Lockwood, California Property Taxes
The median property tax rate in Lockwood, CA is 1.09%, slightly higher than the national median of 0.99% but lower than the California state median of 1.21%. With the median home value in Lockwood at $394,417, the typical annual property tax bill reaches $3,986, which exceeds the national median of $2,690. Property taxes in Lockwood are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lockwood'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 Lockwood 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
Lockwood, California Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$4,299
$4,060
Ownwell’s Lockwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lockwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lockwood 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 Lockwood, California
Property taxes in Lockwood, California, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockwood is 1.09%, which is higher than the U.S. national median of 0.99%. Local government entities within Lockwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockwood 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 Lockwood's effective property tax rate to other areas in Monterey County and the national median. For comparison, the 93923 zip code has the highest median property tax rate of 1.12%, while the 93932 zip code has the lowest median tax rate of 1.08%. Understanding how these areas compare with Lockwood provides valuable insights into the varying tax landscape across Monterey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockwood Tax Rate
1.09%
Average Monterey County Tax Rate
1.11%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockwood, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93426 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| 93923 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
| 93932 | 1.06% | 1.08% | 1.08% | 1.10% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Lockwood, California
In Lockwood, 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 Monterey County Assessor 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 Lockwood, 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 Lockwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $5,302 in zip code 93923, while the lowest is $3,630 in zip code 93426.
Property Tax Assessment Values Across Lockwood, California
Source: Ownwell
$16,130
$2,476,499
$4,936,868
Average Lockwood Assessed Value
$394,417
Average Monterey County Assessed Value
$410,665
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockwood, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93426 | $330,347 | $330,347 | $330,347 | $330,347 | $330,347 |
| 93923 | $475,000 | $475,000 | $475,000 | $475,000 | $475,000 |
| 93932 | $116,091 | $233,004 | $404,502 | $683,366 | $912,819 |
Source: Ownwell
Property Tax Bills Across Lockwood, California
In Lockwood, CA, property tax bills are calculated based on the assessed value of your home, which is determined by the Monterey County Assessor's Office. The assessed value typically starts with the purchase price of the property and may increase annually based on inflation rates, capped at 2% per year under California's Proposition 13. Various factors, including property improvements and market conditions, can also influence the assessed value. The property tax rate in Lockwood is applied to the assessed value to determine the annual tax bill. For instance, if your property is assessed at the median home price of $394,417, your tax bill would be calculated using the local tax rate. Homeowners in Lockwood can expect a wide range of tax bills, from the 25th percentile at $2,459 to the 90th percentile at $9,061, reflecting the diversity in property values and assessments. High property tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. In Monterey County, the highest median tax bill reaches $5,302, while the lowest median tax bill is $3,630, highlighting the variability within the region.
Average Lockwood Tax Bill
$3,986
Average Monterey County Tax Bill
$4,500
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockwood, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93426 | $3,630 | $3,630 | $3,630 | $3,630 | $3,630 |
| 93923 | $5,302 | $5,302 | $5,302 | $5,302 | $5,302 |
| 93932 | $1,269 | $2,476 | $4,240 | $7,174 | $9,178 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | November 30 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | December 10 |
| Due Date #2 | April 10 |
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