Lake City, California Property Taxes
The median property tax rate in Lake City, CA is 1.13%, which is higher than the national median of 0.99% but lower than the California state median of 1.21%. With the median home value in Lake City at $170,800, the typical annual property tax bill amounts to $1,828, falling below the national median of $2,690. Property taxes in Lake City are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lake City'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 City 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 City, 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 Lake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake City 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 City, California
Property taxes in Lake City, California, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City is 1.13%, higher than both the California state median and the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake City 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 City's effective property tax rate to other counties in California and the national median. For comparison, the 96112 zip code has the highest median property tax rate of 1.18%, while the 96108 zip code has the lowest median tax rate of 0.67%. Understanding how these cities compare with Lake City provides valuable insights into the varying tax landscape across Modoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake City Tax Rate
1.13%
Average Modoc County Tax Rate
1.11%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96101 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
| 96108 | 0.41% | 0.51% | 0.67% | 0.84% | 0.93% |
| 96112 | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
| 96115 | 1.01% | 1.07% | 1.16% | 1.28% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, California
In Lake City, 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 Modoc 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 City, 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 Lake City is $2,441 in the 96101 zip code, while the lowest is $1,692 in the 96112 zip code. 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 City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake City Assessed Value
$170,800
Average Modoc County Assessed Value
$83,080
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake City, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96101 | $240,334 | $240,334 | $240,334 | $240,334 | $240,334 |
| 96108 | $278,852 | $298,210 | $330,474 | $362,737 | $382,095 |
| 96112 | $143,230 | $143,230 | $143,230 | $143,230 | $143,230 |
| 96115 | $54,696 | $90,596 | $159,405 | $293,829 | $414,863 |
Source: Ownwell
Property Tax Bills Across Lake City, California
In Lake City, Modoc County, CA, property tax bills are determined based on the assessed value of your home. The assessed value is typically a percentage of the market value of the property and is used to calculate your annual tax bill. Various factors influence this assessed value, including the property's location, size, and any improvements made. Homeowners in Lake City can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,197, while the 75th percentile reaches up to $2,985. At the 90th percentile, tax bills can soar to $4,308. The median home price in the area is $170,800, with the highest median tax bill recorded at $2,441 in the 96101 zip code and the lowest at $1,692 in the 96112 zip code. Compared to the national median property tax rate of 0.99%, Lake City's property taxes can have a substantial impact on homeowners, influencing their financial planning and homeownership costs.
Average Lake City Tax Bill
$1,828
Average Modoc County Tax Bill
$948
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96101 | $2,441 | $2,441 | $2,441 | $2,441 | $2,441 |
| 96108 | $1,507 | $1,699 | $2,018 | $2,337 | $2,529 |
| 96112 | $1,692 | $1,692 | $1,692 | $1,692 | $1,692 |
| 96115 | $804 | $1,179 | $1,812 | $3,030 | $4,266 |
Source: Ownwell