Odessa, Florida Property Taxes
The median property tax rate in Odessa, FL is 1.07%, slightly above the national median of 0.99% but below the Florida state median of 1.14%. With a median home value of $521,556 in Odessa, the typical annual property tax bill amounts to $5,747, which is significantly higher than the national median of $2,690. Property taxes in Odessa are calculated based on the tax assessed value, which is usually lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Odessa'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 Odessa 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
Odessa, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$5,581
$5,276
$1,148
Average Odessa, Florida Tax Savings
Ownwell’s Odessa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Odessa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Odessa to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Odessa. 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 Odessa, Florida
Property taxes in Odessa, Florida, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Odessa is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Odessa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Odessa 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 Odessa's effective property tax rate to other areas in Hillsborough County and the national median. For comparison, the zip code 33556 has both the highest and lowest median property tax rate in the area at 1.07%. Understanding how these rates compare with Odessa provides valuable insights into the varying tax landscape across Hillsborough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Odessa Tax Rate
1.07%
Average Hillsborough County Tax Rate
1.27%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Odessa, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33556 | 0.75% | 0.88% | 1.07% | 1.43% | 1.76% |
Source: Ownwell
$1,148
Average Odessa Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Odessa, Florida
In Odessa, Florida, 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 Hillsborough 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 Odessa, 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 Odessa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Odessa, the zip code 33556 has the highest median tax bill at $5,747, while the lowest median tax bill is also in the same zip code at $5,747.
Average Odessa Assessed Value
$521,556
Average Hillsborough County Assessed Value
$280,428
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Odessa, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33556 | $307,824 | $398,082 | $521,556 | $667,541 | $1,046,773 |
Source: Ownwell
$1,148
Average Odessa Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Odessa, Florida
In Odessa, property tax bills are calculated based on the assessed value of your home, which is determined by the Hillsborough County Property Appraiser. The assessed value considers factors such as the market value of similar properties, improvements made to the property, and any applicable exemptions. For instance, with a median home price of $521,556, homeowners can expect varying tax bills. The 25th percentile tax bill is around $4,120, while the 75th percentile reaches $8,651, and the 90th percentile can soar to $13,680. Comparatively, the median property tax rate in Odessa is higher than the national median rate of 0.99%. This can significantly impact homeowners, leading to substantial annual expenses. Ownwell steps in to help homeowners reduce their property tax bills by providing expert property tax appeal and exemption services. By leveraging local market insights and legal expertise, Ownwell ensures that homeowners pay only their fair share, potentially saving thousands of dollars annually.
Average Odessa Tax Bill
$5,747
Average Hillsborough County Tax Bill
$3,523
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Odessa, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33556 | $2,908 | $4,120 | $5,747 | $8,651 | $13,680 |
Source: Ownwell
$1,148
Average Odessa Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Hillsborough Property Appraiser | |
| Phone | (813) 272-6100 |
| Website | gis.hcpafl.org |
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