Worthington Springs, Florida Property Taxes
The median property tax rate in Worthington Springs, FL, is 1.55%, notably higher than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $43,766 in Worthington Springs, the typical annual property tax bill amounts to $603, which, although lower than the national median of $2,690, reflects the higher tax rate in the area. Property taxes here are calculated based on the assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Worthington Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Worthington Springs 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
Worthington Springs, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$678
$642
Ownwell’s Worthington Springs Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential property buyers looking to estimate their annual property taxes in Worthington Springs. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Worthington Springs to provide an accurate estimate of your property tax bill. This user-friendly tool helps you gauge potential tax liabilities with ease. For those interested in more granular insights, scrolling down reveals trends and localized information on a neighborhood level. Remember, your property’s assessed value is determined by Union County for property tax purposes and may include applicable exemptions.
Property Tax Rates Across Worthington Springs, Florida
Property taxes in Worthington Springs, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Worthington Springs is 1.55%, significantly higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Worthington Springs set these rates annually, and they can vary across different neighborhoods. Each year, Worthington Springs 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 Worthington Springs' effective property tax rate to other areas in Florida and the national median. For comparison, the 32697 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these areas compare with Worthington Springs provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Worthington Springs Tax Rate
1.55%
Average Union County Tax Rate
0.97%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worthington Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32697 | 0.57% | 0.91% | 1.55% | 1.81% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Worthington Springs, Florida
In Worthington Springs, 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 Union 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. In Worthington Springs, 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 Worthington Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Worthington Springs are both $603, found in the 32697 zip code.
Property Tax Assessment Values Across Worthington Springs, Florida
Source: Ownwell
$43,766
$58,733
$73,699
Average Worthington Springs Assessed Value
$43,766
Average Union County Assessed Value
$71,721
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Worthington Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32697 | $13,140 | $24,277 | $43,766 | $70,434 | $115,845 |
Source: Ownwell
Property Tax Bills Across Worthington Springs, Florida
In Worthington Springs, located in Union County, FL, property tax bills are determined based on the assessed value of a home. The assessed value is established by the local tax assessor, who evaluates the property's market value and applies any applicable exemptions. Homeowners in Worthington Springs experience property tax bills that vary significantly, with the 25th percentile at $352 and the 75th percentile at $952, indicating a range of tax burdens across different properties. The median home price in Worthington Springs is $43,766, and the property tax rate is applied to this assessed value to calculate the annual tax bill. The highest median tax bill in the area is $603, which falls within the zip code 32697. This amount is relatively low compared to the national median property tax rate of 0.99%, making it more manageable for many homeowners. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding how these taxes are calculated helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Worthington Springs Tax Bill
$603
Average Union County Tax Bill
$664
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Worthington Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32697 | $182 | $352 | $603 | $952 | $1,935 |
Source: Ownwell