Ft Walton Beach, Florida Property Taxes
The median property tax rate in Ft. Walton Beach, FL is 0.78%, significantly lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Ft. Walton Beach at $136,222, the typical annual property tax bill amounts to $895, which is well below the national median of $2,690. Property taxes in Ft. Walton Beach are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ft. Walton Beach's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Ft. Walton Beach 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
Ft Walton Beach, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,063
$986
Ownwell’s FT WALTON BEACH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FT WALTON BEACH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FT WALTON BEACH 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 Ft Walton Beach, Florida
Property taxes in FT WALTON BEACH, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in FT WALTON BEACH is 0.78%, which is lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within FT WALTON BEACH set these rates annually, and they can vary significantly across different neighborhoods. Each year, FT WALTON BEACH 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 FT WALTON BEACH's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 32547 has the highest median property tax rate of 1.14%, while zip code 32548 has the lowest median tax rate of 0.78%. Understanding how these cities compare with FT WALTON BEACH provides valuable insights into the varying tax landscape across Okaloosa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ft Walton Beach Tax Rate
0.78%
Average Okaloosa County Tax Rate
0.93%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ft Walton Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32547 | 0.49% | 0.88% | 1.14% | 1.15% | 1.24% |
| 32548 | 0.50% | 0.77% | 0.78% | 1.16% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Ft Walton Beach, Florida
In FT WALTON BEACH, 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 Okaloosa 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 FT WALTON BEACH, 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. For instance, the highest median tax bill in the area is $2,078 in the 32547 zip code, while the lowest is $895 in the 32548 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 FT WALTON BEACH helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Ft Walton Beach, Florida
Source: Ownwell
$104,350
$252,953
$401,555
Average Ft Walton Beach Assessed Value
$136,222
Average Okaloosa County Assessed Value
$253,315
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ft Walton Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32547 | $35,186 | $76,987 | $202,690 | $485,858 | $678,436 |
| 32548 | $70,000 | $115,837 | $132,365 | $195,217 | $311,032 |
Source: Ownwell
Property Tax Bills Across Ft Walton Beach, Florida
In Fort Walton Beach, located in Okaloosa 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 property appraiser and reflects the market value of your property. The local tax rate is applied to this assessed value to calculate the annual tax bill. For homeowners in Fort Walton Beach, the property tax rate is influenced by several factors, including local government budgets and school district funding needs. The median home price in the area is $136,222, and property tax bills can vary significantly. For instance, at the 25th percentile, homeowners might see a tax bill of around $697, while those at the 75th percentile could face a bill of $2,216. The highest median tax bill in the area is in the 32547 zip code, amounting to $2,078, whereas the lowest is in the 32548 zip code at $895. These variations directly impact homeowners' financial planning and budgeting.
Average Ft Walton Beach Tax Bill
$895
Average Okaloosa County Tax Bill
$2,112
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Ft Walton Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32547 | $382 | $650 | $2,078 | $4,709 | $7,011 |
| 32548 | $546 | $701 | $895 | $2,040 | $3,347 |
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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