Lake Wales, North Carolina Property Taxes
The median property tax rate in Lake Wales, NC is 0.40%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Lake Wales at $372,900, the typical annual property tax bill amounts to $1,492, which is well below the national median of $2,690. Property taxes in Lake Wales 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. By understanding Lake Wales' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you reside in the heart of Lake Wales or another part of the city, gaining insight into the local property tax system can be advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Wales, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,492
Ownwell’s Lake Wales Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Wales with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Wales 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 Wales, North Carolina
Property taxes in Lake Wales, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Wales is 0.40%, significantly lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Lake Wales set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Wales 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 Wales' effective property tax rate to other counties in North Carolina and the national median. For comparison, the 33859 zip code has both the highest and lowest median property tax rate of 0.40%. Understanding how these cities compare with Lake Wales provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Wales Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Wales, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33859 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Lake Wales, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake Wales, North Carolina. 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 Avery 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 Wales, 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. Notably, the zip code 33859 in Lake Wales has both the highest and lowest median tax bill at $1,492. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lake Wales, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Lake Wales Assessed Value
$372,900
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Wales, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33859 | $372,900 | $372,900 | $372,900 | $372,900 | $372,900 |
Source: Ownwell
Property Tax Bills Across Lake Wales, North Carolina
In Lake Wales, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For homeowners in Lake Wales, the median home price is $372,900. The property tax rate is applied to this assessed value to determine the annual tax bill. The tax bill for the 25th, 75th, and 90th percentiles in Lake Wales is consistently $1,492, which is notably lower than the national median property tax rate of 0.99%. This means that homeowners in Lake Wales benefit from relatively lower property taxes compared to other regions. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value and, consequently, the tax bill. Lower property taxes can make homeownership more affordable, potentially increasing the attractiveness of the area for new buyers.
Average Lake Wales Tax Bill
$1,492
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Wales, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33859 | $1,492 | $1,492 | $1,492 | $1,492 | $1,492 |
Source: Ownwell