Live Oak, Florida Property Taxes
The median property tax rate in Live Oak, FL is 1.19%, which is higher than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $83,157 in Live Oak, the typical annual property tax bill amounts to $998, which is below the national median of $2,690. Property taxes in Live Oak are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Live Oak'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 Live Oak 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
Live Oak, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$990
$936
Ownwell’s LIVE OAK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LIVE OAK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LIVE OAK 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 Live Oak, Florida
Property taxes in Live Oak, Florida, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Live Oak is 1.19%, which is higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Live Oak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Live Oak 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 Live Oak's effective property tax rate to other areas in Suwannee County and the national median. For comparison, the 32064 zip code has the highest median property tax rate of 1.38%, while the 32060 zip code has the lowest median tax rate of 1.17%. Understanding how these areas compare with Live Oak provides valuable insights into the varying tax landscape across Suwannee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Live Oak Tax Rate
1.19%
Average Suwannee County Tax Rate
1.19%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Live Oak, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32060 | 0.71% | 0.97% | 1.17% | 1.74% | 2.19% |
| 32064 | 0.59% | 0.90% | 1.38% | 2.40% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Live Oak, Florida
In Live Oak, 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 Suwannee 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 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 Live Oak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Live Oak is $1,030 in the 32060 zip code, while the lowest is $898 in the 32064 zip code.
Average Live Oak Assessed Value
$83,157
Average Suwannee County Assessed Value
$82,568
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Live Oak, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32060 | $37,354 | $57,042 | $88,678 | $135,747 | $192,492 |
| 32064 | $22,954 | $40,296 | $69,654 | $108,458 | $160,742 |
Source: Ownwell
Property Tax Bills Across Live Oak, Florida
In Live Oak, located in Suwannee County, FL, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the total tax bill. The median home price in Live Oak is $83,157, and homeowners can expect varying tax bills depending on their property's assessed value and specific location within the city. For example, the tax bill at the 25th percentile is $677, while at the 75th percentile, it rises to $1,611. At the 90th percentile, the tax bill can reach $2,370. The highest median tax bill in the area is $1,030 in the 32060 zip code, whereas the lowest median tax bill is $898 in the 32064 zip code. These figures reflect how property taxes can significantly impact homeowners, with higher-valued properties generally incurring higher tax bills. This variability underscores the importance of understanding local property tax rates and assessed values to better anticipate annual tax obligations.
Average Live Oak Tax Bill
$998
Average Suwannee County Tax Bill
$983
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Live Oak, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32060 | $421 | $726 | $1,030 | $1,611 | $2,329 |
| 32064 | $275 | $590 | $898 | $1,611 | $2,509 |
Source: Ownwell