Average Tax Assessment in Martin County
Real Estate Values and Property Tax Valuation in Martin County, Florida
Martin County has a total of 70,720 properties with a cumulative value of $24.6B. This accounts for 1.18% of all real estate value in Florida. Property taxes in Martin County totaled $337.7M, with the average homeowner paying $4,806 in property taxes, which is higher than the state average of $3,597. The average property tax rate in Martin County is 1.37%, slightly higher than the state average of 1.34%. Properties are typically valued for tax purposes based on their estimated market value.
In Florida, property values are assessed on January 1st. Property value notices are issued in August and property tax appeal deadlines are typically 25 days from the date of the value notices, which is usually in September. Property tax bills are issued on November 1st.
Updated November 01, 2023
| Important Links | |
|---|---|
| Martin Appraisal District | (432) 756-2823 |
| TexasFile Clerk Records | - |
| Martin Clerk / Recorder | (772) 288-5576 |
| Martin Assessor | (507) 238-3210 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Value Notices Issued: | August |
| Property Tax Appeal Deadline: | September or 25 days from date of value notices |
| Property Tax Bills Issued: | November 1st |
| Real Property Tax Bill Due (1st of #): | March 31st |
| Available Exemptions | |
|---|---|
| Early Payment Discount | Available |
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Martin County
Residential Property Taxes by Cities in Martin County
Martin County has an average property tax rate of 1.37%, which is slightly lower than the state average of 1.39%. This rate is applied to the assessed value of a property to determine the amount of taxes owed. Property taxes in Martin County are collected by the county government and used to fund local services such as schools, public safety, and infrastructure.
Property tax rates in Martin County vary across cities, with Hobe Sound having the highest effective property tax rate of 1.45%, and Palm City having the lowest effective property tax rate of 1.33%. This difference in rates can result in a significant difference in the amount of taxes owed by property owners in different cities. For example, a property owner in Hobe Sound would owe $4,919 in taxes, while a property owner in Palm City would owe $4,693 in taxes.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Martin County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hobe Sound | $81,048 | $140,005 | $257,640 | $375,445 | $670,616 |
| Indiantown | $39,000 | $50,185 | $98,560 | $130,285 | $201,340 |
| Jensen Beach | $95,000 | $152,000 | $213,130 | $319,440 | $402,058 |
| Jupiter | $98,000 | $224,988 | $444,930 | $757,832 | $1,438,160 |
| Palm City | $152,640 | $217,210 | $333,610 | $450,030 | $577,730 |
| Stuart | $78,000 | $123,845 | $206,455 | $319,070 | $480,020 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Martin County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hobe Sound | $814 | $1,677 | $3,107 | $5,267 | $9,924 |
| Indiantown | $512 | $705 | $996 | $1,892 | $3,104 |
| Jensen Beach | $965 | $1,677 | $2,863 | $4,356 | $6,086 |
| Jupiter | $1,095 | $2,132 | $5,536 | $10,445 | $20,415 |
| Palm City | $1,516 | $2,601 | $4,278 | $6,224 | $8,377 |
| Stuart | $632 | $1,358 | $2,609 | $4,440 | $7,151 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hobe Sound | 1.00% | 1.20% | 1.21% | 1.40% | 1.48% |
| Indiantown | 1.31% | 1.40% | 1.01% | 1.45% | 1.54% |
| Jensen Beach | 1.02% | 1.10% | 1.34% | 1.36% | 1.51% |
| Jupiter | 1.12% | 0.95% | 1.24% | 1.38% | 1.42% |
| Palm City | 0.99% | 1.20% | 1.28% | 1.38% | 1.45% |
| Stuart | 0.81% | 1.10% | 1.26% | 1.39% | 1.49% |
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Real Estate Values in Martin County
The data from Redfin shows that the median home price in Martin County, Florida has increased significantly from October 2022 to October 2023, with a 40.36% increase. This indicates that the housing market in Martin County is strong and that home prices are rising. Additionally, the home inventory in Martin County has also increased from 906 in October 2022 to 957 in October 2023, suggesting that there is an increased demand for housing in the area.
Average Home Value in Martin County, Florida
Last updated: November 2023
Percent Change in Total Home Sales in Martin County
Last updated: November 2023
Percent Change in New Home Listings in Martin County
Last updated: November 2023
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Mortgage Rates in Martin County
Mortgages in Martin County are a major part of the local economy, with a total of $8.2 billion in outstanding loans. This represents a significant portion of the total home value in the county, and is indicative of the strong housing market in the area. The number of outstanding loans in Martin County is also quite high, with over 29,000 loans currently in place.
The median mortgage rate in Martin County varies significantly across cities, ranging from 4.11% in Jupiter to 5.7% in Indiantown. This variation in rates can be attributed to the different economic conditions in each city, as well as the availability of different loan products. Despite this variation, the overall mortgage rate in Martin County is still quite competitive, making it an attractive option for potential homebuyers.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Martin County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hobe Sound | $31,615 | $74,112 | $150,735 | $257,790 | $383,755 |
| Indiantown | $15,526 | $37,889 | $72,313 | $148,674 | $218,820 |
| Jensen Beach | $34,377 | $76,085 | $152,174 | $255,983 | $376,158 |
| Jupiter | $50,886 | $108,408 | $251,679 | $466,348 | $848,930 |
| Palm City | $53,089 | $110,224 | $201,640 | $322,388 | $452,414 |
| Stuart | $32,741 | $72,057 | $142,688 | $241,347 | $361,102 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Martin County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hobe Sound | 2.90% | 3.56% | 4.39% | 6.12% | 7.31% |
| Indiantown | 3.42% | 4.00% | 5.70% | 6.97% | 7.87% |
| Jensen Beach | 2.90% | 3.60% | 4.30% | 6.00% | 7.30% |
| Jupiter | 2.90% | 3.48% | 4.11% | 5.77% | 7.27% |
| Palm City | 2.90% | 3.56% | 4.17% | 5.74% | 7.12% |
| Stuart | 2.90% | 3.56% | 4.30% | 6.00% | 7.27% |
Housing Expenses in Martin County, Florida
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