Lake City, Suwannee County, Florida Property Taxes

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

Median Lake City, FL effective property tax rate: 1.16%, slightly higher than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median Lake City, FL home value: $84,387
Median annual Lake City, FL tax bill: $971, $1,429 lower than the national median property tax bill of $2,400.

How are property taxes in Suwannee calculated?

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

Last Updated March 1, 2025

Lake City, Suwannee County, Florida Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.16%

Estimate Property Tax Bill

$979

$908

Ownwell’s Lake City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, our calculator applies Lake City’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 Suwannee County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake City, Suwannee County, Florida

Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is the fundamental annual process.

In Lake City, located in Suwannee County, Florida, the effective property tax rate reflects this process. When compared to other cities in Florida and the national median, Lake City's tax rate offers an interesting perspective. Florida's median property tax rate is slightly above the national median, highlighting the state's approach to funding local services through property taxes. However, within Florida, tax rates can differ significantly from one area to another, as seen in Lake City. Understanding these differences can help property owners navigate their tax obligations more effectively and potentially identify opportunities for tax appeals or exemptions.

Property Tax Rates Across Lake City, Suwannee County, Florida

Source: Ownwell

1.14%

1.26%

1.38%

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 City Tax Rate

1.16%

Median Effective Suwannee County Tax Rate

1.19%

Median Effective Florida Tax Rate

1.14%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake City, Suwannee County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
32024	0.65%	0.97%	1.16%	1.74%	2.15%
32025	N/A	N/A	N/A	N/A	N/A
32055	0.78%	1.05%	1.35%	1.69%	2.68%

Source: Ownwell

Property Tax Assessment Values Across Lake City, Suwannee County, Florida

When examining property taxes in Lake City, Florida, 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 Suwannee County Appraisal District 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 Suwannee 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 City. For example, the median home price in Lake City is $84,387, with tax bills ranging significantly across the county. The 32024 zip code has the highest median home price at $84,387.

Property Tax Assessment Values Across Lake City, Suwannee County, Florida

Source: Ownwell

$63,987

$79,695

$95,403

Median Lake City Market Value

$84,387

Median Suwannee County Market Value

$82,568

Median Florida Market Value

$276,648

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake City, Suwannee County, Florida

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
32024	$39,228	$56,205	$84,387	$119,457	$165,088
32025	N/A	N/A	N/A	N/A	N/A
32055	$25,335	$25,884	$78,752	$114,236	$203,893

Source: Ownwell

Property Tax Bills Across Lake City, Suwannee County, Florida

In Lake City, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as home improvements and changes in market conditions can influence the assessed value, impacting the tax bill. For homeowners in Lake City, the median property tax bill is notably lower than the national median of $2,400, with amounts ranging from $709 at the 25th percentile to $2,178 at the 90th percentile. This range highlights the variability in tax bills, depending on the property's assessed value and location within the city. Ownwell can assist homeowners by reviewing their property assessments and identifying potential errors or opportunities for exemptions. By leveraging local expertise and data-driven insights, Ownwell helps ensure homeowners are not overpaying, potentially saving them hundreds of dollars annually. This service can be particularly beneficial in areas like Lake City, where property tax bills vary widely.

Property Tax Bills Across Lake City, Suwannee County, Florida

Source: Ownwell

$727

$924

$1,121

Median Lake City Tax Bill

$971

Median Suwannee County Tax Bill

$983

Median Florida Tax Bill

$2,953

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake City, Suwannee County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
32024	$379	$708	$978	$1,485	$2,162
32025	N/A	N/A	N/A	N/A	N/A
32055	$345	$722	$842	$1,339	$2,960

Source: Ownwell