Lake Park, Georgia Property Taxes
The median property tax rate in Lake Park, GA is 1.11%, slightly higher than both the national median of 0.99% and Georgia's state median of 1.08%. With a median home value of $148,155 in Lake Park, the typical annual property tax bill amounts to $1,644, which is below the national median of $2,690. Property taxes in Lake Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lake Park'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 Park 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 Park, Georgia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$2,160
Ownwell’s Lake Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Park 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 Park, Georgia
Property taxes in Lake Park, Georgia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Park is 1.11%, higher than both the Georgia state median and the U.S. national median of 0.99%. Local government entities within Lake Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Park 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 Park's effective property tax rate to other counties in Georgia and the national median. For comparison, the zip code 31636 has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these areas compare with Lake Park provides valuable insights into the varying tax landscape across Lowndes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Park Tax Rate
1.11%
Average Lowndes County Tax Rate
1.19%
Average Georgia Tax Rate
1.08%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Park, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31636 | 0.66% | 0.92% | 1.11% | 1.33% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Lake Park, Georgia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake Park, Georgia. 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 Lowndes 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. 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 Lake Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lake Park, the zip code with the highest median tax bill is 31636, with a median tax bill of $1,644, which is significantly higher than the national median property tax rate of 0.99%.
Average Lake Park Assessed Value
$148,155
Average Lowndes County Assessed Value
$120,229
Average Georgia Assessed Value
$231,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Park, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31636 | $59,443 | $98,430 | $148,155 | $214,496 | $292,504 |
Source: Ownwell
Property Tax Bills Across Lake Park, Georgia
In Lake Park, GA, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of its market value. Homeowners in Lake Park see their tax bills determined by multiplying this assessed value by the local tax rate set by Lowndes County. The median home price in Lake Park is $148,155, and property taxes can vary significantly. For instance, tax bills range from $978 at the 25th percentile to $3,415 at the 90th percentile, indicating a broad spectrum of tax burdens. The highest and lowest median tax bills in the area both stand at $1,644, reflecting uniformity within the zip code 31636. When compared to the national median property tax rate of 0.99%, Lake Park's tax bills can be quite varied, affecting homeowners differently based on their property's assessed value. This variability underscores the importance of understanding local tax rates and assessments to anticipate annual property tax obligations accurately.
Average Lake Park Tax Bill
$1,644
Average Lowndes County Tax Bill
$1,427
Average Georgia Tax Bill
$2,212
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Park, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31636 | $475 | $978 | $1,644 | $2,530 | $3,415 |
Source: Ownwell