Sopchoppy, Franklin County, Florida Property Taxes
The median property tax rate in Sopchoppy, FL is 0.96%, slightly below the national median of 0.99% and significantly lower than Florida's state median of 1.14%. With a median home value of $483,741, the typical annual property tax bill in Sopchoppy reaches $4,146, which is well above the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Sopchoppy'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 Sopchoppy or another part of Franklin County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sopchoppy, Franklin County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$4,644
$4,309
Ownwell’s Sopchoppy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sopchoppy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sopchoppy 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 Sopchoppy, Franklin County, Florida
Property taxes in Sopchoppy, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sopchoppy is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Sopchoppy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sopchoppy 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 Sopchoppy's effective property tax rate to other areas in Franklin County and the national median. For comparison, the 32358 zip code has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Sopchoppy provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sopchoppy Tax Rate
0.96%
Average Franklin County Tax Rate
0.87%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sopchoppy, Franklin County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32358 | 0.54% | 0.74% | 0.96% | 0.99% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Sopchoppy, Franklin County, Florida
In Sopchoppy, 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 Franklin 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 Sopchoppy, 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. The median home price in Sopchoppy is $483,741. The highest median tax bill is $4,146 in the 32358 zip code, which also happens to have the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Sopchoppy, Franklin County, Florida
Source: Ownwell
$61,845
$308,836
$555,827
Average Sopchoppy Assessed Value
$483,741
Average Franklin County Assessed Value
$239,550
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sopchoppy, Franklin County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32358 | $279,268 | $370,753 | $483,741 | $664,336 | $916,523 |
Source: Ownwell
Property Tax Bills Across Sopchoppy, Franklin County, Florida
In Sopchoppy, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. The county's tax rate is then applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $483,741, homeowners can expect varying tax bills depending on specific factors such as property location and exemptions. Tax bills in Sopchoppy show significant variation. The 25th percentile tax bill is $2,895, while the 75th percentile reaches $6,077, and the 90th percentile can go up to $7,546. These differences highlight how individual property characteristics and local tax rates influence the final amount. Compared to the national median property tax rate of 0.99%, homeowners in Sopchoppy may experience different financial impacts based on their assessed property values. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Sopchoppy Tax Bill
$4,146
Average Franklin County Tax Bill
$2,090
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Sopchoppy, Franklin County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32358 | $1,749 | $2,895 | $4,146 | $6,077 | $7,546 |
Source: Ownwell