Lake Butler, Florida Property Taxes
The median property tax rate in Lake Butler, FL is 0.97%, slightly below the national median of 0.99% and significantly lower than the Florida state median of 1.14%. With the median home value in Lake Butler at $73,699, the typical annual property tax bill is approximately $680, which is well below the national median of $2,690. Property taxes in Lake Butler are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lake Butler'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 Butler or another part of Union County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Butler, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$715
$677
Ownwell’s Lake Butler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Butler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Butler 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 Butler, Florida
Property taxes in Lake Butler, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Butler is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Lake Butler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Butler 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 Butler's effective property tax rate to other counties in Florida and the national median. For comparison, the 32054 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Lake Butler provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Butler Tax Rate
0.97%
Average Union County Tax Rate
0.97%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Butler, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32054 | 0.48% | 0.72% | 0.97% | 1.49% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Lake Butler, Florida
In Lake Butler, 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 Union County Property Appraiser 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 Butler, 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. The median home price in Lake Butler is $73,699, with tax bills ranging from $424 at the 25th percentile to $1,911 at the 90th percentile. The zip code 32054 has the highest and lowest median tax bill of $680. Being aware of these valuation processes in Lake Butler helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Butler Assessed Value
$73,699
Average Union County Assessed Value
$71,721
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Butler, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32054 | $29,044 | $46,268 | $73,699 | $118,423 | $167,639 |
Source: Ownwell
Property Tax Bills Across Lake Butler, Florida
Property tax bills in Lake Butler, Union County, FL, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $73,699, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $424 annually, while those in the 75th percentile may see bills as high as $1,244. At the 90th percentile, tax bills can reach up to $1,911. Several factors influence these tax amounts, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Union County's rates can be seen as relatively moderate. Understanding these elements helps homeowners anticipate their annual financial responsibilities and plan accordingly. The highest and lowest median tax bills in the area, both at $680, further illustrate the range of property tax burdens residents may encounter.
Average Lake Butler Tax Bill
$680
Average Union County Tax Bill
$664
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Butler, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32054 | $206 | $424 | $680 | $1,244 | $1,911 |
Source: Ownwell