Mayo, Florida Property Taxes
The median property tax rate in Mayo, FL is 0.97%, slightly below the national median of 0.99% and significantly lower than Florida's state median of 1.14%. With the median home value in Mayo at $69,223, the typical annual property tax bill is $697, well under the national median of $2,690. Property taxes in Mayo are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Mayo'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 Mayo 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
Mayo, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$671
$635
Ownwell’s Mayo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayo 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 Mayo, Florida
Property taxes in Mayo, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayo is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Mayo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayo 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 Mayo's effective property tax rate to other counties in Florida and the national median. For comparison, the 32066 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Mayo provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayo Tax Rate
0.97%
Average Lafayette County Tax Rate
0.99%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayo, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32066 | 0.56% | 0.75% | 0.97% | 1.74% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Mayo, Florida
In Mayo, 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 Lafayette County Property Appraiser 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 Mayo, 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. For instance, the median home price in Mayo is $69,223, with tax bills ranging from $376 at the 25th percentile to $2,133 at the 90th percentile. The highest and lowest median tax bills are both $697 in the 32066 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mayo Assessed Value
$69,223
Average Lafayette County Assessed Value
$72,237
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayo, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32066 | $18,391 | $33,254 | $69,223 | $131,948 | $197,181 |
Source: Ownwell
Property Tax Bills Across Mayo, Florida
In Mayo, located in Lafayette County, FL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is often a percentage of the market value of the property. For instance, with a median home price of $69,223, homeowners can expect their property tax bill to vary significantly. The 25th percentile tax bill is around $376, while the 75th percentile reaches $1,376, and the 90th percentile can go up to $2,133. The local tax rate, combined with the assessed value, determines the final tax bill. For context, the national median property tax rate is 0.99%, making Mayo's property taxes relatively manageable in comparison. Factors such as property improvements, neighborhood developments, and local government budgets can influence the assessed value and, consequently, the tax bill. This variability affects homeowners by impacting their annual expenses, potentially influencing decisions on property investments and homeownership affordability.
Average Mayo Tax Bill
$697
Average Lafayette County Tax Bill
$733
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayo, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32066 | $175 | $376 | $697 | $1,376 | $2,133 |
Source: Ownwell