Lake City, Florida Property Taxes
The median property tax rate in Lake City, FL is 1.07%, slightly higher than the national median of 0.99% but lower than the Florida state median of 1.14%. With a median home value of $141,032 in Lake City, the typical annual property tax bill amounts to $1,487, which is below the national median of $2,690. Property taxes in Lake City are determined based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Navigating Lake City's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Lake City or another part of Columbia County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake City, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,509
$1,427
Ownwell’s Lake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake City 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 City, Florida
Property taxes in Lake City, Florida, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City is 1.07%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake City 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 City's effective property tax rate to other counties in Florida and the national median. For comparison, the 32055 zip code has the highest median property tax rate of 1.25%, while the 32024 zip code has the lowest median tax rate of 0.99%. Understanding how these cities compare with Lake City provides valuable insights into the varying tax landscape across Columbia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake City Tax Rate
1.07%
Average Columbia County Tax Rate
1.08%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32024 | 0.69% | 0.84% | 0.99% | 1.44% | 1.79% |
| 32025 | 0.68% | 0.82% | 1.06% | 1.70% | 2.13% |
| 32055 | 0.73% | 0.90% | 1.25% | 2.04% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Florida
In Lake City, Florida, 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 Columbia County Appraisal District 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 City, 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. For example, the median home price in Lake City is $141,032, with the 25th percentile tax bill at $908 and the 75th percentile tax bill at $2,370. The highest median tax bill is $1,629 in zip code 32024, while the lowest median tax bill is $1,305 in zip code 32055. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake City Assessed Value
$141,032
Average Columbia County Assessed Value
$136,286
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake City, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32024 | $57,994 | $103,683 | $171,105 | $243,934 | $321,411 |
| 32025 | $54,335 | $95,509 | $140,449 | $190,282 | $251,995 |
| 32055 | $30,762 | $55,518 | $103,218 | $207,529 | $312,075 |
Source: Ownwell
Property Tax Bills Across Lake City, Florida
In Lake City, Columbia County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county property appraiser. The assessed value is then multiplied by the local millage rate to determine the tax bill. Factors such as the home's market value, location, and any applicable exemptions are considered in this assessment. The median home price in Lake City is $141,032, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $908, while at the 75th percentile, it rises to $2,370. Homeowners in the highest median tax bill area, with zip code 32024, pay around $1,629, compared to $1,305 in the lowest median tax bill area, zip code 32055. These variations can impact homeowners' financial planning and overall cost of living. With the national median property tax rate at 0.99%, understanding these local tax dynamics is crucial for homeowners in Lake City.
Average Lake City Tax Bill
$1,487
Average Columbia County Tax Bill
$1,432
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32024 | $683 | $982 | $1,629 | $2,549 | $3,563 |
| 32025 | $685 | $944 | $1,492 | $2,244 | $3,227 |
| 32055 | $490 | $808 | $1,305 | $2,271 | $3,581 |
Source: Ownwell