Example of Okaloosa County Property Tax Calculation
Okaloosa County calculates property tax based on the assessed value of a property. To determine the assessed value, the county's property appraiser assesses the value of the property based on its market value and other factors such as location, size, condition, and improvements made to it.
Once the assessed value is determined, the county applies the property tax rate, which is set by the county commission, to calculate the property tax owed. For example, if the assessed value of a property is $100,000 and the property tax rate is 1%, then the property owner would owe $1,000 in property taxes for the year.
It's important to note that property owners may be eligible for exemptions or deductions that could lower the assessed value of their property and decrease the amount of property tax owed. These exemptions and deductions vary by state and county, so it's important to consult with the county's property appraiser or tax collector for more information.
Overall, property tax calculation in Okaloosa County is based on the assessed value of the property and the property tax rate set by the county commission.
If you want appeal your property tax assessment - contact your local tax assessor.
Okaloosa County Property Tax Rates
The table below outlines the Okaloosa County Property Tax rates as of 2021, listed in terms of tax and rate per 100 dollars of assessed value.
| Tax | Rate per $100 Assessed Value |
|---|---|
| Okaloosa County | $6.3165 |
| Crestview | $4.8750 |
| Destin | $4.9958 |
| Fort Walton Beach | $4.9790 |
| Laurel Hill | $4.8750 |
| Mary Esther | $4.9790 |
| Niceville | $4.8265 |
| Valparaiso | $3.7700 |
It is important to note that these rates can vary based on the location and assessed value of the property. It is recommended that individuals consult with a professional tax advisor for personalized advice on property tax rates in Okaloosa County.
Who sets property tax rates in Okaloosa County ?
Who sets property tax rates in Okaloosa County?
The Okaloosa County Board of Commissioners sets property tax rates for Okaloosa County.
When are property tax rates set in Okaloosa County?
Property tax rates in Okaloosa County are typically set annually in late summer or early fall, prior to the start of the fiscal year on October 1st.
Additional Information
- The property tax rate is determined by applying a tax rate to the assessed value for each property.
- The assessed value is determined by the Okaloosa County Property Appraiser's Office.
- Property owners in Okaloosa County can appeal their assessed property value if they believe it is incorrect or unfair.
- Property tax revenues are used to fund various county services and operations, such as schools, law enforcement, and infrastructure.
| Topic | Information |
|---|---|
| Who sets property tax rates? | Okaloosa County Board of Commissioners |
| When are property tax rates set? | Annually in late summer or early fall |
| Assessed value | Determined by Okaloosa County Property Appraiser's Office |
| Appeals | Property owners can appeal their assessed value |
| Use of revenue | Funds county services and operations |
Homestead exemptions in Okaloosa County ?
Okaloosa County in Florida offers various Homestead exemptions and deductions to eligible residents. The following table outlines the different exemptions and deductions along with their eligibility criteria, the amount, and any additional notes:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead exemption | All residents who own and occupy their primary residence as of January 1st of the tax year | Up to $50,000 in assessed value | Reduces the taxable value of the property |
| Additional homestead exemption for seniors | Residents who are at least 65 years old and whose annual income is below $30,174 | Up to $25,000 in assessed value | Reduces the taxable value of the property |
| Homestead portability | Residents who had a homestead exemption on a previous property and have purchased a new primary residence in Okaloosa County | Up to $500,000 in assessed value | Transfers the assessment difference from the previous property to the new property |
| Disabled veteran exemption | Disabled veterans who were honorably discharged and have a service-related disability rating of at least 10% | Up to $5,000 in assessed value | Can be transferred to a new residence |
| Widow/Widower exemption | Widows and widowers who are at least 60 years old and have not remarried | Up to $500 in assessed value | Can be transferred to a new residence |
| Disability exemption | Residents who are totally and permanently disabled | Up to $500 in assessed value | Must provide proof of disability |
It's important to note that some exemptions and deductions may not be applicable in certain situations or may have additional requirements. It's recommended to consult with the Okaloosa County Property Appraiser's office for more information and guidance on eligibility and the application process.
When is Okaloosa County Property Tax due ?
According to the Okaloosa County Tax Collector, property taxes are typically due by March 31st of each year. The following payment methods are available:
| Payment Method | Details |
|---|---|
| Online | Payments can be made online through the Okaloosa County Tax Collector website using a credit card or e-check. |
| Payments can be mailed to the Tax Collector's office with a check or money order. | |
| In Person | Payments can be made in person at the Tax Collector's office with cash, check, money order, or credit card. |
| Drop Box | Payments can be deposited in the Tax Collector's drop box located outside the office building. |
| Installment Plan | Property owners can enroll in an installment plan to spread out their payments throughout the year. |
It is important to note that failure to pay property taxes by the due date can result in late fees, interest charges, and even the loss of the property. Property owners should make sure to pay their taxes on time using one of the convenient payment methods listed above.
If you have more questions - contact your local tax collector.
How is Okaloosa County Property Tax penalty calculated ?
Okaloosa County Property Tax penalty is calculated based on the amount of overdue taxes owed. The penalty is set by the Florida Department of Revenue and is calculated as follows:
- First Month Penalty: A 1.5% penalty is applied to any unpaid taxes on the first day of the month following the due date.
- Second Month Penalty: An additional 1.5% penalty is applied on the first day of the second month following the due date.
- Third Month Penalty: If the taxes are still unpaid by the first day of the third month following the due date, an additional 1.5% penalty is added.
Here is an example of how the Okaloosa County Property Tax penalty is calculated:
Suppose a property owner owes $2,000 in property taxes that were due on January 1st. If the owner fails to pay by the deadline, the penalties will be calculated as follows:
- February 1st: A 1.5% penalty will be applied, making the total owed $2,030.
- March 1st: An additional 1.5% penalty will be applied, making the total owed $2,060.50.
- April 1st: If the taxes are still unpaid, an additional 1.5% penalty will be applied, making the total owed $2,091.76.
It is important to note that these penalties are in addition to any interest that may accrue on the unpaid taxes. Property owners should make every effort to pay their property taxes on time to avoid unnecessary penalties and fees.
We recommend contacting the Okaloosa County Tax Office or a local tax professional for the most up-to-date and accurate information.