Sopchoppy, Florida Property Taxes
The median property tax rate in Sopchoppy, Florida is 1.24%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Sopchoppy at $96,771, the typical annual property tax bill reaches $1,116, falling below the national median of $2,690. Property taxes in Sopchoppy 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 Sopchoppy'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 Sopchoppy 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
Sopchoppy, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,200
$1,135
Ownwell’s Sopchoppy Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sopchoppy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sopchoppy to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. 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 Sopchoppy, Florida
Property taxes in Sopchoppy, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sopchoppy is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sopchoppy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sopchoppy 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 Sopchoppy's effective property tax rate to other counties in Florida and the national median. For comparison, the 32358 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these areas compare with Sopchoppy provides valuable insights into the varying tax landscape across Wakulla County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sopchoppy Tax Rate
1.24%
Average Wakulla County Tax Rate
1.08%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sopchoppy, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32358 | 0.67% | 0.89% | 1.24% | 1.79% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Sopchoppy, Florida
In Sopchoppy, 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 Wakulla 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. 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 Sopchoppy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $96,771, with tax bills ranging from $686 at the 25th percentile to $2,962 at the 90th percentile. The zip code 32358 has the highest and lowest median tax bill, both at $1,116.
Average Sopchoppy Assessed Value
$96,771
Average Wakulla County Assessed Value
$127,534
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sopchoppy, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32358 | $30,163 | $51,357 | $96,771 | $166,048 | $260,790 |
Source: Ownwell
Property Tax Bills Across Sopchoppy, Florida
In Sopchoppy, located in Wakulla County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and market conditions influence the assessed value. For example, the median home price in Sopchoppy is $96,771. Property tax bills can vary widely, with the 25th percentile at $686 and the 75th percentile reaching $1,916. The highest median tax bill recorded in the area is $1,116, reflecting the variability in tax burdens depending on property characteristics. Homeowners in Sopchoppy face a property tax rate that can significantly impact their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Sopchoppy Tax Bill
$1,116
Average Wakulla County Tax Bill
$1,391
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Sopchoppy, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32358 | $426 | $686 | $1,116 | $1,916 | $2,962 |
Source: Ownwell