Bonifay, Holmes County, Florida Property Taxes
Median Bonifay, FL effective property tax rate: 0.90%, significantly lower than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median Bonifay, FL home value: $60,170
Median annual Bonifay, FL tax bill: $499, $1,901 lower than the national median property tax bill of $2,400.
How are property taxes in Holmes County calculated?
Property taxes in Bonifay, FL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Bonifay’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Bonifay, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Bonifay, Holmes County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.9%
Estimate Property Tax Bill
$542
$503
Property Tax Rates Across Bonifay, Holmes County, Florida
Local government entities set tax rates, which can vary widely within a state. This variation is due to each county estimating its required budget annually to provide services and dividing that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Bonifay’s effective property tax rate to other cities in Florida and the median property tax rates in Florida and the U.S.
In Bonifay, located in Holmes County, the property tax rate reflects the county's budgetary needs and the total assessed property value. Notably, this rate is lower than the national median property tax rate of 1.02%, making it an attractive location for property owners seeking lower tax burdens. With the highest and lowest property tax rates in Holmes County being identical, Bonifay offers a consistent and predictable tax environment. This stability, combined with the lower tax rate compared to the national average, enhances the appeal of owning property in Bonifay.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Bonifay Tax Rate
0.90%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Holmes County Tax Rate
0.87%
Median Effective Florida Tax Rate
1.14%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Bonifay, Holmes County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32425 | 0.31% | 0.64% | 0.90% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Bonifay, Holmes County, Florida
When examining property taxes in Bonifay, FL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Holmes County Property Appraiser estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Holmes County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Bonifay.
For example, the median home price in Bonifay is $60,170, with tax bills ranging significantly across the county. Zip code 32425 has the highest median home price at $60,170.
Property Tax Assessment Values Across Bonifay, Holmes County, Florida
Source: Ownwell
$40,790
$51,441
$62,091
Median Bonifay Market Value
$60,170
Median Holmes County Market Value
$55,786
Median Florida Market Value
$276,648
Median United States Market Value
$235,294
Property Tax Assessment Values Across Bonifay, Holmes County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32425 | $22,539 | $36,572 | $60,170 | $94,972 | $141,407 |
Source: Ownwell
Property Tax Bills Across Bonifay, Holmes County, Florida
In Bonifay, Holmes County, FL, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Local tax rates are then applied to this assessed value to determine the annual tax bill. With a median home price of $60,170, the median tax bill in Bonifay is $499, significantly lower than the national median property tax bill of $2,400. Factors such as property improvements or changes in market conditions can influence the assessed value, affecting the tax bill for homeowners.
Homeowners in Bonifay can benefit from Ownwell's expertise in navigating property tax appeals and exemptions. By reviewing assessments and identifying potential discrepancies, Ownwell helps ensure homeowners are not overpaying on their property taxes. Through strategic appeals and guidance on available exemptions, Ownwell can assist in reducing tax liabilities, providing financial relief to homeowners in Bonifay.
Median Bonifay Tax Bill
$499
Median Holmes County Tax Bill
$469
Median Florida Tax Bill
$2,953
Median United States Tax Bill
$2,400
Property Tax Bills Across Bonifay, Holmes County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32425 | $144 | $288 | $499 | $948 | $1,508 |
Source: Ownwell