Melrose, Florida Property Taxes
The median property tax rate in Melrose, FL is 1.08%, slightly higher than the national median of 0.99% but lower than the Florida state median of 1.14%. With a median home value of $185,430 in Melrose, the typical annual property tax bill amounts to $1,952, which is below the national median of $2,690. Property taxes in Melrose are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Melrose'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 Melrose or another part of Bradford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Melrose, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$2,003
$1,893
Ownwell’s Melrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melrose 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 Melrose, Florida
Property taxes in Melrose, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melrose is 1.08%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Melrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose's effective property tax rate to other counties in Florida and the national median. For comparison, the 32666 zip code has both the highest and lowest median property tax rate of 1.08%. Understanding how these cities compare with Melrose provides valuable insights into the varying tax landscape across Bradford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melrose Tax Rate
1.08%
Average Bradford County Tax Rate
0.94%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melrose, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32666 | 0.59% | 0.80% | 1.08% | 1.43% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Melrose, Florida
In Melrose, 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 Bradford 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 Melrose, 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 Melrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Melrose is $185,430, with the highest median tax bill of $1,952 in the 32666 zip code.
Average Melrose Assessed Value
$185,430
Average Bradford County Assessed Value
$96,435
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melrose, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32666 | $63,889 | $109,438 | $185,430 | $318,678 | $461,200 |
Source: Ownwell
Property Tax Bills Across Melrose, Florida
Property tax bills in Melrose, located in Bradford County, FL, are calculated based on the assessed value of a property. This assessed value is determined by the county assessor and reflects the property's market value. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. In Melrose, the median home price is $185,430. Homeowners in the area see a range of property tax bills, with the 25th percentile at $954, the 75th percentile at $3,780, and the 90th percentile reaching up to $5,580. The median property tax bill in Melrose is $1,952, which is significantly lower than the national median property tax rate of 0.99%. For homeowners, these property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners better manage their finances and anticipate yearly tax obligations.
Average Melrose Tax Bill
$1,952
Average Bradford County Tax Bill
$903
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Melrose, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32666 | $469 | $954 | $1,952 | $3,780 | $5,580 |
Source: Ownwell