Example of Suwannee County Property Tax Calculation
Suwannee County Property Tax Calculation:
To calculate property taxes in Suwannee County, one must first determine the assessed value of the property. The Suwannee County Property Appraiser's office is responsible for assessing the value of all real estate in the county. They determine the value by considering several factors such as the size of the property, location, and any improvements made to it.
Once the assessed value has been established, the property tax rate is applied to it. In Suwannee County, the current property tax rate is 10.0736 mills, which means that for every $1,000 of assessed value, the property owner must pay $10.0736 in taxes.
For example, if a property in Suwannee County has an assessed value of $100,000, the property tax calculation would be as follows:
$100,000 / 1,000 = 100 100 x 10.0736 = $1,007.36
Therefore, the property owner would owe $1,007.36 in property taxes.
It's important to note that property taxes in Suwannee County are due on March 31st of each year. Failure to pay by the due date will result in penalties and interest charges.
If you want appeal your property tax assessment - contact your local tax assessor.
Suwannee County Property Tax Rates
Suwannee County Property Tax Rates:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| County-wide General Fund | $7.30 |
| Municipal Service Taxing Units (MSTU) | Varies by location |
| Municipal Service Benefit Units (MSBU) | Varies by location |
Note: MSTUs and MSBUs are special taxing districts within Suwannee County that provide specific services such as fire protection, road maintenance, or street lighting to residents in that area. The tax rate for these districts will vary depending on the specific services provided and the location within the county. It is recommended that individuals contact their local government office for more information on the specific tax rates in their area.
Who sets property tax rates in Suwannee County ?
In Suwannee County, Florida, the Board of County Commissioners is responsible for setting the property tax rates. This board is made up of elected officials who meet regularly to make decisions about county government affairs. The property tax rates are typically set during the annual budget process, which takes place each year.
During this process, county officials review and analyze the county's financial needs and determine how much revenue is required to support these needs. They also consider other factors, such as changes in property values and the impact of state regulations, to arrive at a fair and reasonable tax rate for property owners in Suwannee County.
It's important to note that property taxes are a primary source of revenue for local governments, including Suwannee County. As such, property owners should stay informed about changes in tax rates and understand their rights and responsibilities when it comes to paying property taxes.
Homestead exemptions in Suwannee County ?
To help homeowners in Suwannee County, Florida make the most of their property tax savings, we've put together a list of all county-specific homestead exemptions and deductions. Here are the details you need to know:
| Column | Description |
|---|---|
| Exemption | The type of exemption or deduction available to homeowners in Suwannee County |
| Eligibility | The qualifications and criteria homeowners must meet to be eligible for the exemption or deduction |
| Amount | The amount of savings or reduction in property taxes the exemption or deduction provides |
| Notes | Any additional details or considerations to be aware of when applying for or utilizing the exemption or deduction |
Homestead Exemption
The homestead exemption is available to all residents of Suwannee County who own and reside in their primary residence as of January 1st of the tax year. This exemption provides a reduction in the assessed value of a property:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead exemption | Property is the primary residence | Up to $50,000 of the assessed value of the property | This exemption only applies to the county portion of property taxes. |
| Additional homestead exemption for persons age 65 and older | Property is the primary residence and the homeowner is 65 or older | Up to an additional $50,000 of the assessed value of the property | This exemption only applies to the county portion of property taxes. |
Other Exemptions and Deductions
Suwannee County also offers a variety of other exemptions and deductions that may apply to specific situations or circumstances:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Disabled veteran exemption | Must be a veteran with a service-connected disability of at least 10% | Up to $5,000 of the assessed value of the property | |
| Widow/widower exemption | Must be the surviving spouse of a veteran or first responder who died in the line of duty | Up to $5,000 of the assessed value of the property | |
| First responder exemption | Must be a first responder who has lived in the county for at least a year | Up to $2,500 of the assessed value of the property | |
| Deployed military exemption | Must be a member of the military who is deployed for at least 6 months | Up to $1,000 of the assessed value of the property | |
| Agricultural classification | Property is used primarily for agricultural purposes | Reduction in property taxes based on the value of the agricultural use | This exemption may require additional documentation and proof of use. |
It's important to note that some of these exemptions may be combined or may have additional qualifications or criteria that must be met. Homeowners in Suwannee County should carefully review the details and requirements of each exemption or deduction to determine which ones they may be eligible for and how they can maximize their property tax savings.
When is Suwannee County Property Tax due ?
Suwannee County Property Tax is typically due by March 31st of each year. Property owners in Suwannee County can pay their property taxes through several payment methods, including:
| Payment Method | Description |
|---|---|
| Online Payment | Property owners can pay their property taxes online using the Suwannee County Tax Collector's website. They can choose to pay through an electronic check or credit/debit card. |
| Property owners can also mail their payment to the Suwannee County Tax Collector's office. The payment must be postmarked by March 31st to avoid penalties. | |
| In-Person | Property owners can visit the Suwannee County Tax Collector's office to pay their property taxes in person. The address is 215 Pine Avenue SW, Live Oak, FL 32064. Office hours are from Monday to Friday, 8:30 AM to 5:00 PM. |
It is important to note that if property owners fail to pay their property taxes by the due date, penalties and interest will be added to their bill. Therefore, it is recommended that property owners pay their property taxes on time to avoid extra charges.
If you have more questions - contact your local tax collector.
How is Suwannee County Property Tax penalty calculated ?
Suwannee County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time, they will incur a penalty fee in addition to their original tax amount. The penalty fee is calculated based on the amount of taxes owed and the length of time the payment is overdue.
The penalty fee schedule for Suwannee County is as follows:
| Time Overdue | Penalty Fee |
|---|---|
| 1-30 days | 5% |
| 31-60 days | 6% |
| 61-90 days | 7% |
| 91-120 days | 8% |
| 121-150 days | 9% |
| Over 150 days | 15% |
For example, if a property owner owed $1,000 in property taxes and failed to make the payment for 60 days, they would be subject to a penalty fee of 6% which would be $60. This would bring their total amount owed to $1,060 ($1,000 + $60).
It is important for property owners to pay their property taxes on time to avoid incurring penalty fees. Suwannee County offers various payment options including online payments, in-person payments, and mailing in payments. Property owners should contact the Suwannee County Tax Collector's Office for more information on payment options and deadlines.
By understanding the penalty fee schedule and making timely payments, property owners can avoid unnecessary fees and maintain their good standing with the county.
We recommend contacting the Suwannee County Tax Office or a local tax professional for the most up-to-date and accurate information.