Wallace, California Property Taxes
The median property tax rate in Wallace, CA is 1.26%, considerably higher than both the national median of 0.99% and the California state median of 1.21%. With the median home value in Wallace at $369,790, the typical annual property tax bill reaches $4,595, exceeding the national median of $2,690. Property taxes in Wallace are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wallace'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 Wallace 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
Wallace, California Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$4,659
$4,324
Ownwell's Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, California
Property taxes in Wallace, California, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 1.26%, higher than both the California state median and the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other areas in California and the national median. For comparison, the 95254 zip code has the highest median property tax rate of 1.26%, while the 95252 zip code has the lowest median tax rate of 1.11%. Understanding how these areas compare with Wallace provides valuable insights into the varying tax landscape across Calaveras County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallace Tax Rate
1.26%
Average Calaveras County Tax Rate
1.18%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallace, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95252 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
| 95254 | 1.14% | 1.21% | 1.26% | 1.32% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, California
In Wallace, 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 Calaveras 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 Wallace, 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. For example, the highest median tax bill in Wallace is $4,616 in zip code 95254, while the lowest median tax bill is $1,681 in zip code 95252. 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 Wallace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wallace Assessed Value
$369,790
Average Calaveras County Assessed Value
$264,373
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wallace, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95252 | $297,000 | $297,000 | $297,000 | $297,000 | $297,000 |
| 95254 | $119,865 | $257,769 | $370,058 | $436,540 | $535,626 |
Source: Ownwell
Property Tax Bills Across Wallace, California
In Wallace, located in Calaveras County, CA, property tax bills are calculated based on the assessed value of the property, which is typically determined by the county assessor's office. This assessed value is then multiplied by the local property tax rate. For context, the national median property tax rate is 0.99%, but local rates can vary. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and local tax levies. For example, in Wallace, homeowners see a wide range in tax bills. The 25th percentile tax bill is around $3,283, while the 75th percentile climbs to $5,445, and the 90th percentile reaches $6,281. This variation illustrates how differing property values and local tax policies can impact the amount homeowners owe. Homeowners in Wallace should be aware that their tax bills can significantly affect their annual expenses, making it essential to understand how these taxes are calculated and to explore any available exemptions or appeal options to potentially reduce their tax burden.
Average Wallace Tax Bill
$4,595
Average Calaveras County Tax Bill
$3,038
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95252 | $385 | $871 | $1,681 | $2,492 | $2,978 |
| 95254 | $1,334 | $3,336 | $4,616 | $5,455 | $6,304 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates |
|---|
Links | |
|---|---|
| Calaveras Tax Assessor | |
| Website | common3.mptsweb.com |