Hutchinson Island, Florida Property Taxes
The median property tax rate in Hutchinson Island, FL is 1.55%, significantly higher than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $1,118,670 in Hutchinson Island, the typical annual property tax bill reaches $17,295, far exceeding the national median of $2,690. Property taxes in Hutchinson Island are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hutchinson Island'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 Hutchinson Island 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
Hutchinson Island, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$17,339
$16,394
Ownwell’s Hutchinson Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hutchinson Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hutchinson Island 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 Hutchinson Island, Florida
Property taxes in Hutchinson Island, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hutchinson Island is 1.55%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hutchinson Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hutchinson Island 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 Hutchinson Island's effective property tax rate to other areas in Martin County and the national median. For comparison, the zip code 34996 has the highest median property tax rate of 1.60%, while zip code 34949 has the lowest median tax rate of 1.55%. Understanding how these areas compare with Hutchinson Island provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hutchinson Island Tax Rate
1.55%
Average Martin County Tax Rate
1.13%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hutchinson Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34949 | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
| 34996 | 1.52% | 1.55% | 1.60% | 1.64% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Hutchinson Island, Florida
In Hutchinson Island, 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 Martin 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. 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. Hutchinson Island has varying tax bills, with the highest median tax bill of $19,445 in zip code 34996 and the lowest median tax bill of $17,295 in zip code 34949. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hutchinson Island, Florida
Source: Ownwell
$37,370
$8,127,435
$16,217,500
Average Hutchinson Island Assessed Value
$1,118,670
Average Martin County Assessed Value
$294,470
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hutchinson Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34949 | $1,118,670 | $1,118,670 | $1,118,670 | $1,118,670 | $1,118,670 |
| 34996 | $539,318 | $776,900 | $1,172,870 | $1,568,840 | $1,806,422 |
Source: Ownwell
Property Tax Bills Across Hutchinson Island, Florida
Property tax bills in Hutchinson Island, located in Martin County, FL, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county's property appraiser and reflects the market value of the home. In this region, the median home price stands at $1,118,670, which significantly influences the property tax bill. Homeowners in Hutchinson Island can expect their property tax bills to fall within a range, depending on the assessed value of their homes. The tax bill at the 25th percentile is approximately $11,515, while those at the 75th percentile can reach up to $25,226. For the top 10% of properties, tax bills can soar to around $29,984. These property taxes contribute to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, homeowners in Hutchinson Island face higher rates, reflecting the area's higher property values and the corresponding need for local public funding.
Average Hutchinson Island Tax Bill
$17,295
Average Martin County Tax Bill
$3,260
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Hutchinson Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34949 | $17,295 | $17,295 | $17,295 | $17,295 | $17,295 |
| 34996 | $8,476 | $12,590 | $19,445 | $26,301 | $30,414 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
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