Lodi, Washington Property Taxes
The median property tax rate in Lodi, WA is 0.68%, significantly lower than both the national median of 0.99% and the Washington state median of 0.88%. With the median home value in Lodi at $339,000, the typical annual property tax bill amounts to $2,304, which is below the national median of $2,690. Property taxes in Lodi are based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Lodi's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lodi or another part of Franklin County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lodi, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$2,305
$2,139
Ownwell’s Lodi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lodi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lodi 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 Lodi, Washington
Property taxes in Lodi, Washington, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lodi is 0.68%, lower than both the Washington state median and the U.S. national median of 0.99%. Local government entities within Lodi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lodi 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 Lodi's effective property tax rate to other counties in Washington and the national median. For comparison, the 95240 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Lodi provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lodi Tax Rate
0.68%
Average Franklin County Tax Rate
0.71%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lodi, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95240 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Lodi, Washington
In Lodi, Washington, 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 Franklin 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 Lodi, 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 Lodi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lodi is $2,304 in the 95240 zip code, which is also the lowest median tax bill.
Average Lodi Assessed Value
$339,000
Average Franklin County Assessed Value
$384,600
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lodi, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95240 | $339,000 | $339,000 | $339,000 | $339,000 | $339,000 |
Source: Ownwell
Property Tax Bills Across Lodi, Washington
In Lodi, Franklin County, WA, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Once the assessed value is established, it is multiplied by the local property tax rate to determine the tax bill. In Lodi, the median home price is $339,000, and the property tax rate is applied to this value to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, exemptions for seniors or veterans can significantly reduce the tax burden. In Lodi, the median tax bill is $2,304, which falls in line with the national median property tax rate of 0.99%. This tax bill can impact homeowners by affecting their monthly mortgage payments and overall housing affordability. Understanding how these factors interplay helps homeowners better anticipate and manage their property tax obligations.
Average Lodi Tax Bill
$2,304
Average Franklin County Tax Bill
$2,758
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Lodi, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95240 | $2,304 | $2,304 | $2,304 | $2,304 | $2,304 |
Source: Ownwell