Old Town, Florida Property Taxes
The median property tax rate in Old Town, FL is 1.28%, higher than both the national median of 0.99% and Florida's state median of 1.14%. With a median home value of $65,100 in Old Town, the typical annual property tax bill amounts to $824, which is below the national median of $2,690. Property taxes in Old Town are determined based on the assessed value, which is often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Navigating Old Town's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Old Town or another part of Dixie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Old Town, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$833
$789
Ownwell’s Old Town Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Town with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Town 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 Old Town, Florida
Property taxes in Old Town, Florida, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Town is 1.28%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Old Town set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Town 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 Old Town's effective property tax rate to other counties in Florida and the national median. For comparison, the 32680 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Old Town provides valuable insights into the varying tax landscape across Dixie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Old Town Tax Rate
1.28%
Average Dixie County Tax Rate
1.35%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Old Town, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32680 | 0.57% | 0.95% | 1.28% | 2.21% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Old Town, Florida
In Old Town, 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 Dixie 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. 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 Old Town helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Old Town is $824 in the 32680 zip code, while the lowest median tax bill is also $824 in the same zip code. This indicates a uniformity in tax assessments within the area.
Average Old Town Assessed Value
$65,100
Average Dixie County Assessed Value
$64,100
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Old Town, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32680 | $23,400 | $37,800 | $65,100 | $105,800 | $165,700 |
Source: Ownwell
Property Tax Bills Across Old Town, Florida
In Old Town, located in Dixie County, FL, property tax bills are determined by assessing the value of a property and applying the local tax rate to that value. The median home price in Old Town is $65,100, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in this area can expect a wide range of tax bills depending on their property's assessed value. For example, the tax bill at the 25th percentile is $437, while at the 75th percentile, it rises to $1,479. Those at the 90th percentile face a tax bill of $2,765. Several factors influence these tax bills, including the market value of the property, local tax rates, and any applicable exemptions. This variation in tax bills highlights the importance of accurate property assessments and understanding local tax rates. Homeowners in Old Town benefit from relatively low property values, which can result in more manageable tax bills compared to higher-value regions.
Average Old Town Tax Bill
$824
Average Dixie County Tax Bill
$835
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Town, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32680 | $310 | $437 | $824 | $1,479 | $2,765 |
Source: Ownwell