Merritt Island, Florida Property Taxes
The median property tax rate in Merritt Island, FL is 0.82%, which is lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Merritt Island at $315,385, the typical annual property tax bill amounts to $2,517, falling below the national median of $2,690. Property taxes in Merritt Island are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Merritt Island'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 Merritt Island 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
Merritt Island, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$2,586
$2,445
$1,148
Average Merritt Island, Florida Tax Savings
Ownwell’s Merritt Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merritt Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merritt Island to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Merritt Island. 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 Merritt Island, Florida
Property taxes in Merritt Island, Florida, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Merritt Island is 0.82%, which is lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Merritt Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merritt Island 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 Merritt Island's effective property tax rate to other areas in Brevard County and the national median. For comparison, the 32953 zip code has the highest median property tax rate of 0.85%, while the 32952 zip code has the lowest median tax rate of 0.79%. Understanding how these areas compare with Merritt Island provides valuable insights into the varying tax landscape across Brevard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merritt Island Tax Rate
0.82%
Average Brevard County Tax Rate
0.95%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merritt Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32952 | 0.45% | 0.57% | 0.79% | 1.19% | 1.32% |
| 32953 | 0.47% | 0.58% | 0.85% | 1.23% | 1.37% |
Source: Ownwell
$1,148
Average Merritt Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Merritt Island, Florida
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Merritt Island, Florida. 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 Brevard County Appraisal District 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 Merritt Island, 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. For instance, the zip code 32952 has the highest median tax bill at $2,580, while 32953 has the lowest at $2,446. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Merritt Island Assessed Value
$315,385
Average Brevard County Assessed Value
$243,020
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merritt Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32952 | $137,680 | $221,110 | $323,380 | $460,135 | $711,917 |
| 32953 | $125,010 | $200,678 | $308,870 | $432,985 | $545,175 |
Source: Ownwell
$1,148
Average Merritt Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Merritt Island, Florida
In Merritt Island, Brevard County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in the area is $315,385, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and market conditions influence the assessed value. Homeowners in Merritt Island can expect to pay between $1,526 and $5,548 in property taxes, depending on their property's assessed value and specific circumstances. The highest median tax bill in the region is $2,580, found in the 32952 zip code, while the lowest is $2,446 in the 32953 zip code. Ownwell helps homeowners reduce their property tax bills by identifying potential discrepancies in the assessed value and filing appeals on their behalf. By leveraging local expertise and data-driven insights, Ownwell ensures homeowners pay only their fair share, potentially saving them hundreds or even thousands of dollars annually.
Average Merritt Island Tax Bill
$2,517
Average Brevard County Tax Bill
$2,198
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Merritt Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32952 | $866 | $1,555 | $2,580 | $3,977 | $6,078 |
| 32953 | $840 | $1,498 | $2,446 | $3,753 | $5,188 |
Source: Ownwell
$1,148
Average Merritt Island Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Brevard Property Appraiser | |
| Website | www.bcpao.us |
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