Lake Park, Georgia Property Taxes
The median property tax rate in Lake Park, GA is 1.39%, significantly higher than both the national median of 0.99% and the Georgia state median of 1.08%. With a median home value of $59,400 in Lake Park, the typical annual property tax bill amounts to $823, which, while lower than the national median of $2,690, can still be a substantial expense for homeowners. Property taxes in Lake Park 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 Lake Park'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 Park or another part of Echols County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Park, Georgia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$826
$766
Ownwell’s Lake Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Park 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 Park, Georgia
Property taxes in Lake Park, Georgia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Park is 1.39%, significantly higher than both the Georgia state median and the U.S. national median of 0.99%. Local government entities within Lake Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Park 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 Park's effective property tax rate to other counties in Georgia and the national median. For comparison, the zip code 31636 has the highest median property tax rate of 1.39%, while the same zip code also has the lowest median tax rate of 1.39%. Understanding how these areas compare with Lake Park provides valuable insights into the varying tax landscape across Echols County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Park Tax Rate
1.39%
Average Echols County Tax Rate
1.39%
Average Georgia Tax Rate
1.08%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Park, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31636 | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Lake Park, Georgia
In Lake Park, Georgia, 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 Echols 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 Park, 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. For instance, the median home price in the area is $59,400, with tax bills ranging from $363 at the 25th percentile to $2,693 at the 90th percentile. The highest and lowest median tax bills, both at $823, are found in the 31636 zip code. 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 Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Park Assessed Value
$59,400
Average Echols County Assessed Value
$40,335
Average Georgia Assessed Value
$231,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Park, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31636 | $15,800 | $26,200 | $59,400 | $118,900 | $194,400 |
Source: Ownwell
Property Tax Bills Across Lake Park, Georgia
In Lake Park, GA, located in Echols County, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Lake Park is $59,400. Tax bills can vary significantly, with the 25th percentile at $363 and the 75th percentile reaching $1,645. The highest median tax bill in the area is $823, which is consistent across the zip code 31636. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. Homeowners should be aware that their property tax bill directly impacts their annual expenses. Compared to the national median property tax rate of 0.99%, Lake Park's rates can be seen as relatively moderate, offering some financial relief to property owners. Understanding these factors can help homeowners anticipate their tax liabilities and manage their finances more effectively.
Average Lake Park Tax Bill
$823
Average Echols County Tax Bill
$559
Average Georgia Tax Bill
$2,212
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Park, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31636 | $219 | $363 | $823 | $1,645 | $2,693 |
Source: Ownwell