Lafayette County, Florida Property Taxes
The median property tax rate in Lafayette is 0.99%, which aligns with the national median of 0.99% but is notably lower than Florida's state median of 1.14%. With a median home value in Lafayette, the typical annual property tax bill amounts to $733, significantly below the national median of $2,690. Property taxes in Lafayette are calculated based on the tax assessed value, which is often lower than the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Lafayette's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Mayo or another part of Lafayette, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lafayette County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$715
$664
Ownwell’s Lafayette County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafayette County with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lafayette County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property's assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Lafayette County, Florida
Property taxes in Lafayette County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lafayette County is 0.99%, which is on par with the U.S. national median of 0.99%. Local government entities within Lafayette County set these rates annually, and they can vary significantly between different areas within the county. Each year, Lafayette County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Branford has one of the higher property tax rates in the region at 1.04%, while the city of Mayo boasts one of the lowest at 0.97%. Analyzing how Lafayette County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lafayette County Tax Rate
0.99%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Lafayette County, Florida
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Lafayette. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Lafayette Appraisal District. The assessed value, however, 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. Assessment notices in Lafayette are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Lafayette's cities with the highest and lowest median tax bills are Branford at $898 and Mayo at $697, respectively. Being aware of these valuation processes in Lafayette will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Lafayette County Assessed Value
$72,237
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Bills Across Lafayette County, Florida
In Lafayette County, FL, property tax bills are calculated based on the assessed value of the home, which is determined by the county property appraiser. This assessed value is then multiplied by the local millage rate to calculate the tax bill. The median home price in Lafayette County is $72,237, significantly lower than the national average, which influences the overall tax burden on homeowners. Several factors are considered in the assessment process, including property size, location, and market conditions. Homeowners in Lafayette County experience a range of tax bills, with the 25th percentile at $408 and the 75th percentile at $1,446. The 90th percentile tax bill can reach up to $2,329, reflecting the variability based on property values and exemptions. For example, residents in Branford face the highest median tax bill at $898, while those in Mayo enjoy the lowest at $697. These property tax bills directly impact homeowners' annual expenses and can affect decisions related to property investments and homeownership.
Average Lafayette County Tax Bill
$733
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690