Beverly Hills, Florida Property Taxes
The median property tax rate in Beverly Hills, FL is 0.78%, which is lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Beverly Hills at $190,279, the typical annual property tax bill amounts to $1,764, falling below the national median of $2,690. Property taxes in Beverly Hills are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Beverly Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Beverly Hills or another part of Citrus County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Beverly Hills, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,484
$1,403
Ownwell’s Beverly Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beverly Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beverly Hills 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 Beverly Hills, Florida
Property taxes in Beverly Hills, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beverly Hills is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Beverly Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beverly Hills 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 Beverly Hills' effective property tax rate to other counties in Florida and the national median. For comparison, the 34465 zip code has the highest median property tax rate of 0.78%, while the 34465 zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Beverly Hills provides valuable insights into the varying tax landscape across Citrus County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beverly Hills Tax Rate
0.78%
Average Citrus County Tax Rate
0.82%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beverly Hills, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34465 | 0.32% | 0.51% | 0.78% | 1.26% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Beverly Hills, Florida
In Beverly Hills, 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 Citrus 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 Beverly Hills, 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 Beverly Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $190,279, with tax bills ranging from $872 at the 25th percentile to $4,192 at the 90th percentile. The highest and lowest median tax bills are both found in the 34465 zip code, with a value of $1,764.
Average Beverly Hills Assessed Value
$190,279
Average Citrus County Assessed Value
$196,001
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beverly Hills, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34465 | $117,380 | $133,856 | $190,279 | $346,112 | $439,404 |
Source: Ownwell
Property Tax Bills Across Beverly Hills, Florida
In Beverly Hills, Citrus County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county property appraiser. This assessed value is then multiplied by the local millage rate to calculate the tax bill. Factors influencing the assessed value include the property's market value, any improvements or renovations, and applicable exemptions like homestead exemptions. Homeowners in Beverly Hills experience a range of property tax bills. The 25th percentile tax bill is $872, while the 75th percentile reaches $2801, and the 90th percentile can be as high as $4192. These figures indicate a significant variation based on property values and individual circumstances. Compared to the national median property tax rate of 0.99%, Beverly Hills homeowners may experience differing tax burdens depending on their property's assessed value. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Beverly Hills Tax Bill
$1,764
Average Citrus County Tax Bill
$1,605
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Beverly Hills, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34465 | $468 | $872 | $1,764 | $2,801 | $4,192 |
Source: Ownwell
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Dates |
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Links | |
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| Citrus Property Appraiser | |
| Website | www.citruspa.org |