Lake Placid, Florida Property Taxes
The median property tax rate in Lake Placid, FL is 1.01%, slightly above the national median of 0.99% yet lower than the Florida state median of 1.14%. With the median home value in Lake Placid at $162,341, the typical annual property tax bill amounts to $1,529, which is below the national median of $2,690. Property taxes in Lake Placid are calculated based on the assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Placid'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 Placid 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 Placid, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$1,640
$1,522
Ownwell’s Lake Placid Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Placid with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Placid 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 Highlands County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Placid, Florida
Property taxes in Lake Placid, Florida, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Placid is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Lake Placid set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Placid 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 Placid's effective property tax rate to other areas and the national median. For comparison, the zip code 33852 has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these areas compare with Lake Placid provides valuable insights into the varying tax landscape across Highlands County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Placid Tax Rate
1.01%
Average Highlands County Tax Rate
1.01%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Placid, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33852 | 0.52% | 0.64% | 1.01% | 1.48% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Lake Placid, Florida
In Lake Placid, Florida, 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 Highlands 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 Lake Placid, 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. The median home price in Lake Placid is $162,341, with tax bills ranging from $850 at the 25th percentile to $3,956 at the 90th percentile. The zip code 33852 has both the highest and lowest median tax bill, which is $1,529. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Placid Assessed Value
$162,341
Average Highlands County Assessed Value
$142,723
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Placid, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33852 | $62,337 | $109,583 | $162,341 | $242,951 | $362,982 |
Source: Ownwell
Property Tax Bills Across Lake Placid, Florida
In Lake Placid, located in Highlands County, FL, property tax bills are calculated based on the assessed value of the property, which is often a percentage of the market value. The assessed value is then multiplied by the local tax rate, which can vary by municipality. Homeowners in Lake Placid typically see a range of property tax bills, with the 25th percentile at $850 and the 75th percentile reaching $2,504. For those in the 90th percentile, the tax bill can be as high as $3,956. The median home price in Lake Placid is $162,341, and the median tax bill stands at $1,529, which is notably lower than the national median property tax rate of 0.99%. Various factors, such as property improvements and local budget needs, can influence the final tax bill. For homeowners, understanding these factors is crucial as they directly impact annual expenses and long-term financial planning. The property tax bill is a significant component of homeownership costs, affecting affordability and investment value.
Average Lake Placid Tax Bill
$1,529
Average Highlands County Tax Bill
$1,345
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Placid, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33852 | $568 | $850 | $1,529 | $2,504 | $3,956 |
Source: Ownwell