Okeechobee, Florida Property Taxes
The median property tax rate in Okeechobee, FL is 1.85%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Okeechobee, the typical annual property tax bill reaches $674, which is significantly lower than the national median of $2,690. Property taxes in Okeechobee 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 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
1.85%
Estimate Property Tax Bill
$799
$755
Ownwell’s Okeechobee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okeechobee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okeechobee 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 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 1.85%, significantly higher than the U.S. national median of 0.99%. Local government entities within Okeechobee set these rates annually, and they can vary 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 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these areas compare with Okeechobee provides valuable insights into the varying tax landscape across Highlands County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okeechobee Tax Rate
1.85%
Average Highlands County Tax Rate
1.01%
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 | 0.75% | 1.05% | 1.85% | 2.23% | 2.46% |
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 Highlands 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 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 34974 has the highest and lowest median tax bill at $674.
Average Okeechobee Assessed Value
$43,180
Average Highlands County Assessed Value
$142,723
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 | $22,815 | $28,768 | $43,180 | $69,863 | $94,132 |
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 local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Okeechobee, the median home price is $43,180, and the tax rate in Highlands County results in tax bills that vary significantly. The 25th percentile tax bill in Okeechobee is $530, while the 75th percentile tax bill is $875. At the higher end, the 90th percentile tax bill reaches $1,281. The highest and lowest median tax bills in the area both stand at $674 in the 34974 zip code. These amounts can impact homeowners significantly, influencing financial planning and the overall cost of homeownership. Compared to the national median property tax rate of 0.99%, the tax burden in Okeechobee is shaped by local property values and tax rates, highlighting the importance of understanding local tax assessments.
Average Okeechobee Tax Bill
$674
Average Highlands County Tax Bill
$1,345
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 | $356 | $530 | $674 | $875 | $1,281 |
Source: Ownwell