Monticello, Florida Property Taxes
The median property tax rate in Monticello, FL is 1.11%, slightly higher than the national median of 0.99% but lower than the Florida state median of 1.14%. With the median home value in Monticello at $102,265, the typical annual property tax bill is $1,139, which is below the national median of $2,690. Property taxes in Monticello are calculated based on the tax assessed value, often reduced by exemptions such as the primary residence and agricultural exemptions. Grasping Monticello'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 Monticello 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
Monticello, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$1,135
$1,073
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Florida
Property taxes in Monticello, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 1.11%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Florida and the national median. For comparison, the 32344 zip code has both the highest and lowest median property tax rate of 1.11%. Understanding how these cities compare with Monticello provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
1.11%
Average Jefferson County Tax Rate
1.11%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32344 | 0.69% | 0.85% | 1.11% | 1.66% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Florida
In Monticello, 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 Jefferson 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 Monticello, 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. Monticello's median home price is $102,265, with tax bills ranging from $698 at the 25th percentile to $3,154 at the 90th percentile. The highest and lowest median tax bills are both $1,139 in the 32344 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monticello Assessed Value
$102,265
Average Jefferson County Assessed Value
$99,936
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32344 | $30,681 | $58,606 | $102,265 | $182,416 | $281,858 |
Source: Ownwell
Property Tax Bills Across Monticello, Florida
In Monticello, located in Jefferson County, FL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Monticello, understanding the range of property tax bills can help in financial planning. The 25th percentile tax bill in this area is $698, while the 75th percentile tax bill is $2,000. At the higher end, the 90th percentile tax bill reaches $3,154. The highest and lowest median tax bills in the zip code 32344 are both $1,139, indicating a relatively stable tax environment within the city. Compared to the national median property tax rate of 0.99%, Monticello's tax rates can vary significantly based on the assessed property values. This variability can have a substantial impact on homeowners, influencing both monthly expenses and long-term financial planning.
Average Monticello Tax Bill
$1,139
Average Jefferson County Tax Bill
$1,108
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32344 | $447 | $698 | $1,139 | $2,000 | $3,154 |
Source: Ownwell