Longboat Key, Florida Property Taxes
The median property tax rate in Longboat Key, FL is 1.11%, slightly above the national median of 0.99% but below the Florida state median of 1.14%. With the median home value in Longboat Key at $1,101,050, the typical annual property tax bill reaches $10,782, significantly surpassing the national median of $2,690. Property taxes in Longboat Key are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Longboat Key'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 Longboat Key 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
Longboat Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$12,222
$11,566
$1,148
Average Longboat Key, Florida Tax Savings
Ownwell’s Longboat Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Longboat Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Longboat Key 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 Longboat Key. 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 Longboat Key, Florida
Property taxes in Longboat Key, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Longboat Key is 1.11%, which is higher than the U.S. national median of 0.99%. Local government entities within Longboat Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Longboat Key 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 Longboat Key's effective property tax rate to other areas and the national median. For comparison, the zip code 34228 has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these rates compare with Longboat Key provides valuable insights into the varying tax landscape across Sarasota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Longboat Key Tax Rate
1.11%
Average Sarasota County Tax Rate
1.09%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Longboat Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34228 | 0.63% | 0.78% | 1.11% | 1.22% | 1.33% |
Source: Ownwell
$1,148
Average Longboat Key Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Longboat Key, Florida
In Longboat Key, 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 Sarasota 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 Longboat Key, 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 Longboat Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 34228 has the highest and lowest median tax bill, both valued at $10,782.
Property Tax Assessment Values Across Longboat Key, Florida
Source: Ownwell
$141,600
$984,325
$1,827,050
Average Longboat Key Assessed Value
$1,101,050
Average Sarasota County Assessed Value
$349,900
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Longboat Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34228 | $458,100 | $717,450 | $1,101,050 | $1,750,275 | $2,751,250 |
Source: Ownwell
$1,148
Average Longboat Key Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Longboat Key, Florida
In Longboat Key, Sarasota County, FL, property tax bills are calculated based on the assessed value of the property. The local tax assessor determines this value, which often differs from the market value. The tax rate is then applied to the assessed value to calculate the tax bill. Factors like property improvements, location, and market trends influence the assessed value. Homeowners in Longboat Key face varying tax bills, with the 25th percentile at $7,021 and the 75th percentile at $17,003, reflecting the diverse property values in the area. The highest median tax bill in the 34228 zip code is $10,782, which is above the national median property tax rate of 0.99%. Homeowners can significantly benefit from Ownwell's property tax appeal and exemption services. By analyzing property assessments and identifying discrepancies, Ownwell helps homeowners challenge over-assessments and secure exemptions, ultimately reducing their tax burden. This expert assistance ensures that homeowners pay only their fair share, potentially saving thousands of dollars annually.
Average Longboat Key Tax Bill
$10,782
Average Sarasota County Tax Bill
$3,451
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Longboat Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34228 | $4,223 | $7,021 | $10,782 | $17,003 | $28,121 |
Source: Ownwell
$1,148
Average Longboat Key Tax Savings
Save on your property taxes & more with Ownwell.
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Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 10 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Sarasota Property Appraiser | |
| Website | www.sc-pa.com |
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