Coconut Grove, Florida Property Taxes
The median property tax rate in Coconut Grove, FL is 1.39%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Coconut Grove at $380,411, the typical annual property tax bill reaches $6,463, exceeding the national median of $2,690. Property taxes in Coconut Grove are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Coconut Grove'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 Coconut Grove 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
Coconut Grove, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$5,288
$5,004
$1,148
Average Coconut Grove, Florida Tax Savings
Ownwell’s Coconut Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coconut Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coconut Grove 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 Coconut Grove. 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 Coconut Grove, Florida
Property taxes in Coconut Grove, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coconut Grove is 1.39%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Coconut Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coconut Grove 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 Coconut Grove's effective property tax rate to other areas in Miami-Dade County and the national median. For comparison, the 33133 zip code has the highest median property tax rate of 1.43%, while the 33146 zip code has the lowest median tax rate of 1.28%. Understanding how these areas compare with Coconut Grove provides valuable insights into the varying tax landscape across Miami-Dade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coconut Grove Tax Rate
1.39%
Average Miami-dade County Tax Rate
1.41%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coconut Grove, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33133 | 0.76% | 1.01% | 1.43% | 1.91% | 1.94% |
| 33146 | 0.54% | 0.60% | 1.28% | 1.72% | 1.86% |
Source: Ownwell
$1,148
Average Coconut Grove Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Coconut Grove, Florida
In Coconut Grove, 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 Miami-Dade 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 Coconut Grove, 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 highest median tax bill in the area is $12,691 in the 33146 zip code, while the lowest median tax bill is $5,240 in the 33133 zip code. 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 Coconut Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Coconut Grove, Florida
Source: Ownwell
$160,056
$16,966,420
$33,772,783
Average Coconut Grove Assessed Value
$380,411
Average Miami-dade County Assessed Value
$372,000
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coconut Grove, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33133 | $241,651 | $255,163 | $336,133 | $384,423 | $1,173,886 |
| 33146 | $774,608 | $1,006,816 | $1,183,552 | $1,348,083 | $1,953,426 |
Source: Ownwell
$1,148
Average Coconut Grove Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Coconut Grove, Florida
In Coconut Grove, Miami-Dade County, FL, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Coconut Grove experience a wide range of tax bills, with the 25th percentile at $4,781 and the 75th percentile reaching $10,934. The highest median tax bill in the area is $12,691, while the lowest is $5,240. High property tax bills can significantly impact homeowners, making it essential to ensure that assessments are accurate. Ownwell helps homeowners save on their property tax bills by providing expert appeal and exemption services. Our team reviews your property’s assessment for inaccuracies and files appeals on your behalf, potentially lowering your tax bill and saving you money. Trust Ownwell to navigate the complexities of property tax assessments and secure the best possible outcome for you.
Average Coconut Grove Tax Bill
$6,463
Average Miami-dade County Tax Bill
$4,524
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Coconut Grove, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33133 | $2,795 | $3,839 | $5,240 | $6,902 | $11,473 |
| 33146 | $5,741 | $8,502 | $12,691 | $18,990 | $30,383 |
Source: Ownwell
$1,148
Average Coconut Grove 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 17 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Miami-Dade Property Appraiser | |
| Phone | (305) 375-4050 |
| Website | www.miamidade.gov |
| mdcpa@mdcpa.net | |
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