rate of $2.74.

For residents, the tax rate is $3.81, the fifth lowest in New York. In , the rate is $4.62, the 10th lowest. The village of also makes the botton-20 list, at the 17th lowest, with a tax rate of $6.15.

To review the Empire Center for New York State Policy report, see the pdf document attached to this post.