Lithia, Florida Property Taxes
The median property tax rate in Lithia, FL is 1.58%, significantly higher than both the national median of 0.99% and Florida's state median of 1.14%. With a median home value of $385,544 in Lithia, the typical annual property tax bill reaches $6,218, well above the national median of $2,690. Property taxes in Lithia are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lithia'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 Lithia 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
Lithia, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$6,092
$5,760
$1,148
Average Lithia, Florida Tax Savings
Ownwell’s Lithia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lithia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lithia 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 Lithia. 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 Lithia, Florida
Property taxes in Lithia, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lithia is 1.58%, significantly higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Lithia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lithia 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 Lithia's effective property tax rate to other counties in Florida and the national median. For comparison, the 33547 zip code has the highest median property tax rate of 1.58%, while the same zip code also has the lowest median tax rate of 1.58%. Understanding how these cities compare with Lithia provides valuable insights into the varying tax landscape across Hillsborough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lithia Tax Rate
1.58%
Average Hillsborough County Tax Rate
1.27%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lithia, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33547 | 0.75% | 1.19% | 1.58% | 2.01% | 2.34% |
Source: Ownwell
$1,148
Average Lithia Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lithia, Florida
In Lithia, FL, 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 Hillsborough 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 Lithia, 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. Lithia's median home price stands at $385,544, with tax bills ranging significantly. For instance, the 25th percentile tax bill is around $4,174, while the 75th percentile reaches $8,151, and the 90th percentile can go up to $10,308. 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 Lithia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lithia Assessed Value
$385,544
Average Hillsborough County Assessed Value
$280,428
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lithia, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33547 | $201,766 | $277,524 | $385,544 | $508,057 | $672,616 |
Source: Ownwell
$1,148
Average Lithia Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lithia, Florida
In Lithia, property tax bills are calculated based on the assessed value of your home, which is determined by the Hillsborough County Property Appraiser. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. For example, with a median home price of $385,544, homeowners in Lithia can expect a range of tax bills. The 25th percentile tax bill is around $4,174, while the 75th percentile reaches up to $8,151, and the 90th percentile can be as high as $10,308. High property taxes can be a burden, but Ownwell can help homeowners in Lithia save on their tax bills. By providing expert property tax appeal and exemption services, Ownwell ensures that your property is fairly assessed, potentially lowering your tax obligations. This can make a significant difference, especially when the highest median tax bill in the area is $6,218.
Average Lithia Tax Bill
$6,218
Average Hillsborough County Tax Bill
$3,523
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lithia, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33547 | $2,223 | $4,174 | $6,218 | $8,151 | $10,308 |
Source: Ownwell
$1,148
Average Lithia Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Hillsborough Property Appraiser | |
| Phone | (813) 272-6100 |
| Website | gis.hcpafl.org |
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