Bishop, California Property Taxes
The median property tax rate in Bishop, CA is 1.07%, which is slightly higher than the national median of 0.99% but lower than the California state median of 1.21%. With a median home value of $348,534, the typical annual property tax bill in Bishop reaches $3,553, surpassing the national median of $2,690. Property taxes in Bishop are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Bishop'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 Bishop or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bishop, California Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$2,420
Ownwell’s Bishop Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bishop with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bishop 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 Bishop, California
Property taxes in Bishop, California, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bishop is 1.07%, higher than both the California state median and the U.S. national median of 0.99%. Local government entities within Bishop set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bishop 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 Bishop's effective property tax rate to other counties in California and the national median. For comparison, the 93514 zip code has the highest median property tax rate of 1.07%, while the 93514 zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Bishop provides valuable insights into the varying tax landscape across Mono County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bishop Tax Rate
1.07%
Average Mono County Tax Rate
1.14%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bishop, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93514 | 1.01% | 1.03% | 1.07% | 1.11% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Bishop, California
In Bishop, 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 Mono County Assessor's Office 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 Bishop, 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 Bishop helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $348,534, with the highest and lowest median tax bill being $3,553 in the 93514 zip code.
Average Bishop Assessed Value
$348,534
Average Mono County Assessed Value
$402,900
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bishop, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93514 | $138,614 | $214,610 | $348,534 | $473,028 | $671,611 |
Source: Ownwell
Property Tax Bills Across Bishop, California
In Bishop, located in Mono County, CA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is influenced by factors such as the property's market value, location, and any improvements made to the property. The median home price in Bishop stands at $348,534, and the tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Bishop can expect a range of tax bills. For instance, those in the 25th percentile pay around $2,185, while those in the 75th percentile see bills closer to $4,915. At the 90th percentile, the tax bill can reach up to $7,117. The highest and lowest median tax bills in Bishop are both recorded at $3,553, indicating a consistent tax rate across the area. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding how these taxes are calculated helps homeowners plan their finances and anticipate annual expenses.
Average Bishop Tax Bill
$3,553
Average Mono County Tax Bill
$4,319
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Bishop, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93514 | $1,294 | $2,185 | $3,553 | $4,915 | $7,117 |
Source: Ownwell