Lake Panasoffkee, Sumter County, Florida Property Taxes

Name: Property Tax Bills Across Lake Panasoffkee, Sumter County, Florida
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lake Panasoffkee, FL effective property tax rate: 0.86%, significantly lower than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median Lake Panasoffkee, FL home value: $68,115
Median annual Lake Panasoffkee, FL tax bill: $505, $1,895 lower than the national median property tax bill of $2,400.

How are property taxes in Sumter calculated?

Property taxes in Lake Panasoffkee, FL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lake Panasoffkee’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake Panasoffkee, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lake Panasoffkee, Sumter County, Florida Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.86%

Estimate Property Tax Bill

$586

$544

Ownwell’s Lake Panasoffkee Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Panasoffkee with just two data points. By entering your property's estimated assessed value, our calculator applies Lake Panasoffkee’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Sumter County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake Panasoffkee, Sumter County, Florida

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the annual process in a nutshell. In Lake Panasoffkee, Sumter County, Florida, the effective property tax rate is 0.86%. This rate is notably lower than the national median property tax rate of 1.02% and offers residents a more favorable tax environment. Compared to other cities in Florida, Lake Panasoffkee maintains a consistent tax rate, providing predictable costs for property owners. The lower tax rate can be an attractive factor for potential homeowners or investors considering the area. By offering a stable and lower tax rate, Lake Panasoffkee stands out in the state and nationally, making it an appealing choice for those looking to optimize their property tax expenses.

Property Tax Rates Across Lake Panasoffkee, Sumter County, Florida

Source: Ownwell

0.48%

0.92%

1.36%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lake Panasoffkee Tax Rate

0.86%

Median Effective Sumter County Tax Rate

1.08%

Median Effective Florida Tax Rate

1.14%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake Panasoffkee, Sumter County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
33538	0.41%	0.54%	0.86%	1.29%	1.55%

Source: Ownwell

Property Tax Assessment Values Across Lake Panasoffkee, Sumter County, Florida

When examining property taxes in Lake Panasoffkee, FL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Sumter County Property Appraiser's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Sumter County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lake Panasoffkee.

For example, the median home price in Lake Panasoffkee is $68,115, with tax bills ranging significantly across the county. Zip code 33538 has the highest median home price at $68,115.

Property Tax Assessment Values Across Lake Panasoffkee, Sumter County, Florida

Source: Ownwell

$67,550

$213,670

$359,790

Median Lake Panasoffkee Market Value

$68,115

Median Sumter County Market Value

$280,650

Median Florida Market Value

$276,648

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake Panasoffkee, Sumter County, Florida

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
33538	$21,131	$31,865	$68,115	$127,585	$178,156

Source: Ownwell

Property Tax Bills Across Lake Panasoffkee, Sumter County, Florida

In Lake Panasoffkee, located in Sumter County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value, and the tax rate is applied to this assessed value to calculate the tax bill. With a median home price of $68,115, homeowners in this area can expect varying tax bills. For instance, the 25th percentile tax bill is $330, while the 75th percentile is $901, and the 90th percentile reaches $1,466. These figures are notably lower than the national median property tax bill of $2,400, offering some relief to local homeowners. However, understanding and navigating property tax assessments can be complex and challenging. That's where Ownwell comes in. By providing expert property tax appeal and exemption services, Ownwell helps homeowners ensure they are not overpaying on their property taxes, potentially leading to significant savings.

Property Tax Bills Across Lake Panasoffkee, Sumter County, Florida

Source: Ownwell

$498

$2,746

$4,994

Median Lake Panasoffkee Tax Bill

$505

Median Sumter County Tax Bill

$3,060

Median Florida Tax Bill

$2,953

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake Panasoffkee, Sumter County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
33538	$151	$330	$505	$901	$1,466

Source: Ownwell

Don't miss the deadline to petition!

Dates
Property Valuation Date	January 1
Appeal Deadline	September 13
Tax Bill
Issued	November 1

Links
Sumter Property Appraiser
Website	qpublic.schneidercorp.com