Taylor, Florida Property Taxes
The median property tax rate in Taylor, FL is 1.33%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Taylor, the typical annual property tax bill reaches $560, which is below the national median of $2,690. Property taxes in Taylor are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Taylor'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 Taylor 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
Taylor, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,224
$1,157
Ownwell’s Taylor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylor 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 Taylor, Florida
Property taxes in Taylor, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylor is 1.33%, significantly higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Taylor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylor 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 Taylor's effective property tax rate to other counties in Florida and the national median. For comparison, the highest median property tax rate in the county is 1.50%, while the lowest median tax rate is 0.90%. Understanding how these cities compare with Taylor provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taylor Tax Rate
1.33%
Average Taylor County Tax Rate
0.85%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylor, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Taylor, Florida
In Taylor, 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 Taylor County Property Appraiser 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 in Taylor 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, in Taylor, the tax bill for the 25th percentile is $253, while the 75th percentile tax bill is $1,157. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Taylor Assessed Value
$92,030
Average Taylor County Assessed Value
$95,180
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Taylor, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Taylor, Florida
Property tax bills in Taylor, Florida, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is a percentage of the property's market value, which in Taylor has a median home price of $92,030. The local tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Taylor, property tax bills can vary significantly. For instance, those in the 25th percentile pay around $253 annually, while those in the 75th percentile face bills of approximately $1,157. At the 90th percentile, homeowners might see tax bills as high as $2,604. These variations can impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding how these factors come together helps homeowners anticipate their financial commitments and plan accordingly.
Average Taylor Tax Bill
$560
Average Taylor County Tax Bill
$767
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylor, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell