Palm Bay, Florida Property Taxes
The median property tax rate in Palm Bay, FL is 1.00%, slightly above the national median of 0.99% but below the Florida state median of 1.14%. With a median home value of $213,330 in Palm Bay, the typical annual property tax bill amounts to $1,837, which is lower than the national median of $2,690. Property taxes in Palm Bay are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Palm 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 Palm Bay or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palm Bay, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$2,133
$1,980
$1,148
Average Tax Savings
Ownwell’s Palm Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palm Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palm 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 Palm 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 Palm Bay, Florida
Property taxes in Palm Bay, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palm Bay is 1.00%, slightly above the U.S. national median of 0.99%. Local government entities within Palm Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palm 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 Palm Bay's effective property tax rate to other areas in Brevard County and the national median. For comparison, the 32908 zip code has the highest median property tax rate of 1.15%, while the 32907 zip code has the lowest median tax rate of 0.88%. Understanding how these areas compare with Palm Bay provides valuable insights into the varying tax landscape across Brevard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palm Bay Tax Rate
1.00%
Average Brevard County Tax Rate
0.95%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palm Bay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32905 | 0.25% | 0.41% | 1.03% | 1.58% | 1.86% |
| 32907 | 0.30% | 0.38% | 0.88% | 1.58% | 1.90% |
| 32908 | 0.35% | 0.51% | 1.15% | 1.70% | 1.91% |
| 32909 | 0.31% | 0.46% | 1.05% | 1.60% | 1.90% |
Source: Ownwell
$1,148
Average Palm Bay Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Palm Bay, Florida
In Palm 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 Brevard 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 Palm 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. 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 Palm Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $2,099 in zip code 32909, while the lowest is $1,494 in zip code 32905.
Average Palm Bay Assessed Value
$213,330
Average Brevard County Assessed Value
$243,020
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palm Bay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32905 | $88,400 | $122,980 | $171,760 | $216,800 | $278,630 |
| 32907 | $151,484 | $189,010 | $221,225 | $257,758 | $292,543 |
| 32908 | $24,558 | $165,660 | $216,720 | $250,420 | $285,210 |
| 32909 | $143,190 | $182,490 | $223,310 | $263,660 | $324,320 |
Source: Ownwell
$1,148
Average Palm Bay Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Palm Bay, Florida
In Palm Bay, Brevard County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the Brevard County Property Appraiser. The assessed value considers factors like the property's market value, location, and any applicable exemptions. The tax rate is then applied to this assessed value to calculate the annual property tax bill. For example, with a median home price of $213,330, homeowners can expect a wide range of tax bills, from the 25th percentile at $783 to the 90th percentile at $4,165. Homeowners in Palm Bay can face significant financial burdens due to high property taxes. However, Ownwell can help by providing expert property tax appeal and exemption services. By identifying potential discrepancies in property assessments and ensuring all eligible exemptions are applied, Ownwell can help homeowners reduce their tax bills, potentially saving them hundreds or even thousands of dollars annually. With the highest median tax bill in the 32909 zip code reaching $2,099, these savings can make a substantial difference.
Average Palm Bay Tax Bill
$1,837
Average Brevard County Tax Bill
$2,198
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Palm Bay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32905 | $352 | $649 | $1,494 | $2,477 | $3,545 |
| 32907 | $578 | $810 | $1,828 | $3,133 | $4,066 |
| 32908 | $380 | $758 | $2,028 | $3,270 | $4,204 |
| 32909 | $487 | $834 | $2,099 | $3,399 | $4,442 |
Source: Ownwell
$1,148
Average Palm 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 13 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Brevard Property Appraiser | |
| Website | www.bcpao.us |
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