Lake City, Texas Property Taxes
The median property tax rate in Lake City, TX is 1.65%, slightly lower than the Texas state median of 1.67% but considerably higher than the national median of 0.99%. With the median home value in Lake City at $134,848, the typical annual property tax bill reaches $1,879, which is below the national median of $2,690. Property taxes in Lake City are calculated based on the tax 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, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$2,225
$2,065
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, Texas
Property taxes in Lake City, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City is 1.65%, higher than both the Texas state median and 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 counties in Texas and the national median. For comparison, the 78368 zip code has the highest median property tax rate of 1.65%, while the 78368 zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with Lake City provides valuable insights into the varying tax landscape across San Patricio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake City Tax Rate
1.65%
Average San Patricio County Tax Rate
1.88%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78368 | 1.02% | 1.29% | 1.65% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Texas
In Lake City, Texas, 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 San Patricio 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. The median home price in Lake City is $134,848, with tax bills ranging from $1,136 at the 25th percentile to $3,700 at the 90th percentile. The zip code 78368 has the highest median tax bill at $1,879. 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.
Average Lake City Assessed Value
$134,848
Average San Patricio County Assessed Value
$177,138
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78368 | $46,230 | $82,857 | $134,848 | $197,266 | $256,423 |
Source: Ownwell
Property Tax Bills Across Lake City, Texas
Property tax bills in Lake City, San Patricio County, TX, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home, which in Lake City has a median home price of $134,848. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile of tax bills in Lake City is $1,136, while the 75th percentile is $2,892, and the 90th percentile reaches $3,700. These figures show a range in tax liability, reflecting differences in property values and potential exemptions. Homeowners in Lake City face a median property tax rate that is relatively competitive compared to the national median of 0.99%. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances effectively.
Average Lake City Tax Bill
$1,879
Average San Patricio County Tax Bill
$3,126
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78368 | $670 | $1,136 | $1,879 | $2,892 | $3,700 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| San Patricio Appraisal District | |
| Website | esearch.sanpatcad.org |