Milford, California Property Taxes
The median property tax rate in Milford, CA is 1.02%, slightly higher than the national median of 0.99% but lower than California's state median of 1.21%. With a median home value of $191,385 in Milford, the typical annual property tax bill amounts to $1,894, which is below the national median of $2,690. Property taxes in Milford are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Milford'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 Milford or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milford, California Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$2,420
Ownwell’s Milford Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Milford to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities with ease. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, serves as the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Milford, California
Property taxes in Milford, California, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in California and the national median. For comparison, the 96121 zip code has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Milford provides valuable insights into the varying tax landscape across Lassen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
1.02%
Average Lassen County Tax Rate
1.02%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96121 | 1.00% | 1.00% | 1.02% | 1.05% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Milford, California
In Milford, 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 Lassen 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 Milford, 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 Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 96121, with a bill of $1,894, while the zip code with the lowest median tax bill is also 96121, with the same bill of $1,894.
Average Milford Assessed Value
$191,385
Average Lassen County Assessed Value
$145,778
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96121 | $46,149 | $105,021 | $191,385 | $289,732 | $418,127 |
Source: Ownwell
Property Tax Bills Across Milford, California
In Milford, CA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The process involves multiplying the assessed value by the local property tax rate. For example, with a median home price of $191,385, homeowners can expect a range of tax bills depending on various factors. The 25th percentile tax bill is around $927, while at the 75th percentile, it rises to approximately $2,890. Those in the 90th percentile might see tax bills as high as $4,127. Several factors influence the final tax bill, including the home's market value, any applicable exemptions, and the specific tax rate set by local authorities. These tax bills significantly impact homeowners, as they represent a recurring annual expense that must be budgeted for. Understanding these factors can help homeowners in Milford better anticipate their financial obligations and plan accordingly. Notably, Milford's property tax rates and bills can vary widely, reflecting the diverse range of property values within the city.
Average Milford Tax Bill
$1,894
Average Lassen County Tax Bill
$1,486
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96121 | $426 | $927 | $1,894 | $2,890 | $4,127 |
Source: Ownwell