Lake Wales, Florida Property Taxes
The median property tax rate in Lake Wales, FL is 1.23%, higher than both the national median of 0.99% and Florida's state median of 1.14%. With a median home value of $139,280 in Lake Wales, the typical annual property tax bill amounts to $1,347, which is below the national median of $2,690. Property taxes in Lake Wales are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lake Wales' 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 Wales or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Wales, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$1,713
$1,590
$1,148
Average Tax Savings
Ownwell’s Lake Wales Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Wales with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Wales 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 Wales. 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 Wales, Florida
Property taxes in Lake Wales, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Wales is 1.23%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Lake Wales set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Wales 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 Wales' effective property tax rate to other areas in Florida and the national median. For comparison, the 33859 zip code has the highest median property tax rate of 1.53%, while the 33853 zip code has the lowest median tax rate of 1.11%. Understanding how these areas compare with Lake Wales provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Wales Tax Rate
1.23%
Average Polk County Tax Rate
1.16%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Wales, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33853 | 0.34% | 0.53% | 1.11% | 1.68% | 1.95% |
| 33859 | 0.55% | 0.87% | 1.53% | 2.07% | 2.53% |
| 33898 | 0.52% | 0.74% | 1.13% | 1.54% | 1.90% |
Source: Ownwell
$1,148
Average Lake Wales Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lake Wales, Florida
In Lake Wales, 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 Polk County Property Appraiser 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 Wales, 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 Wales helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $1,701 in the 33859 zip code, while the lowest is $1,284 in the 33898 zip code.
Average Lake Wales Assessed Value
$139,280
Average Polk County Assessed Value
$203,226
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Wales, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33853 | $55,500 | $98,001 | $146,552 | $196,455 | $239,403 |
| 33859 | $48,204 | $83,509 | $170,227 | $235,512 | $303,679 |
| 33898 | $44,702 | $73,705 | $126,548 | $207,565 | $296,836 |
Source: Ownwell
$1,148
Average Lake Wales Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lake Wales, Florida
In Lake Wales, Polk County, FL, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in the area is $139,280, and the tax rate applied to this value determines your annual tax bill. Factors such as property location, improvements, and exemptions also play a role. For instance, the tax bill can range from $780 at the 25th percentile to $4,038 at the 90th percentile, with the highest median tax bill recorded at $1,701 in zip code 33859 and the lowest at $1,284 in zip code 33898. Homeowners often find these taxes to be a significant financial burden. Ownwell helps by providing property tax appeal and exemption services, ensuring your property is accurately assessed, and identifying potential savings. Our expertise can lead to substantial reductions in your tax bill, easing the financial strain and providing peace of mind. Let Ownwell assist you in navigating the complexities of property taxes and securing the best possible outcome.
Average Lake Wales Tax Bill
$1,347
Average Polk County Tax Bill
$1,931
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Wales, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33853 | $388 | $721 | $1,339 | $2,241 | $3,299 |
| 33859 | $530 | $857 | $1,701 | $4,496 | $6,450 |
| 33898 | $505 | $774 | $1,284 | $2,083 | $3,224 |
Source: Ownwell
$1,148
Average Lake Wales 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 | |
|---|---|
| Polk Property Appraiser | |
| Website | www.polkpa.org |
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