Lake Panasoffkee, Sumter County, Florida Property Taxes
Property Taxes in Lake Panasoffkee, Florida
Median Lake Panasoffkee, Florida effective property tax rate: 0.80%, significantly lower than the national median of 1.02%, and lower than the Florida state median of 1.10%.
Median Lake Panasoffkee, Florida home value: $74,940
Median annual Lake Panasoffkee, Florida tax bill: $542, lower than the national median property tax bill of $2,400.
How are property taxes in Sumter calculated?
Property taxes in Lake Panasoffkee, Florida are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lake Panasoffkee's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake Panasoffkee, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Lake Panasoffkee, Sumter County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.8%
Estimate Property Tax Bill
$600
$556
How Does the Lake Panasoffkee Property Tax Calculator Work?
Use this Lake Panasoffkee property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Lake Panasoffkee's median effective tax rate of 0.80% — based on actual property records in Sumter County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Lake Panasoffkee's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Lake Panasoffkee: rates range from 0.80% in 33538 to 0.80% in 33538, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Lake Panasoffkee.
About Lake Panasoffkee Property Taxes
About Property Taxes in Lake Panasoffkee, Sumter, Florida
Lake Panasoffkee's median effective property tax rate of 0.80% is lower than the Florida state median of 1.10% and lower than the national median of 1.02%. This rate reflects the Sumter County levy and local taxing districts that affect assessed values across the area.
Property tax rates are not uniform across Lake Panasoffkee. Homeowners in ZIP code 33538 carry a median effective rate of 0.80%, while those in 33538 pay 0.80%. This spread is 0.00 percentage points across the same city, showing how local districts can shape property taxes in Sumter County. Understanding where your home is located can still help you better estimate your annual tax bill.
Lake Panasoffkee homeowners who believe their assessed value is too high can file a formal appeal with the local Property Appraiser before September 15, 2026.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Lake Panasoffkee, Sumter County, Florida
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Lake Panasoffkee's effective property tax rate to other cities in Florida and the median property tax rates in Florida and the U.S.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lake Panasoffkee Tax Rate
0.80%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Sumter County Tax Rate
1.07%
Median Effective Florida Tax Rate
1.10%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lake Panasoffkee, Sumter County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33538 | 0.37% | 0.53% | 0.80% | 1.20% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Lake Panasoffkee, Sumter County, Florida
When examining property taxes in Lake Panasoffkee, Florida, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Sumter County appraisal district estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Sumter County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. For example, the median home price in Lake Panasoffkee is $74,940, with tax bills ranging significantly across the county. The highest median home price is in 33538 at $74,940.
Property Tax Assessment Values Across Lake Panasoffkee, Sumter County, Florida
Source: Ownwell
$72,640
$237,193
$401,745
Median Lake Panasoffkee Market Value
$74,940
Median Sumter County Market Value
$310,780
Median Florida Market Value
$310,033
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lake Panasoffkee, Sumter County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33538 | $24,039 | $39,025 | $74,940 | $124,272 | $185,352 |
Source: Ownwell
Property Tax Bills Across Lake Panasoffkee, Sumter County, Florida
Property tax bills in Lake Panasoffkee are based on the assessed value of a home, not its market price alone. Local taxing authorities apply their tax rates to that assessed value, and the final bill can also reflect exemptions or other adjustments that reduce taxable value. For homeowners, this means two houses with similar market values can still receive different tax bills if their assessments or exemptions differ.
In Lake Panasoffkee, the median home price is $74,940, and the median property tax bill is $542. That is well below the national median property tax bill of $2,400 and the national median property tax rate of 1.02%. Tax bills in the area can vary widely, with the 25th percentile at $336 and the 75th percentile at $921. Higher assessments usually mean higher bills, which can affect monthly housing costs and long-term affordability for homeowners.
Median Lake Panasoffkee Tax Bill
$542
Median Sumter County Tax Bill
$3,337
Median Florida Tax Bill
$3,263
Median United States Tax Bill
$2,400
Property Tax Bills Across Lake Panasoffkee, Sumter County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33538 | $138 | $336 | $542 | $921 | $1,424 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 15 |
| Tax Bill | |
| Issued | November 1 |
| Due Date #1 | March 31 |
Links | |
|---|---|
| Sumter Property Appraiser | |
| Website | qpublic.schneidercorp.com |