Sumatra, Florida Property Taxes
The median property tax rate in Sumatra, FL is 1.47%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Sumatra at $102,185, the typical annual property tax bill reaches $1,499, exceeding the national median of $2,690. Property taxes in Sumatra 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 Sumatra'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 Sumatra or another part of Liberty County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sumatra, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$1,502
$1,394
Ownwell’s Sumatra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sumatra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sumatra 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 Sumatra, Florida
Property taxes in Sumatra, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sumatra is 1.47%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Sumatra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sumatra 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 Sumatra's effective property tax rate to other counties in Florida and the national median. For comparison, the 32321 zip code has the highest median property tax rate of 1.47%, while the 32321 zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Sumatra provides valuable insights into the varying tax landscape across Liberty County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sumatra Tax Rate
1.47%
Average Liberty County Tax Rate
1.20%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sumatra, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32321 | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Sumatra, Florida
In Sumatra, 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 Liberty 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 Sumatra, 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. Being aware of these valuation processes in Sumatra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with both the highest and lowest median tax bills is 32321, each at $1,499.
Average Sumatra Assessed Value
$102,185
Average Liberty County Assessed Value
$47,685
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sumatra, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32321 | $102,185 | $102,185 | $102,185 | $102,185 | $102,185 |
Source: Ownwell
Property Tax Bills Across Sumatra, Florida
In Sumatra, located in Liberty County, FL, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine your annual tax bill. For homeowners in Sumatra, the tax bill is notably consistent across various percentiles, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $1,499. This uniformity suggests a stable tax environment within the city. When compared to the national median property tax rate of 0.99%, Sumatra's tax rate provides a clear picture of the local tax burden on homeowners. These property taxes are essential for funding community services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated and their impact on annual expenses is crucial for financial planning and long-term investment strategies.
Average Sumatra Tax Bill
$1,499
Average Liberty County Tax Bill
$460
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Sumatra, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32321 | $1,499 | $1,499 | $1,499 | $1,499 | $1,499 |
Source: Ownwell