Lake City, Florida Property Taxes
The median property tax rate in Lake City, FL is 1.16%, slightly higher than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $84,387 in Lake City, the typical annual property tax bill reaches $971, significantly lower than the national median of $2,690. Property taxes in Lake City are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake City'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 Lake City or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake City, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$979
$926
Ownwell’s Lake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. 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 City, Florida
Property taxes in Lake City, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake City 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 City's effective property tax rate to other areas in Florida and the national median. For comparison, the 32025 zip code has the highest median property tax rate of 1.69%, while the 32024 zip code has the lowest median tax rate of 1.16%. Understanding how these areas compare with Lake City provides valuable insights into the varying tax landscape across Suwannee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake City Tax Rate
1.16%
Average Suwannee County Tax Rate
1.19%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, 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 | 1.69% | 1.69% | 1.69% | 1.69% | 1.69% |
| 32055 | 0.78% | 1.05% | 1.35% | 1.69% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Florida
In Lake City, 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 Suwannee 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 Lake City, 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 City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Zip code 32025 has the highest median tax bill at $2,175, while zip code 32055 has the lowest at $842.
Average Lake City Assessed Value
$84,387
Average Suwannee County Assessed Value
$82,568
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake City, 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 | $128,713 | $128,713 | $128,713 | $128,713 | $128,713 |
| 32055 | $25,335 | $25,884 | $78,752 | $114,236 | $203,893 |
Source: Ownwell
Property Tax Bills Across Lake City, Florida
In Lake City, 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 of the property. Various factors, such as location, property size, and home improvements, contribute to this valuation. Homeowners in Lake City can expect their tax bills to vary significantly; for instance, the 25th percentile tax bill is $709, while the 75th percentile tax bill reaches $1,488. At the higher end, the 90th percentile tax bill stands at $2,178. Comparatively, the median home price in Lake City is $84,387, and the median property tax rate can provide a sense of the financial impact on homeowners. Those residing in the zip code 32025 face the highest median tax bill of $2,175, whereas homeowners in the zip code 32055 experience the lowest median tax bill at $842. These property taxes fund local services, including public schools, infrastructure, and emergency services, directly affecting the community's quality of life.
Average Lake City Tax Bill
$971
Average Suwannee County Tax Bill
$983
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32024 | $379 | $708 | $978 | $1,485 | $2,162 |
| 32025 | $2,175 | $2,175 | $2,175 | $2,175 | $2,175 |
| 32055 | $345 | $722 | $842 | $1,339 | $2,960 |
Source: Ownwell