Melrose, Florida Property Taxes
The median property tax rate in Melrose, Florida is 1.04%, 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 $121,470 in Melrose, the typical annual property tax bill amounts to $1,154, which is below the national median of $2,690. Property taxes in Melrose are calculated based on the tax assessed value, often lower than the market value due to exemptions like 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 the city, 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
1.04%
Estimate Property Tax Bill
$1,263
$1,196
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 crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melrose stands at 1.04%, which is higher than 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 areas in Florida and the national median. For comparison, the zip code 32666 has both the highest and lowest median property tax rate of 1.04%. Understanding how these areas compare with Melrose provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melrose Tax Rate
1.04%
Average Putnam County Tax Rate
1.17%
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 | 0.53% | 0.71% | 1.04% | 1.64% | 1.88% |
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 Putnam 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 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. In Melrose, the zip code 32666 has the highest and lowest median tax bill at $1,154.
Average Melrose Assessed Value
$121,470
Average Putnam County Assessed Value
$96,560
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 | $31,220 | $64,945 | $121,470 | $211,728 | $317,400 |
Source: Ownwell
Property Tax Bills Across Melrose, Florida
In Melrose, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Putnam County. The assessed value is determined by the county assessor and reflects the property's market value. Homeowners in Melrose face a median property tax rate of 0.95%, slightly below the national median of 0.99%. This rate is applied to the assessed value to determine the annual tax bill. For instance, with a median home price of $121,470, homeowners can expect a tax bill around $1,154. However, tax bills can vary significantly. At the 25th percentile, the tax bill is approximately $674, while at the 75th percentile, it rises to $2,108. For those at the 90th percentile, the tax bill can reach up to $3,362. These variations depend on factors such as property value, exemptions, and any improvements made to the home. Understanding how these elements affect property tax bills is crucial for homeowners budgeting their annual expenses in Melrose.
Average Melrose Tax Bill
$1,154
Average Putnam County Tax Bill
$977
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 | $296 | $674 | $1,154 | $2,108 | $3,362 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
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