Midway, Florida Property Taxes
The median property tax rate in Midway, FL is 0.92%, slightly below the national median of 0.99% and significantly lower than the Florida state median of 1.14%. With the median home value in Midway at $171,976, the typical annual property tax bill is approximately $1,488, which is well below the national median of $2,690. Property taxes in Midway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Midway'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 Midway 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
Midway, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,582
$1,496
Ownwell’s Midway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midway 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 Midway, Florida
Property taxes in Midway, Florida, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Midway is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Midway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway 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 Midway's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 32343 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Midway provides valuable insights into the varying tax landscape across Gadsden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midway Tax Rate
0.92%
Average Gadsden County Tax Rate
0.91%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32343 | 0.62% | 0.76% | 0.92% | 1.47% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Midway, Florida
In Midway, 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 Gadsden 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 Midway, 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 Midway is $171,976. The median tax bill in the 25th percentile is $982, while the 75th percentile sees a tax bill of $2,404. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Midway Assessed Value
$171,976
Average Gadsden County Assessed Value
$92,320
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midway, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32343 | $48,342 | $102,009 | $171,976 | $202,821 | $241,074 |
Source: Ownwell
Property Tax Bills Across Midway, Florida
In Midway, located in Gadsden County, FL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Midway can expect their property tax bill to vary significantly, influenced by factors such as property size, location, and improvements. For instance, the median home price in Midway is $171,976. Property tax bills in this area range widely, with the 25th percentile paying around $982 and the 75th percentile facing bills up to $2,404. At the 90th percentile, homeowners might see tax bills reaching $3,390. These figures highlight the variability in property taxes, which can impact household budgets and overall financial planning. Comparatively, the national median property tax rate stands at 0.99%, making Midway's property tax landscape competitive yet variable. This variability underscores the importance of understanding local property tax assessments and their implications for homeowners.
Average Midway Tax Bill
$1,488
Average Gadsden County Tax Bill
$831
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32343 | $458 | $982 | $1,488 | $2,404 | $3,390 |
Source: Ownwell