Okeechobee, Florida Property Taxes
The median property tax rate in Okeechobee, FL is 1.49%, higher than both the national median of 0.99% and Florida's state median of 1.14%. With a median home value of $105,197 in Okeechobee, the typical annual property tax bill is $1,226, which is below the national median of $2,690. Property taxes in Okeechobee are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Okeechobee'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 Okeechobee 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
Okeechobee, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$1,567
$1,483
Ownwell’s Okeechobee Property Tax Bill Calculator is designed to assist homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Okeechobee with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Okeechobee to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making it easier to plan your budget. For those interested in more detailed trends at the neighborhood level, additional localized information is available by scrolling down. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Okeechobee, Florida
Property taxes in Okeechobee, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okeechobee is 1.49%, significantly higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Okeechobee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okeechobee 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 Okeechobee's effective property tax rate to other counties in Florida and the national median. For comparison, the 34974 zip code has the highest median property tax rate of 1.49%, while the same 34974 zip code has the lowest median tax rate of 1.49%. Understanding how these cities compare with Okeechobee provides valuable insights into the varying tax landscape across Glades County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okeechobee Tax Rate
1.49%
Average Glades County Tax Rate
1.37%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okeechobee, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34974 | 0.44% | 0.66% | 1.49% | 1.66% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Okeechobee, Florida
In Okeechobee, 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 local 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 Okeechobee, 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 Okeechobee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Okeechobee is 34974, with a median tax bill of $1,226.
Average Okeechobee Assessed Value
$105,197
Average Glades County Assessed Value
$102,566
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Okeechobee, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34974 | $57,813 | $76,726 | $105,197 | $148,451 | $207,267 |
Source: Ownwell
Property Tax Bills Across Okeechobee, Florida
In Okeechobee, property tax bills are calculated based on the assessed value of a property, which is determined by the Glades County Property Appraiser. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including property size, location, and any improvements made to the property. For homeowners in Okeechobee, the median home price stands at $105,197. The tax bill varies significantly depending on the assessed value, with the 25th percentile paying around $682 annually, while those in the 75th percentile can expect to pay approximately $1,873. At the 90th percentile, the tax bill can reach up to $2,618. The highest median tax bill in the area is $1,226, which is notably higher than the national median property tax rate of 0.99%. This variation in tax bills can significantly impact homeowners' budgets, making it crucial to understand the factors that affect property tax assessments.
Average Okeechobee Tax Bill
$1,226
Average Glades County Tax Bill
$1,098
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Okeechobee, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34974 | $402 | $682 | $1,226 | $1,873 | $2,618 |
Source: Ownwell