Palmetto Bay, Florida Property Taxes
The median property tax rate in Palmetto Bay, FL is 1.01%, 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 Palmetto Bay at $718,988, the typical annual property tax bill reaches $7,098, significantly exceeding the national median of $2,690. Property taxes in Palmetto Bay 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 Palmetto Bay'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 Palmetto Bay 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
Palmetto Bay, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$7,262
$6,872
$1,148
Average Palmetto Bay, Florida Tax Savings
Ownwell’s Palmetto Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmetto Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmetto Bay 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 Palmetto Bay. 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 Palmetto Bay, Florida
Property taxes in Palmetto Bay, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmetto Bay is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Palmetto Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmetto Bay 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 Palmetto Bay's effective property tax rate to other areas in Miami-Dade County and the national median. For comparison, the 33176 zip code has the highest median property tax rate of 1.47%, while the 33157 zip code has the lowest median tax rate of 1.00%. Understanding how these areas compare with Palmetto Bay 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 Palmetto Bay Tax Rate
1.01%
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 Palmetto Bay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33157 | 0.59% | 0.75% | 1.00% | 1.47% | 1.72% |
| 33158 | 0.67% | 0.77% | 1.01% | 1.30% | 1.69% |
| 33176 | 0.56% | 0.80% | 1.47% | 1.66% | 1.75% |
Source: Ownwell
$1,148
Average Palmetto Bay Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Palmetto Bay, Florida
In Palmetto Bay, 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 Property Appraiser 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 Palmetto Bay, 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. For instance, the median home price in Palmetto Bay is $718,988. Zip code 33158 has the highest median tax bill at $8,071, while zip code 33176 has the lowest at $3,029. 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 Palmetto Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Palmetto Bay, Florida
Source: Ownwell
$160,056
$16,966,420
$33,772,783
Average Palmetto Bay Assessed Value
$718,988
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 Palmetto Bay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33157 | $378,151 | $546,078 | $700,318 | $849,883 | $1,053,764 |
| 33158 | $642,560 | $691,763 | $766,311 | $879,848 | $1,119,396 |
| 33176 | $141,892 | $156,296 | $204,246 | $662,879 | $747,636 |
Source: Ownwell
$1,148
Average Palmetto Bay Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Palmetto Bay, Florida
In Palmetto Bay, Miami-Dade County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. Various factors, such as property size, location, and market conditions, influence the assessed value. For instance, the median home price in Palmetto Bay is $718,988, leading to a range of tax bills. Homeowners at the 25th percentile pay around $4,776, while those at the 75th percentile see bills as high as $9,997. The highest median tax bill in the area is $8,071 in zip code 33158, whereas the lowest is $3,029 in zip code 33176. These tax bills can significantly impact homeowners, especially if the assessed value does not accurately reflect the property's market value. Ownwell helps homeowners by offering property tax appeal and exemption services, ensuring that their property is fairly assessed and potentially reducing their tax burden.
Average Palmetto Bay Tax Bill
$7,098
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 Palmetto Bay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33157 | $2,902 | $4,487 | $6,882 | $9,737 | $13,106 |
| 33158 | $4,779 | $5,994 | $8,071 | $11,459 | $15,221 |
| 33176 | $1,809 | $2,496 | $3,029 | $6,302 | $9,682 |
Source: Ownwell
$1,148
Average Palmetto Bay 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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