Palm City, Martin County, Florida Property Taxes
Median Palm City, FL effective property tax rate: 1.05%, slightly higher than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median Palm City, FL home value: $432,670
Median annual Palm City, FL tax bill: $4,522, $2,122 higher than the national median property tax bill of $2,400.
How are property taxes in Martin County calculated?
Property taxes in Palm City, 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 Palm City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Palm City, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Palm City, Martin County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.05%
Estimate Property Tax Bill
$4,543
$4,216
Ownwell’s Palm City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Palm City with just two data points.
By entering your property's estimated assessed value, our calculator applies Palm City’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Martin County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Palm City, Martin County, Florida
Local government entities determine tax rates, which can vary significantly within a state. This variation occurs because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the core of the annual process.
In Palm City, located in Martin County, Florida, the effective property tax rate stands at 1.05%. This rate aligns with both the highest and lowest median tax rates within the same ZIP code, 34990, reflecting a uniformity in the area's taxation. When compared to the national median property tax rate of 1.02%, Palm City's rate is slightly higher. However, it remains competitive within the state of Florida, where property tax rates can vary. By understanding these rates, property owners in Palm City can better anticipate their annual property tax obligations and explore potential savings through appeals or exemptions.
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 Palm City Tax Rate
1.05%
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 Martin County Tax Rate
1.13%
Median Effective Florida Tax Rate
1.14%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Palm City, Martin County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33490 | N/A | N/A | N/A | N/A | N/A |
| 34990 | 0.67% | 0.84% | 1.05% | 1.40% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Palm City, Martin County, Florida
When examining property taxes in Palm City, 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 Martin County Property Appraiser's Office 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 Martin 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 Palm City. For example, the median home price in Palm City is $432,670, with tax bills ranging significantly across the county. 34990 has the highest median home price at $432,635.
Property Tax Assessment Values Across Palm City, Martin County, Florida
Source: Ownwell
$134,070
$733,900
$1,333,730
Median Palm City Market Value
$432,670
Median Martin County Market Value
$294,470
Median Florida Market Value
$276,648
Median United States Market Value
$235,294
Property Tax Assessment Values Across Palm City, Martin County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33490 | N/A | N/A | N/A | N/A | N/A |
| 34990 | $197,140 | $272,430 | $432,635 | $582,482 | $765,694 |
Source: Ownwell
Property Tax Bills Across Palm City, Martin County, Florida
In Palm City, FL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value of the home. For homeowners in Martin County, the median home price is $432,670, which significantly influences the tax bill. The tax bills range widely, with the 25th percentile at $2,793 and the 90th percentile reaching $9,217. This variation is due to factors such as property location, size, and improvements. The median property tax bill in Palm City is $4,521, which is higher than the national median of $2,400, reflecting the area's relatively high property values.
Ownwell can assist homeowners in Palm City by reviewing their property assessments to ensure accuracy, potentially lowering their tax bills. By identifying discrepancies or opportunities for exemptions, Ownwell can help reduce the financial burden on homeowners, ensuring they only pay their fair share. This service can lead to substantial savings, making homeownership more affordable in the long run.
Median Palm City Tax Bill
$4,522
Median Martin County Tax Bill
$3,260
Median Florida Tax Bill
$2,953
Median United States Tax Bill
$2,400
Property Tax Bills Across Palm City, Martin County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33490 | N/A | N/A | N/A | N/A | N/A |
| 34990 | $1,652 | $2,793 | $4,521 | $6,646 | $9,215 |
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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