Lake Hamilton, Florida Property Taxes
The median property tax rate in Lake Hamilton, FL is 1.12%, slightly above the national median of 0.99% but just below the Florida state median of 1.14%. With the median home value in Lake Hamilton, the typical annual property tax bill reaches $1,953, which is lower than the national median of $2,690. Property taxes in Lake Hamilton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Hamilton'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 Hamilton 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 Hamilton, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$2,038
$1,928
$1,148
Average Lake Hamilton, Florida Tax Savings
Ownwell’s Lake Hamilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Hamilton 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 Hamilton. 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 Hamilton, Florida
Property taxes in Lake Hamilton, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Hamilton is 1.12%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Lake Hamilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Hamilton 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 Hamilton's effective property tax rate to other counties in Florida and the national median. For comparison, the 33851 zip code has the highest median property tax rate of 1.12%, while the 33851 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Lake Hamilton provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Hamilton Tax Rate
1.12%
Average Polk County Tax Rate
1.16%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Hamilton, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33851 | 0.55% | 0.68% | 1.12% | 1.83% | 2.15% |
Source: Ownwell
$1,148
Average Lake Hamilton Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lake Hamilton, Florida
In Lake Hamilton, 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 Polk 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 Hamilton, 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 Hamilton is $181,932, with tax bills ranging from $1,116 at the 25th percentile to $4,382 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Hamilton Assessed Value
$181,932
Average Polk County Assessed Value
$203,226
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Hamilton, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33851 | $91,114 | $136,502 | $181,932 | $233,915 | $278,960 |
Source: Ownwell
$1,148
Average Lake Hamilton Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lake Hamilton, Florida
In Lake Hamilton, located in Polk County, FL, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The median home price in the area is $181,932. Homeowners in this region face a range of property tax bills, with the 25th percentile at $1,116 and the 75th percentile reaching $2,888. The highest median tax bill recorded in the area is $1,953, which is relatively moderate compared to the national median property tax rate of 0.99%. Factors such as property location, improvements, and market conditions are considered in determining the assessed value. These tax bills can significantly impact homeowners, potentially straining their finances. Ownwell can assist homeowners by providing expert property tax appeal and exemption services. By analyzing property valuations and identifying discrepancies, Ownwell helps homeowners reduce their tax burdens, ensuring they only pay their fair share. This can lead to substantial savings, making homeownership more affordable and less stressful.
Average Lake Hamilton Tax Bill
$1,953
Average Polk County Tax Bill
$1,931
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Hamilton, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33851 | $835 | $1,116 | $1,953 | $2,888 | $4,382 |
Source: Ownwell
$1,148
Average Lake Hamilton 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 10 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Polk Property Appraiser | |
| Website | www.polkpa.org |
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