Bonifay, Florida Property Taxes
The median property tax rate in Bonifay, FL is 0.69%, significantly lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Bonifay at $78,474, the typical annual property tax bill amounts to $508, which is well below the national median of $2,690. Property taxes in Bonifay are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bonifay'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 Bonifay 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
Bonifay, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$541
$512
Ownwell’s Bonifay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bonifay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bonifay 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 Bonifay, Florida
Property taxes in Bonifay, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonifay is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Bonifay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonifay 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 Bonifay's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 32425 has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Bonifay provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonifay Tax Rate
0.69%
Average Washington County Tax Rate
0.80%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonifay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32425 | 0.27% | 0.45% | 0.69% | 1.26% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Bonifay, Florida
In Bonifay, 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 Holmes 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 Bonifay, 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 Bonifay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Bonifay is 32425, with a median tax bill of $508.
Average Bonifay Assessed Value
$78,474
Average Washington County Assessed Value
$92,402
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonifay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32425 | $27,100 | $45,476 | $78,474 | $121,314 | $168,907 |
Source: Ownwell
Property Tax Bills Across Bonifay, Florida
Property tax bills in Bonifay, located in Washington County, FL, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Bonifay can expect their property tax bill to vary significantly, with the 25th percentile paying around $289 and the 75th percentile paying up to $946. For those at the 90th percentile, the tax bill can reach as high as $1,650. The median home price in Bonifay is $78,474, and the local tax rate is applied to this value to determine the final tax bill. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark for understanding local tax obligations. These property tax bills fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should stay informed about their property's assessed value and any potential exemptions that may apply to reduce their tax liability.
Average Bonifay Tax Bill
$508
Average Washington County Tax Bill
$731
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonifay, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32425 | $171 | $289 | $508 | $946 | $1,650 |
Source: Ownwell