Summerfield, Florida Property Taxes
The median property tax rate in Summerfield, FL is 1.02%, 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 $189,188 in Summerfield, the typical annual property tax bill amounts to $1,902, which is below the national median of $2,690. Property taxes in Summerfield are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Summerfield'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 Summerfield or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summerfield, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,930
$1,826
Ownwell’s Summerfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summerfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summerfield 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 Summerfield, Florida
Property taxes in Summerfield, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summerfield is 1.02%, slightly higher than the U.S. national median of 0.99%. Local government entities within Summerfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summerfield 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 Summerfield's effective property tax rate to other areas in Florida and the national median. For comparison, the zip code 34491 has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Summerfield provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summerfield Tax Rate
1.02%
Average Marion County Tax Rate
1.04%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summerfield, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34491 | 0.63% | 0.80% | 1.02% | 1.58% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Summerfield, Florida
In Summerfield, 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 Marion 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 Summerfield, 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 Summerfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Summerfield, the zip code with the highest median tax bill is 34491, with a median tax bill of $1,902. The same zip code also has the lowest median tax bill. This highlights the uniformity in tax assessments within the area.
Average Summerfield Assessed Value
$189,188
Average Marion County Assessed Value
$176,469
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summerfield, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34491 | $55,708 | $121,805 | $189,188 | $257,362 | $313,141 |
Source: Ownwell
Property Tax Bills Across Summerfield, Florida
In Summerfield, located in Marion County, FL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is often a percentage of the market value of the property. Various factors, such as property size, location, and improvements, influence this valuation. Homeowners in Summerfield experience a range of tax bills, with the 25th percentile paying around $1,083 and the 75th percentile facing bills up to $2,792. The 90th percentile sees tax bills as high as $3,650. Comparatively, the median property tax rate nationwide is 0.99%, making Summerfield's median tax bill of $1,902 relatively moderate. This can significantly impact homeowners, as property taxes are a substantial part of annual housing costs. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate future tax liabilities.
Average Summerfield Tax Bill
$1,902
Average Marion County Tax Bill
$1,725
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Summerfield, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34491 | $662 | $1,083 | $1,902 | $2,792 | $3,650 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Marion Property Appraiser | |
| Website | www.pa.marion.fl.us |