Grand Island, Florida Property Taxes
The median property tax rate in Grand Island, FL is 0.87%, which is lower than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $261,457 in Grand Island, the typical annual property tax bill amounts to $2,233, falling below the national median of $2,690. Property taxes in Grand Island are calculated based on the tax assessed value, which often is lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Grand Island's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve significant annual savings. Whether you're in the heart of Grand Island or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grand Island, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$2,275
$2,151
$1,148
Average Grand Island, Florida Tax Savings
Ownwell’s Grand Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand 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 Grand 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 Grand Island, Florida
Property taxes in Grand Island, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Island is 0.87%, which is lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Grand Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand 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 Grand Island's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 32735 has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these areas compare with Grand Island provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Island Tax Rate
0.87%
Average Lake County Tax Rate
0.95%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32735 | 0.48% | 0.61% | 0.87% | 1.19% | 1.36% |
Source: Ownwell
$1,148
Average Grand Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Grand Island, Florida
In Grand Island, 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 Lake 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 Grand 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. Being aware of these valuation processes in Grand Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 32735, with a median tax bill of $2,233.
Average Grand Island Assessed Value
$261,457
Average Lake County Assessed Value
$277,646
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32735 | $179,358 | $232,346 | $261,457 | $295,806 | $339,437 |
Source: Ownwell
$1,148
Average Grand Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Grand Island, Florida
In Grand Island, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. For instance, with a median home price of $261,457, the assessed value is multiplied by the local tax rate to determine the tax bill. Homeowners in Grand Island can expect their property tax bills to vary; the 25th percentile tax bill is $1,521, while the 75th percentile reaches $3,071, and the 90th percentile goes up to $3,788. These figures are notably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property improvements, neighborhood developments, and changes in market conditions. Higher property taxes can significantly impact homeowners, leading to increased annual expenses. Ownwell helps homeowners in Grand Island save on their property tax bills by providing expert property tax appeal and exemption services. By analyzing your property’s assessed value and comparing it with market trends, Ownwell can identify discrepancies and file appeals to ensure you’re not overpaying. This tailored approach can result in substantial savings, easing the financial burden on homeowners.
Average Grand Island Tax Bill
$2,233
Average Lake County Tax Bill
$2,362
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32735 | $997 | $1,521 | $2,233 | $3,071 | $3,788 |
Source: Ownwell
$1,148
Average Grand 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 16 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Lake Property Appraiser | |
| Website | www.lakecopropappr.com |
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