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Lake View Terrace, California Property Taxes

The median property tax rate in Lake View Terrace, CA is 1.24%, which is higher than both the national median of 0.99% and the California state median of 1.21%. With a median home value of $333,516 in Lake View Terrace, the typical annual property tax bill reaches $4,189, surpassing the national median of $2,690. Property taxes in Lake View Terrace are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lake View Terrace'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 View Terrace 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 View Terrace, California Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Average Tax Rate

1.24%

Estimate Property Tax Bill

$4,136

$3,838

SAVE WITH OWNWELL

$1,148

Average Tax Savings

Ownwell’s Lake View Terrace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake View Terrace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake View Terrace to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Lake View Terrace. 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 Los Angeles County for property tax calculations, accounting for any exemptions that may apply.

Property Tax Rates Across Lake View Terrace, California

Property taxes in Lake View Terrace, California, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake View Terrace is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lake View Terrace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake View Terrace 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 View Terrace's effective property tax rate to other areas in Los Angeles County and the national median. For comparison, the 91342 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these areas compare with Lake View Terrace provides valuable insights into the varying tax landscape across Los Angeles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.

Property Tax Rates Across Lake View Terrace, California

Source: Ownwell

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1.08%

3.89%

6.71%

Average Lake View Terrace Tax Rate

1.24%

Average Los Angeles County Tax Rate

1.24%

Average California Tax Rate

1.21%

Average United States Tax Rate

0.99%

Property Tax Rates Across Lake View Terrace, California

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
913421.20%1.22%1.24%1.31%1.43%

Source: Ownwell

Property Tax Assessment Values Across Lake View Terrace, California

In Lake View Terrace, 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 Los Angeles 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 Lake View Terrace, 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 View Terrace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,189, found in the 91342 zip code.

Property Tax Assessment Values Across Lake View Terrace, California

Source: Ownwell

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$54,919

$1,436,037

$2,817,155

Average Lake View Terrace Assessed Value

$333,516

Average Los Angeles County Assessed Value

$434,238

Average California Assessed Value

$378,421

Average United States Assessed Value

$244,900

Property Tax Assessment Values Across Lake View Terrace, California

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
91342$120,327$225,736$333,516$537,738$649,298

Source: Ownwell

Property Tax Bills Across Lake View Terrace, California

In Lake View Terrace, Los Angeles County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is typically a percentage of the property's market value. Homeowners in this area face a median home price of $333,516, with property tax rates aligning closely with California's standard rates. The tax bill can vary significantly, with the 25th percentile at $2,953 and the 75th percentile reaching $6,560. Some homeowners may even see tax bills as high as $7,790. Several factors influence the property tax bill, including the property's location, size, and any improvements made. These taxes can place a significant financial burden on homeowners, particularly when values rise. Ownwell offers a solution by providing property tax appeal and exemption services. By leveraging our expertise, homeowners can potentially lower their assessed values, thereby reducing their tax bills. Our team navigates the complex appeal process on behalf of homeowners, ensuring they pay only their fair share.

Property Tax Bills Across Lake View Terrace, California

Source: Ownwell

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$823

$26,956

$53,089

Average Lake View Terrace Tax Bill

$4,189

Average Los Angeles County Tax Bill

$5,343

Average California Tax Bill

$4,683

Average United States Tax Bill

$2,690

Property Tax Bills Across Lake View Terrace, California

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
91342$1,696$2,953$4,189$6,560$7,790

Source: Ownwell

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