Lithia, Florida Property Taxes
The median property tax rate in Lithia, FL is 0.61%, significantly lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Lithia at $163,872, the typical annual property tax bill is $920, which is well below the national median of $2,690. Property taxes in Lithia are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lithia'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 Lithia or another part of Polk County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lithia, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,000
$928
$1,148
Average Tax Savings
Ownwell’s Lithia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lithia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lithia 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 Lithia. 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 Lithia, Florida
Property taxes in Lithia, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lithia is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Lithia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lithia 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 Lithia's effective property tax rate to other counties in Florida and the national median. For comparison, the 33547 zip code has both the highest and lowest median property tax rate of 0.61%. Understanding how these cities compare with Lithia 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 Lithia Tax Rate
0.61%
Average Polk County Tax Rate
1.16%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lithia, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33547 | 0.49% | 0.54% | 0.61% | 0.81% | 1.22% |
Source: Ownwell
$1,148
Average Lithia Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lithia, Florida
In Lithia, FL, 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 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 Lithia, 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 Lithia is $920.00 in the 33547 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lithia Assessed Value
$163,872
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 Lithia, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33547 | $72,737 | $110,646 | $163,872 | $214,283 | $330,972 |
Source: Ownwell
$1,148
Average Lithia Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lithia, Florida
In Lithia, FL, property tax bills are calculated based on the assessed value of a property, which is determined by the Polk County Property Appraiser. Factors such as market value, property improvements, and local tax rates are considered in this assessment. The median home price in Lithia is $163,872, with property tax bills ranging from $686 at the 25th percentile to $2,122 at the 90th percentile. The highest and lowest median tax bills both stand at $920 in the 33547 zip code. Homeowners in Lithia face property tax rates that can significantly impact their finances. With the national median property tax rate at 0.99%, understanding how local rates compare is crucial. Ownwell can assist homeowners by identifying potential savings through property tax appeals and exemptions. By leveraging expertise in local tax laws and market conditions, Ownwell ensures homeowners pay only their fair share, potentially saving hundreds or even thousands of dollars annually on their property tax bills.
Average Lithia Tax Bill
$920
Average Polk County Tax Bill
$1,931
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lithia, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33547 | $543 | $686 | $920 | $1,398 | $2,122 |
Source: Ownwell
$1,148
Average Lithia 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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