Timber Island, Florida Property Taxes
The median property tax rate in Timber Island, FL is 1.48%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Timber Island at $187,276, the typical annual property tax bill reaches $2,736, closely aligning with the national median of $2,690. Property taxes in Timber Island 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 Timber Island'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 Timber Island 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
Timber Island, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$2,772
$2,623
Ownwell’s Timber Island Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Timber Island with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Timber Island 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 Timber Island, Florida
Property taxes in Timber Island, Florida, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Timber Island is 0.82%, which is lower than both the Florida state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Timber Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timber Island 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 Timber Island's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 33001 has the highest median property tax rate of 1.31%, while zip code 32003 has the lowest median tax rate of 0.69%. Understanding how these cities compare with Timber Island provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Timber Island Tax Rate
1.48%
Average Franklin County Tax Rate
0.87%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Timber Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Timber Island, Florida
In Timber Island, 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 Franklin 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 Timber Island, 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 Timber Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Timber Island is $187,276, with tax bills ranging from $2,504 at the 25th percentile to $3,047 at the 90th percentile.
Average Timber Island Assessed Value
$187,276
Average Franklin County Assessed Value
$239,550
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Timber Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Timber Island, Florida
In Timber Island, Franklin County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county's property appraiser. This assessed value is then multiplied by the local millage rate to determine the annual tax bill. The median home price in Timber Island is $187,276, and homeowners can expect their tax bills to vary within certain ranges. For instance, at the 25th percentile, tax bills are around $2,504, while at the 75th percentile, they rise to approximately $2,987. The top 10% of tax bills reach up to $3,047. These values are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Timber Island's rates reflect the local economic conditions and public service funding needs. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly, ensuring they can manage their property taxes effectively.
Average Timber Island Tax Bill
$2,736
Average Franklin County Tax Bill
$2,090
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Timber Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell