Laurel Hill, Florida Property Taxes
The median property tax rate in Laurel Hill, FL is 0.64%, which is significantly lower than both the national median of 0.99% and Florida's state median of 1.14%. With the median home value in Laurel Hill, the typical annual property tax bill amounts to $807, well below the national median of $2,690. Property taxes in Laurel Hill are calculated based on the assessed value, which generally falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Laurel Hill'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 Laurel Hill or another part of Okaloosa County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel Hill, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$858
$797
Ownwell’s Laurel Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel Hill 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 Laurel Hill, Florida
Property taxes in Laurel Hill, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel Hill is 0.64%, which is lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Laurel Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel Hill 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 Laurel Hill's effective property tax rate to other counties in Florida and the national median. For comparison, the 32567 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Laurel Hill 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 Laurel Hill Tax Rate
0.64%
Average Okaloosa County Tax Rate
0.93%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel Hill, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32567 | 0.33% | 0.48% | 0.64% | 1.06% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Laurel Hill, Florida
In Laurel Hill, 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 Laurel Hill, 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 Laurel Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 32567 at $807, while the lowest is also 32567 at $807.
Average Laurel Hill Assessed Value
$134,113
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 Laurel Hill, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32567 | $28,057 | $61,835 | $134,113 | $264,111 | $351,065 |
Source: Ownwell
Property Tax Bills Across Laurel Hill, Florida
In Laurel Hill, located in Okaloosa County, FL, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county property appraiser and is often a percentage of the market value. Homeowners in this area experience a range of property tax bills. For instance, at the 25th percentile, the tax bill is around $370, while at the 75th percentile, it can go up to $1,748. The highest median tax bill in the area is $807, which is notably lower than the national median property tax rate of 0.99%. Several factors influence a homeowner's tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These factors combined determine the final amount a homeowner will pay. The variability in tax bills can significantly impact homeowners, with higher assessed values leading to higher tax bills. Understanding these elements helps homeowners in Laurel Hill anticipate and manage their annual property tax expenses effectively.
Average Laurel Hill Tax Bill
$807
Average Okaloosa County Tax Bill
$2,112
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel Hill, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32567 | $177 | $370 | $807 | $1,748 | $2,546 |
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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