Okeechobee, Florida Property Taxes
The median property tax rate in Okeechobee, FL is 1.02%, slightly above the national median of 0.99% but lower than the Florida state median of 1.14%. With a median home value of $241,470, the typical annual property tax bill in Okeechobee is $2,643, which is just under the national median of $2,690. Property taxes in Okeechobee are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding Okeechobee's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Okeechobee or another part of the city, having a solid grasp of the local property tax system is crucial for financial planning and investment strategies.
Last Updated June 14, 2024
Okeechobee, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,463
$2,329
Ownwell's Okeechobee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okeechobee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okeechobee 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 Okeechobee, Florida
Property taxes in Okeechobee, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okeechobee is 1.02%, higher than the U.S. national median of 0.99%. Local government entities within Okeechobee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okeechobee 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 Okeechobee's effective property tax rate to other counties in Florida and the national median. For comparison, the 34974 zip code has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Okeechobee provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okeechobee Tax Rate
1.02%
Average Martin County Tax Rate
1.13%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okeechobee, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34974 | 0.51% | 0.72% | 1.02% | 1.62% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Okeechobee, Florida
In Okeechobee, 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 Martin 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 Okeechobee, 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 Okeechobee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $241,470, with tax bills ranging from $1,364 at the 25th percentile to $5,583 at the 90th percentile. The zip code 34974 has both the highest and lowest median tax bill at $2,643.
Property Tax Assessment Values Across Okeechobee, Florida
Source: Ownwell
$37,370
$8,127,435
$16,217,500
Average Okeechobee Assessed Value
$241,470
Average Martin County Assessed Value
$294,470
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Okeechobee, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34974 | $118,617 | $161,358 | $241,470 | $370,528 | $510,158 |
Source: Ownwell
Property Tax Bills Across Okeechobee, Florida
In Okeechobee, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and typically reflects the property's market value. For homeowners in Okeechobee, the median home price is $241,470. The tax rate applied to this assessed value will determine the annual property tax bill. Property tax bills can vary significantly; for example, the tax bill at the 25th percentile is $1,364, while at the 75th percentile, it is $3,721, and at the 90th percentile, it reaches $5,583. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Okeechobee should be aware of their property's assessed value and the local tax rate to anticipate their annual tax obligations. The national median property tax rate is 0.99%, providing a benchmark for comparison. Understanding these factors can help homeowners in Okeechobee manage their finances and plan for future expenses.
Average Okeechobee Tax Bill
$2,643
Average Martin County Tax Bill
$3,260
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Okeechobee, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34974 | $539 | $1,364 | $2,643 | $3,721 | $5,583 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
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