Lake City, Florida Property Taxes
Real Estate Values and Property Tax Valuation in Lake City, Florida
Lake City has 795 properties with a cumulative value of $78.9M, representing 4.88% of all real estate value in Suwannee County. Property taxes in Lake City totaled $975.5K, with an average homeowner paying $1,229 in property taxes compared to the county average of $1,273. The average property tax rate in Lake City is 1.24%, while the county average is 1.20%. Property taxes are based on the assessed value of the property, which is typically lower than the market value.
In Florida, property values are assessed on January 1st. Property value notices are issued in August and property tax appeal deadlines are typically 25 days from the date of the value notices, which is usually in September. Property tax bills are issued on November 1st.
Updated November 01, 2023
Important Links | |
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Suwannee Property Appraiser | (386) 362-1385 |
Suwannee Clerk / Recorder | (386) 362-0500 |
Suwannee Tax Collector | (386) 362-2816 |
Important Dates | |
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Property Valuation Date: | January 1st |
Property Value Notices Issued: | August |
Property Tax Appeal Deadline: | September or 25 days from date of value notices |
Property Tax Bills Issued: | November 1st |
Real Property Tax Bill Due (1st of #): | March 31st |
Available Exemptions | |
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Early Payment Discount | Available |
Senior | Available |
Disabled | Available |
Homestead | Available |
Veteran | Available |
Solar/Wind | Available |
Charitable | Available |
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Real Estate Statistics in Lake City, Florida
Residential Property Tax by ZIP code in Lake City, Florida
Lake City has an average property tax rate of 1.24%, which is slightly higher than the average rate in Suwannee County of 1.20%. This difference is likely due to the higher home values in Lake City compared to the rest of the county. Property tax rates can vary significantly across different ZIP codes in Lake City, with the highest effective rate being 1.23% in ZIP code 32024. This is likely due to the higher home values in this ZIP code compared to other areas in Lake City. On the other hand, the lowest effective property tax rate in Lake City is likely to be found in a ZIP code with lower home values. Property tax rates are determined by the value of the home, so it is important to consider the home values in each ZIP code when looking at the effective property tax rate.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each ZIP code in Lake City, Florida. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
32024 | $36,009 | $52,690 | $79,642 | $115,808 | $171,188 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each ZIP code in Lake City, Florida.
ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
32024 | $401 | $713 | $964 | $1,514 | $2,135 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
32024 | 1.11% | 1.35% | 1.21% | 1.31% | 1.25% |
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Real Estate Values in Lake City, Florida
We currently do not have this data but we are working to add this soon.
Average Home Value in Lake City, Florida
Last updated: November 2023
Average home value over time in Lake City, Florida
Last updated: November 2023
Total unique home listings in Lake City, Florida
Last updated: November 2023
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Housing Expenses in Lake City, Florida
Housing expenses are a major part of the average household budget in the state. In fact, housing expenses account for nearly one-third of total expenses for the average household. As inflation continues, housing expenses continue to rise, eating up an ever-increasing portion of the household budget. Property taxes are the second largest component of housing expenses for the average property owner in the state, making up a significant portion of the total housing expenses. As housing expenses continue to rise, it is important for households to budget carefully and plan for the future to ensure they can afford their housing expenses.
Monthly Consumer Expenses for South region
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