Bal Harbour, Florida Property Taxes
The median property tax rate in Bal Harbour, FL is 1.49%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Bal Harbour at $1,184,040, the typical annual property tax bill reaches $15,497, far exceeding the national median of $2,690. Property taxes in Bal Harbour 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 Bal Harbour'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 Bal Harbour 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
Bal Harbour, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$17,642
$16,696
$1,148
Average Bal Harbour, Florida Tax Savings
Ownwell’s Bal Harbour Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bal Harbour with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bal Harbour to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Bal Harbour. 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 Bal Harbour, Florida
Property taxes in Bal Harbour, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bal Harbour is 1.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bal Harbour set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bal Harbour 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 Bal Harbour's effective property tax rate to other regions and the national median. For comparison, the zip code 33154 has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with Bal Harbour provides valuable insights into the varying tax landscape across Miami-Dade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bal Harbour Tax Rate
1.49%
Average Miami-dade County Tax Rate
1.41%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bal Harbour, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33154 | 0.97% | 1.37% | 1.49% | 1.58% | 1.70% |
Source: Ownwell
$1,148
Average Bal Harbour Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Bal Harbour, Florida
In Bal Harbour, 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 Miami-Dade 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 Bal Harbour, 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 Bal Harbour helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bal Harbour is $1,184,040, with median tax bills ranging from $7,540 at the 25th percentile to $68,144 at the 90th percentile. The zip code 33154 has both the highest and lowest median tax bill at $15,497.
Property Tax Assessment Values Across Bal Harbour, Florida
Source: Ownwell
$160,056
$16,966,420
$33,772,783
Average Bal Harbour Assessed Value
$1,184,040
Average Miami-dade County Assessed Value
$372,000
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bal Harbour, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33154 | $296,760 | $506,875 | $1,184,040 | $2,670,465 | $5,122,950 |
Source: Ownwell
$1,148
Average Bal Harbour Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Bal Harbour, Florida
In Bal Harbour, Miami-Dade County, FL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is based on the market value of the home, which in Bal Harbour has a median home price of $1,184,040. Various factors such as property improvements, location, and market conditions influence this assessed value. For homeowners, this can mean substantial tax bills. The 25th percentile tax bill in Bal Harbour is $7,540, while the 75th percentile reaches $36,521, and the 90th percentile can soar to $68,144. These figures are significantly higher than the national median property tax rate of 0.99%. Ownwell can help homeowners in Bal Harbour save on their property tax bills by providing expert property tax appeal and exemption services. By analyzing the assessed value and identifying potential discrepancies, Ownwell ensures that homeowners are not overpaying on their property taxes, helping them secure the most favorable tax rates possible.
Average Bal Harbour Tax Bill
$15,497
Average Miami-dade County Tax Bill
$4,524
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Bal Harbour, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33154 | $4,577 | $7,540 | $15,497 | $36,521 | $68,144 |
Source: Ownwell
$1,148
Average Bal Harbour Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 17 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Miami-Dade Property Appraiser | |
| Phone | (305) 375-4050 |
| Website | www.miamidade.gov |
| mdcpa@mdcpa.net | |
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