Lakewood Ranch, Florida Property Taxes
The median property tax rate in Lakewood Ranch, FL is 1.13%, slightly below the state median of 1.14% but higher than the national median of 0.99%. With a median home value of $1,827,050 in Lakewood Ranch, the typical annual property tax bill reaches $19,151, significantly surpassing the national median of $2,690. Property taxes here 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 land. Navigating Lakewood Ranch's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're located in the heart of Lakewood Ranch or its surrounding areas, understanding the local property tax system is essential for both homeowners and real estate investors.
Last Updated June 14, 2024
Lakewood Ranch, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$20,646
$19,538
$1,148
Average Lakewood Ranch, Florida Tax Savings
Ownwell’s Lakewood Ranch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakewood Ranch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakewood Ranch 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 Lakewood Ranch. 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 Lakewood Ranch, Florida
Property taxes in Lakewood Ranch, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakewood Ranch is 1.13%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Lakewood Ranch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakewood Ranch 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 Lakewood Ranch's effective property tax rate to other areas in Sarasota County and the national median. For comparison, the 34240 zip code has both the highest and lowest median property tax rate of 1.13%. Understanding how these areas compare with Lakewood Ranch provides valuable insights into the varying tax landscape across Sarasota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakewood Ranch Tax Rate
1.13%
Average Sarasota County Tax Rate
1.09%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakewood Ranch, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34240 | 0.57% | 0.81% | 1.13% | 1.15% | 1.18% |
Source: Ownwell
$1,148
Average Lakewood Ranch Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lakewood Ranch, Florida
In Lakewood Ranch, 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 Sarasota 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 Lakewood Ranch, 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 median home price in Lakewood Ranch is $1,827,050, with the 25th percentile tax bill at $14,734 and the 75th percentile at $22,285. The highest and lowest median tax bill is $19,151 in zip code 34240. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lakewood Ranch, Florida
Source: Ownwell
$141,600
$984,325
$1,827,050
Average Lakewood Ranch Assessed Value
$1,827,050
Average Sarasota County Assessed Value
$349,900
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakewood Ranch, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34240 | $1,259,460 | $1,448,150 | $1,827,050 | $2,206,250 | $3,498,560 |
Source: Ownwell
$1,148
Average Lakewood Ranch Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lakewood Ranch, Florida
In Lakewood Ranch, Sarasota County, FL, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $1,827,050, homeowners can expect tax bills ranging from $14,734 at the 25th percentile to $26,348 at the 90th percentile. This variability is influenced by factors such as property location, improvements, and exemptions. Homeowners in Lakewood Ranch face tax bills that can be significantly higher than the national median property tax rate of 0.99%. This can place a substantial financial burden on property owners. Ownwell offers property tax appeal and exemption services to help homeowners reduce their tax liabilities. By leveraging local expertise and comprehensive property assessments, Ownwell can identify discrepancies or opportunities for tax reductions, ensuring that homeowners pay only their fair share. This can result in substantial savings and increased financial peace of mind.
Average Lakewood Ranch Tax Bill
$19,151
Average Sarasota County Tax Bill
$3,451
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakewood Ranch, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34240 | $10,964 | $14,734 | $19,151 | $22,285 | $26,348 |
Source: Ownwell
$1,148
Average Lakewood Ranch 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 10 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Sarasota Property Appraiser | |
| Website | www.sc-pa.com |
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