Bonifay, Florida Property Taxes
The median property tax rate in Bonifay, FL is 0.90%, which is lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Bonifay at $60,170, the typical annual property tax bill is $499, significantly below the national median of $2,690. Property taxes in Bonifay are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Bonifay'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 Bonifay or another part of Holmes County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bonifay, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$542
$512
Ownwell’s Bonifay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bonifay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bonifay 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 Bonifay, Florida
Property taxes in Bonifay, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonifay is 0.90%, slightly lower than the U.S. national median of 0.99%. Local government entities within Bonifay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonifay 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 Bonifay's effective property tax rate to other counties in Florida and the national median. For comparison, the 32425 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Bonifay provides valuable insights into the varying tax landscape across Holmes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonifay Tax Rate
0.90%
Average Holmes County Tax Rate
0.87%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonifay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32425 | 0.31% | 0.64% | 0.90% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Bonifay, Florida
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bonifay, Florida. 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 Holmes 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. Assessment notices in Bonifay 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Bonifay is 32425, with a median tax bill of $499.
Average Bonifay Assessed Value
$60,170
Average Holmes County Assessed Value
$55,786
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonifay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32425 | $22,539 | $36,572 | $60,170 | $94,972 | $141,407 |
Source: Ownwell
Property Tax Bills Across Bonifay, Florida
In Bonifay, located in Holmes County, FL, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county property appraiser and reflects the market value of the property. The median home price in Bonifay is $60,170, which serves as a benchmark for calculating property taxes. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. The tax rate in Holmes County is competitive compared to the national median property tax rate of 0.99%. Homeowners in Bonifay can expect tax bills to vary significantly, with the 25th percentile tax bill at $288 and the 75th percentile reaching $948. For those in the 90th percentile, the tax bill can go up to $1,508. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how these factors influence property tax bills helps homeowners in Bonifay budget accordingly and recognize the value of the services their taxes support.
Average Bonifay Tax Bill
$499
Average Holmes County Tax Bill
$469
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonifay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32425 | $144 | $288 | $499 | $948 | $1,508 |
Source: Ownwell