Wallace, California Property Taxes
The median property tax rate in Wallace, CA is 1.12%, slightly higher than the national median of 0.99% but lower than the California state median of 1.21%. With a median home value of $107,646 in Wallace, the typical annual property tax bill amounts to $2,020, which is below the national median of $2,690. Property taxes in Wallace are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. 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
1.12%
Estimate Property Tax Bill
$1,206
$1,119
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 1.12%, higher than 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 regions in California and the national median. For comparison, the zip code 95254 has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these areas compare with Wallace provides valuable insights into the varying tax landscape across San Joaquin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallace Tax Rate
1.12%
Average San Joaquin County Tax Rate
1.22%
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 |
|---|---|---|---|---|---|
| 95254 | 0.96% | 1.10% | 1.12% | 1.30% | 1.57% |
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 San Joaquin 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. 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. The zip code with both the highest and lowest median tax bill is 95254, with a median tax bill of $2020.
Average Wallace Assessed Value
$107,646
Average San Joaquin County Assessed Value
$273,669
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 |
|---|---|---|---|---|---|
| 95254 | $30,134 | $80,598 | $107,646 | $295,758 | $630,613 |
Source: Ownwell
Property Tax Bills Across Wallace, California
In Wallace, CA, property tax bills are calculated based on the assessed value of your property. The assessed value is determined by the county assessor and is typically a percentage of the market value of your home. For Wallace, located in San Joaquin County, the median home price is $107,646. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,603 and the 75th percentile reaching up to $4,258. The highest median tax bill in the area is recorded at $2,020. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and the local tax rate. The national median property tax rate is 0.99%, but local rates can differ, impacting homeowners' annual costs. Higher assessed values and fewer exemptions result in higher tax bills, affecting homeowners' budgets. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Wallace Tax Bill
$2,020
Average San Joaquin County Tax Bill
$3,562
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 |
|---|---|---|---|---|---|
| 95254 | $1,305 | $1,603 | $2,020 | $4,258 | $6,330 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | November 30 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | December 10 |
| Due Date #2 | April 10 |
Links | |
|---|---|
| San Joaquin Tax Assessor | |
| Website | common3.mptsweb.com |