Canal Point, Florida Property Taxes
The median property tax rate in Canal Point, 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 Canal Point, the typical annual property tax bill reaches $1,307, which is below the national median of $2,690. Property taxes in Canal Point are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Canal Point'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 Canal Point 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
Canal Point, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$1,447
$1,368
$1,148
Average Canal Point, Florida Tax Savings
Ownwell’s Canal Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canal Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canal Point to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Canal Point. 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 Canal Point, Florida
Property taxes in Canal Point, Florida, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Canal Point is 1.47%, significantly higher than the U.S. national median of 0.99%. Local government entities within Canal Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canal Point 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 Canal Point's effective property tax rate to other counties in Florida and the national median. For comparison, the 33438 zip code has the highest median property tax rate of 1.47%, while the same zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Canal Point provides valuable insights into the varying tax landscape across Palm Beach County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canal Point Tax Rate
1.47%
Average Palm Beach County Tax Rate
1.34%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canal Point, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33438 | 0.79% | 0.94% | 1.47% | 2.29% | 2.76% |
Source: Ownwell
$1,148
Average Canal Point Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Canal Point, Florida
In Canal Point, 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 Palm Beach 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 Canal Point, 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 Canal Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Canal Point are both $1307, with the zip code 33438.
Property Tax Assessment Values Across Canal Point, Florida
Source: Ownwell
$32,527
$1,351,467
$2,670,407
Average Canal Point Assessed Value
$98,441
Average Palm Beach County Assessed Value
$316,112
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canal Point, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33438 | $40,917 | $56,998 | $98,441 | $136,170 | $176,790 |
Source: Ownwell
$1,148
Average Canal Point Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Canal Point, Florida
In Canal Point, located in Palm Beach County, FL, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $98,441, homeowners can expect a tax bill ranging from $1,050 at the 25th percentile to $2,622 at the 90th percentile. These figures are influenced by various factors such as property improvements, market conditions, and local tax rates. Homeowners are significantly impacted by these taxes, as they form a substantial part of annual expenses. This is where Ownwell steps in to help. By leveraging expert knowledge and data analysis, Ownwell identifies opportunities for appealing overassessed property values and securing eligible exemptions. This can result in considerable savings, ensuring homeowners pay only their fair share of property taxes.
Average Canal Point Tax Bill
$1,307
Average Palm Beach County Tax Bill
$3,892
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Canal Point, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33438 | $793 | $1,050 | $1,307 | $1,854 | $2,622 |
Source: Ownwell
$1,148
Average Canal Point Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 16 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Palm Beach Property Appraiser | |
| Phone | (561) 355-3230 |
| Website | www.pbcgov.org |
| pa-info@pbcgov.org | |
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