Bay Harbor Islands, Florida Property Taxes
The median property tax rate in Bay Harbor Islands, FL is 1.56%, significantly higher than both the national median of 0.99% and Florida's state median of 1.14%. With the median home value in Bay Harbor Islands at $399,242, the typical annual property tax bill reaches $5,321, far exceeding the national median of $2,690. Property taxes in Bay Harbor Islands are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bay Harbor Islands' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bay Harbor Islands 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
Bay Harbor Islands, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$6,228
$5,894
$1,148
Average Bay Harbor Islands, Florida Tax Savings
Ownwell’s Bay Harbor Islands Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bay Harbor Islands with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bay Harbor Islands 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 Bay Harbor Islands. 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 Bay Harbor Islands, Florida
Property taxes in Bay Harbor Islands, Florida, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bay Harbor Islands is 1.56%, significantly higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Bay Harbor Islands set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bay Harbor Islands 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 Bay Harbor Islands' effective property tax rate to other areas in Miami-Dade County and the national median. For comparison, the 33154 zip code has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these figures compare with Bay Harbor Islands 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 Bay Harbor Islands Tax Rate
1.56%
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 Bay Harbor Islands, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33154 | 0.47% | 1.00% | 1.56% | 1.72% | 1.83% |
Source: Ownwell
$1,148
Average Bay Harbor Islands Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Bay Harbor Islands, Florida
In Bay Harbor Islands, 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 Bay Harbor Islands, 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 Bay Harbor Islands helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In the 33154 zip code, the median tax bill is $5,321, reflecting the highest and lowest median tax bills in the area.
Property Tax Assessment Values Across Bay Harbor Islands, Florida
Source: Ownwell
$160,056
$16,966,420
$33,772,783
Average Bay Harbor Islands Assessed Value
$399,242
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 Bay Harbor Islands, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33154 | $211,355 | $249,394 | $399,242 | $733,954 | $1,681,007 |
Source: Ownwell
$1,148
Average Bay Harbor Islands Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Bay Harbor Islands, Florida
In Bay Harbor Islands, Miami-Dade County, FL, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. This value is then multiplied by the local tax rate. For instance, with a median home price of $399,242, homeowners can expect varied tax bills depending on their property's assessed value. The tax bill ranges significantly, with the 25th percentile paying around $3,373, and the 90th percentile seeing bills as high as $19,093. These taxes can be a substantial financial burden, particularly when compared to the national median property tax rate of 0.99%. Ownwell helps homeowners in Bay Harbor Islands save on their property tax bills by offering expert property tax appeal and exemption services. By analyzing your property's assessed value and identifying discrepancies, Ownwell can effectively reduce your tax liability, ensuring you only pay your fair share. This can result in significant savings and provide financial relief for homeowners.
Average Bay Harbor Islands Tax Bill
$5,321
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 Bay Harbor Islands, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33154 | $1,856 | $3,373 | $5,321 | $10,792 | $19,093 |
Source: Ownwell
$1,148
Average Bay Harbor Islands 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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