Graceville, Florida Property Taxes
The median property tax rate in Graceville, FL is 0.73%, considerably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Graceville at $62,091, the typical annual property tax bill reaches $486, well below the national median of $2,690. Property taxes in Graceville 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 Graceville'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 Graceville 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
Graceville, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$453
$421
Ownwell’s Graceville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Graceville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Graceville 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 Graceville, Florida
Property taxes in Graceville, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Graceville is 0.73%, lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Graceville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Graceville 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 Graceville's effective property tax rate to other counties in Florida and the national median. For comparison, the 32440 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Graceville provides valuable insights into the varying tax landscape across Holmes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Graceville Tax Rate
0.73%
Average Holmes County Tax Rate
0.87%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Graceville, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32440 | 0.29% | 0.55% | 0.73% | 1.47% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Graceville, Florida
In Graceville, 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 Holmes 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 Graceville, 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. Graceville's median home price stands at $62,091, with tax bills ranging from $256 at the 25th percentile to $1,312 at the 90th percentile. The highest and lowest median tax bill in the area is $486, both found in the 32440 zip code. 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 Graceville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Graceville Assessed Value
$62,091
Average Holmes County Assessed Value
$55,786
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Graceville, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32440 | $24,195 | $37,516 | $62,091 | $98,325 | $130,214 |
Source: Ownwell
Property Tax Bills Across Graceville, Florida
Property tax bills in Graceville, located in Holmes County, FL, are determined by the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. The local tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. For homeowners in Graceville, the median home price is $62,091. The property tax rate in this area results in a range of tax bills. At the 25th percentile, homeowners might pay around $256, while those at the 75th percentile could see bills up to $891. The 90th percentile tax bill can go as high as $1,312. Comparatively, the highest and lowest median tax bills in the area are both $486, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership in Graceville more affordable.
Average Graceville Tax Bill
$486
Average Holmes County Tax Bill
$469
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Graceville, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32440 | $125 | $256 | $486 | $891 | $1,312 |
Source: Ownwell