Lake Sherwood, California Property Taxes
The median property tax rate in Lake Sherwood, CA is 1.10%, which is higher than both the national median of 0.99% and the California state median of 1.21%. With the median home value in Lake Sherwood, the typical annual property tax bill reaches $15,740, significantly surpassing the national median of $2,690. Property taxes in Lake Sherwood are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence exemption. Understanding Lake Sherwood'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 Sherwood or another part of Ventura County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Sherwood, California Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$16,034
$15,143
Ownwell’s Lake Sherwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Sherwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Sherwood 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 Lake Sherwood, California
Property taxes in Lake Sherwood, California, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Sherwood is 1.10%, higher than both the California state median and the U.S. national median of 0.99%. Local government entities within Lake Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Sherwood 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 Sherwood's effective property tax rate to other counties in California and the national median. For comparison, the 91361 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Lake Sherwood provides valuable insights into the varying tax landscape across Ventura County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Sherwood Tax Rate
1.10%
Average Ventura County Tax Rate
1.13%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Sherwood, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91361 | 1.03% | 1.07% | 1.10% | 1.13% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Lake Sherwood, California
In Lake Sherwood, 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 Ventura County 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 Sherwood, 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 Lake Sherwood is $1,457,649, with tax bills ranging from $11,327 at the 25th percentile to $32,037 at the 90th percentile. The highest and lowest median tax bills in the area are both $15,740, found in the 91361 zip code. 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 Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lake Sherwood, California
Source: Ownwell
$4,006
$799,425
$1,594,844
Average Lake Sherwood Assessed Value
$1,457,649
Average Ventura County Assessed Value
$465,193
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Sherwood, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91361 | $482,984 | $1,012,089 | $1,457,649 | $2,086,588 | $3,022,668 |
Source: Ownwell
Property Tax Bills Across Lake Sherwood, California
Property tax bills in Lake Sherwood, Ventura County, CA, are calculated based on the assessed value of a property, which is typically determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Lake Sherwood, the median home price is $1,457,649, and property tax bills vary significantly. For instance, the 25th percentile tax bill is $11,327, while the 75th percentile bill reaches $20,907, and the 90th percentile soars to $32,037. The local tax rate in this area is influenced by various factors, including local government budgets, school funding needs, and infrastructure projects. Homeowners in Lake Sherwood, therefore, face property tax bills that can be substantially higher than the national median property tax rate of 0.99%. This higher tax burden can impact homeowners by increasing their annual housing costs, making it crucial for them to understand and potentially appeal their property assessments to ensure fair taxation.
Average Lake Sherwood Tax Bill
$15,740
Average Ventura County Tax Bill
$5,207
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Sherwood, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91361 | $5,563 | $11,327 | $15,740 | $20,907 | $32,037 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | December 10 |
| Due Date #2 | April 10 |
Links | |
|---|---|
| Ventura Tax Assessor | |
| Website | assessor.countyofventura.org |