Suwannee, Florida Property Taxes
The median property tax rate in Suwannee, FL is 2.10%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Suwannee at $63,200, the typical annual property tax bill reaches $1,051, exceeding the national median of $2,690. Property taxes in Suwannee 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 Suwannee'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 Suwannee 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
Suwannee, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.1%
Estimate Property Tax Bill
$1,327
$1,256
Ownwell’s Suwannee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Suwannee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Suwannee to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. 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 Suwannee, Florida
Property taxes in Suwannee, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Suwannee is 0.97%, which is lower than both the Florida state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Suwannee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Suwannee 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 Suwannee's effective property tax rate to other counties in Florida and the national median. For comparison, the 32692 zip code has the highest median property tax rate of 0.97%, while the same 32692 zip code also has the lowest median tax rate of 0.97%. Understanding how these areas compare with Suwannee provides valuable insights into the varying tax landscape across Dixie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Suwannee Tax Rate
2.10%
Average Dixie County Tax Rate
1.35%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Suwannee, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32692 | 1.06% | 1.85% | 2.10% | 2.54% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Suwannee, Florida
In Suwannee, 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 Dixie 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 Suwannee, 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 Suwannee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Suwannee, the zip code 32692 has both the highest and lowest median tax bill at $1,051.
Average Suwannee Assessed Value
$63,200
Average Dixie County Assessed Value
$64,100
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Suwannee, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32692 | $9,880 | $30,500 | $63,200 | $125,400 | $189,720 |
Source: Ownwell
Property Tax Bills Across Suwannee, Florida
In Suwannee, located in Dixie County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county property appraiser. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the market value of the property, any improvements made, and applicable exemptions. For homeowners in Suwannee, the property tax bills can vary significantly. The 25th percentile tax bill is around $704, while the 75th percentile reaches $2,109, and the 90th percentile can be as high as $3,592. These figures highlight the range of property taxes that residents might expect to pay, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Suwannee's property tax rates can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. Homeowners need to stay informed about their property's assessed value and any potential exemptions to manage their tax bills effectively.
Average Suwannee Tax Bill
$1,051
Average Dixie County Tax Bill
$835
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Suwannee, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32692 | $315 | $704 | $1,051 | $2,109 | $3,592 |
Source: Ownwell