Lake Worth, Florida Property Taxes
The median property tax rate in Lake Worth, FL is 1.20%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Lake Worth, the typical annual property tax bill reaches $3,743, exceeding the national median of $2,690. Property taxes in Lake Worth 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 Worth'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 Worth 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 Worth, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$3,862
$3,584
$1,148
Average Tax Savings
Ownwell’s Lake Worth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Worth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Worth 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 Worth. 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 Palm Beach County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Worth, Florida
Property taxes in Lake Worth, 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 Worth is 1.20%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Lake Worth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Worth 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 Worth's effective property tax rate to other areas in Palm Beach County and the national median. For comparison, the 33461 zip code has the highest median property tax rate of 1.41%, while the 33449 zip code has the lowest median tax rate of 1.18%. Understanding how these areas compare with Lake Worth 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 Worth Tax Rate
1.20%
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 Worth, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33449 | 0.81% | 0.96% | 1.18% | 1.58% | 1.74% |
| 33460 | 0.36% | 0.36% | 0.38% | 1.01% | 1.39% |
| 33461 | 0.46% | 0.65% | 1.41% | 1.78% | 1.99% |
| 33462 | 0.59% | 0.76% | 1.22% | 1.70% | 1.91% |
| 33463 | 0.54% | 0.81% | 1.21% | 1.62% | 1.78% |
| 33467 | 0.59% | 0.81% | 1.18% | 1.62% | 1.79% |
Source: Ownwell
$1,148
Average Lake Worth Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lake Worth, Florida
In Lake Worth, 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 Worth, 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. For instance, the highest median tax bill in Lake Worth is $4,716 in the 33449 zip code, while the lowest is $1,158 in the 33460 zip code. Being aware of these valuation processes in Lake Worth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Worth Assessed Value
$321,821
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 Worth, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33449 | $196,973 | $290,678 | $374,864 | $525,134 | $765,608 |
| 33460 | $301,635 | $311,826 | $328,810 | $351,553 | $365,199 |
| 33461 | $68,795 | $178,630 | $250,776 | $304,491 | $357,766 |
| 33462 | $208,008 | $252,658 | $312,654 | $424,396 | $618,038 |
| 33463 | $204,728 | $265,751 | $309,908 | $407,597 | $478,652 |
| 33467 | $109,080 | $176,550 | $359,088 | $442,149 | $531,292 |
Source: Ownwell
$1,148
Average Lake Worth Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lake Worth, Florida
In Lake Worth, Palm Beach County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. Homeowners in Lake Worth experience a wide range of property tax bills, with the 25th percentile at $2,018 and the 75th percentile at $5,379. The highest median tax bill in the area reaches $4,716 in zip code 33449, while the lowest is $1,158 in zip code 33460. Several factors influence the assessed value, including market conditions, property size, and improvements. These taxes can significantly impact homeowners, often stretching budgets, especially when the tax bill reaches the 90th percentile of $7,061. Ownwell can help homeowners in Lake Worth save on their property tax bills by providing expert property tax appeal and exemption services. By thoroughly reviewing assessments and identifying discrepancies, Ownwell ensures that homeowners pay only their fair share, potentially saving them thousands of dollars annually.
Average Lake Worth Tax Bill
$3,743
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 Worth, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33449 | $2,028 | $3,144 | $4,716 | $6,460 | $9,228 |
| 33460 | $1,117 | $1,133 | $1,158 | $3,651 | $5,147 |
| 33461 | $909 | $1,355 | $2,672 | $4,323 | $5,722 |
| 33462 | $1,519 | $2,354 | $3,884 | $5,849 | $8,416 |
| 33463 | $1,505 | $2,384 | $3,834 | $5,158 | $6,666 |
| 33467 | $982 | $1,997 | $3,851 | $5,632 | $7,125 |
Source: Ownwell
$1,148
Average Lake Worth 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 13 |
| 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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