Lake Balboa, California Property Taxes
The median property tax rate in Lake Balboa, CA is 1.22%, considerably higher than both the national median of 0.99% and the California state median of 1.21%. With the median home value in Lake Balboa at $455,618, the typical annual property tax bill reaches $5,534, exceeding the national median of $2,690. Property taxes in Lake Balboa are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence exemptions. Understanding Lake Balboa'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 Balboa 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 Balboa, California Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$2,420
$1,272
$1,148
Average Lake Balboa, California Tax Savings
Ownwell’s Lake Balboa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Balboa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Balboa to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Lake Balboa. 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 Balboa, California
Property taxes in Lake Balboa, California, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Balboa is 1.22%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lake Balboa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Balboa 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 Balboa's effective property tax rate to other areas in Los Angeles County and the national median. For comparison, the 91406 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these areas compare with Lake Balboa provides valuable insights into the varying tax landscape across Los Angeles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Balboa Tax Rate
1.22%
Average Los Angeles County Tax Rate
1.24%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Balboa, California
Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
91406 | 1.18% | 1.21% | 1.22% | 1.25% | 1.29% |
Source: Ownwell
$1,148
Average Lake Balboa Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lake Balboa, California
In Lake Balboa, California, 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 Los Angeles 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 Balboa, 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 Balboa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 91406 has both the highest and lowest median tax bill at $5,534, providing a benchmark for homeowners in the area.
Property Tax Assessment Values Across Lake Balboa, California
Source: Ownwell
$54,919
$1,436,037
$2,817,155
Average Lake Balboa Assessed Value
$455,618
Average Los Angeles County Assessed Value
$434,238
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Balboa, California
Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
91406 | $231,385 | $317,728 | $455,618 | $780,860 | $884,810 |
Source: Ownwell
$1,148
Average Lake Balboa Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lake Balboa, California
In Lake Balboa, Los Angeles County, property tax bills are calculated based on the assessed value of a home, which is determined by the Los Angeles County Assessor's Office. The assessed value is typically a percentage of the market value of the property. With a median home price of $455,618, homeowners in Lake Balboa can expect their property taxes to vary significantly. The tax bill at the 25th percentile is around $4,108, while at the 75th percentile, it rises to $8,196, and at the 90th percentile, it can reach up to $10,437. Several factors influence these tax bills, including property location, home improvements, and changes in market conditions. High property taxes can place a financial burden on homeowners, making it essential to ensure that the assessed value is accurate. Ownwell offers property tax appeal and exemption services to help homeowners reduce their tax bills. By leveraging local expertise and a deep understanding of property tax laws, Ownwell can identify potential discrepancies in assessments and work to secure the most favorable tax rates for homeowners, ensuring they don't overpay.
Average Lake Balboa Tax Bill
$5,534
Average Los Angeles County Tax Bill
$5,343
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Balboa, California
Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
91406 | $2,888 | $4,108 | $5,534 | $8,196 | $10,437 |
Source: Ownwell
$1,148
Average Lake Balboa Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
---|---|
Property Valuation Date | January 1 |
Appeal Deadline | December 2 |
Tax Bill | |
Issued | October 1 |
Due Date #1 | December 10 |
Due Date #2 | April 10 |
Links | |
---|---|
Los Angeles Tax Assessor | |
Phone | (213) 974-3211 |
Website | portal.assessor.lacounty.gov |
pio@assessor.lacounty.gov |
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