Lake Park, Florida Property Taxes
The median property tax rate in Lake Park, FL is 1.65%, significantly higher than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $283,932 in Lake Park, the typical annual property tax bill reaches $3,720, surpassing the national median of $2,690. Property taxes in Lake Park are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Park'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 Park 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 Park, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$4,685
$4,430
$1,148
Average Lake Park, Florida Tax Savings
Ownwell’s Lake Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Park 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 Park. 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 Park, Florida
Property taxes in Lake Park, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Park is 1.65%, significantly higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Lake Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Park 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 Park's effective property tax rate to other counties in Florida and the national median. For comparison, the 33403 zip code has the highest median property tax rate of 1.65%, while the 33403 zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with Lake Park provides valuable insights into the varying tax landscape across Palm Beach County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Park Tax Rate
1.65%
Average Palm Beach County Tax Rate
1.34%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Park, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33403 | 0.68% | 0.93% | 1.65% | 2.08% | 2.48% |
Source: Ownwell
$1,148
Average Lake Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lake Park, Florida
In Lake Park, 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 Palm Beach 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 Park, 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 Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest and lowest median tax bills in the area both amount to $3,720 in zip code 33403, which is relatively close to the national median property tax rate of 0.99%.
Average Lake Park Assessed Value
$283,932
Average Palm Beach County Assessed Value
$316,112
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Park, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33403 | $81,468 | $224,182 | $283,932 | $330,567 | $381,488 |
Source: Ownwell
$1,148
Average Lake Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lake Park, Florida
In Lake Park, Palm Beach County, FL, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. With a median home price of $283,932, homeowners in Lake Park can expect varying tax bills. For instance, tax bills range from $1,878 at the 25th percentile to $7,102 at the 90th percentile, with the highest median tax bill recorded at $3,720 in zip code 33403. Several factors influence your tax bill, including property location, home improvements, and market conditions. These taxes can significantly impact homeowners' finances, making it essential to ensure your property is not over-assessed. Ownwell provides expert property tax appeal and exemption services, helping homeowners potentially reduce their tax bills. By analyzing local market data and assessment practices, Ownwell can identify discrepancies and advocate for fairer property tax assessments, ultimately saving you money.
Average Lake Park Tax Bill
$3,720
Average Palm Beach County Tax Bill
$3,892
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Park, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33403 | $1,231 | $1,878 | $3,720 | $5,827 | $7,102 |
Source: Ownwell
$1,148
Average Lake Park Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 16 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Palm Beach Property Appraiser | |
| Phone | (561) 355-3230 |
| Website | www.pbcgov.org |
| pa-info@pbcgov.org | |
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