Myakka City, Florida Property Taxes
The median property tax rate in Myakka City, FL is 0.74%, considerably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Myakka City at $1,013,350, the typical annual property tax bill reaches $6,980, which exceeds the national median of $2,690. Property taxes in Myakka City 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 Myakka City'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 Myakka City or another part of Sarasota County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Myakka City, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$7,499
$7,097
$1,148
Average Myakka City, Florida Tax Savings
Ownwell’s Myakka City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Myakka City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Myakka City 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 Myakka City. 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 Myakka City, Florida
Property taxes in Myakka City, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Myakka City is 0.74%, notably lower than the U.S. national median of 0.99%. Local government entities within Myakka City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Myakka City 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 Myakka City's effective property tax rate to other counties in Florida and the national median. For comparison, the 34251 zip code has both the highest and lowest median property tax rate of 0.74%, reflecting the uniformity in this region. Understanding how these cities compare with Myakka City provides valuable insights into the varying tax landscape across Sarasota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Myakka City Tax Rate
0.74%
Average Sarasota County Tax Rate
1.09%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Myakka City, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34251 | 0.42% | 0.66% | 0.74% | 1.14% | 1.17% |
Source: Ownwell
$1,148
Average Myakka City Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Myakka City, Florida
In Myakka City, 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 Sarasota 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 Myakka City, 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. In Sarasota County, the median home price is $1,013,350, with tax bills ranging from $3,941 at the 25th percentile to $18,459 at the 90th percentile. The highest and lowest median tax bills in Myakka City are both $6,980 in the 34251 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Myakka City Assessed Value
$1,013,350
Average Sarasota County Assessed Value
$349,900
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Myakka City, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34251 | $402,370 | $650,650 | $1,013,350 | $1,331,750 | $1,739,670 |
Source: Ownwell
$1,148
Average Myakka City Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Myakka City, Florida
In Myakka City, located in Sarasota County, FL, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's market value, assessment ratio, and any applicable exemptions play a significant role in this calculation. For example, the median home price in Myakka City is $1,013,350, leading to substantial tax bills. Homeowners in the 25th percentile pay around $3,941, while those in the 75th percentile face bills of approximately $11,637. The highest median tax bill in the area is $6,980. High property tax bills can be a burden for homeowners, but Ownwell can help. By leveraging expert knowledge and experience, Ownwell assists homeowners in appealing their property assessments and identifying potential exemptions. This can result in significant savings, ensuring that homeowners only pay their fair share of property taxes.
Average Myakka City Tax Bill
$6,980
Average Sarasota County Tax Bill
$3,451
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Myakka City, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34251 | $2,363 | $3,941 | $6,980 | $11,637 | $18,459 |
Source: Ownwell
$1,148
Average Myakka City 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 10 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Sarasota Property Appraiser | |
| Website | www.sc-pa.com |
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