Medical Lake, Hawaii Property Taxes
The median property tax rate in Medical Lake, HI is 1.11%, considerably higher than both the national median of 0.99% and the Hawaii state median of 0.29%. With the median home value in Medical Lake, the typical annual property tax bill reaches $472, which is significantly below the national median of $2,690. Property taxes in Medical Lake are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medical Lake'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 Medical Lake 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
Medical Lake, Hawaii Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$472
$438
Ownwell’s MEDICAL LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MEDICAL LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MEDICAL LAKE 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 Medical Lake, Hawaii
Property taxes in Medical Lake, Hawaii, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Medical Lake is 1.11%, higher than both the Hawaii state median and the U.S. national median of 0.99%. Local government entities within Medical Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medical Lake 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 Medical Lake's effective property tax rate to other counties in Hawaii and the national median. For comparison, the 99022 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these areas compare with Medical Lake provides valuable insights into the varying tax landscape across Hawaii, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medical Lake Tax Rate
1.11%
Average Hawaii County Tax Rate
0.35%
Average Hawaii Tax Rate
0.29%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medical Lake, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99022 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Medical Lake, Hawaii
In Medical Lake, Hawaii, 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 local 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 Medical Lake, 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 Medical Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $472, found in zip code 99022.
Property Tax Assessment Values Across Medical Lake, Hawaii
Source: Ownwell
$42,500
$10,201,250
$20,360,000
Average Medical Lake Assessed Value
$42,500
Average Hawaii County Assessed Value
$412,300
Average Hawaii Assessed Value
$781,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medical Lake, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99022 | $42,500 | $42,500 | $42,500 | $42,500 | $42,500 |
Source: Ownwell
Property Tax Bills Across Medical Lake, Hawaii
Property tax bills in Medical Lake, located in Hawaii County, HI, are calculated based on the assessed value of a property and the prevailing tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For homeowners in Medical Lake, the median home price is $42,500. The property tax rate is applied to this assessed value to calculate the annual tax bill. In Medical Lake, the tax bill remains consistent across different percentiles, with the 25th, 75th, and 90th percentiles all seeing a tax bill of $472. This consistency indicates a stable property tax environment for homeowners. Compared to the national median property tax rate of 0.99%, homeowners in Medical Lake benefit from a predictable and relatively low tax burden. This stable tax rate can provide financial predictability and ease the planning of household budgets for residents.
Average Medical Lake Tax Bill
$472
Average Hawaii County Tax Bill
$1,619
Average Hawaii Tax Bill
$2,234
Average United States Tax Bill
$2,690
Property Tax Bills Across Medical Lake, Hawaii
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99022 | $472 | $472 | $472 | $472 | $472 |
Source: Ownwell