Fanning Springs, Florida Property Taxes
The median property tax rate in Fanning Springs, FL is 1.12%, slightly higher than the national median of 0.99% but just below the Florida state median of 1.14%. With a median home value of $94,723, the typical annual property tax bill in Fanning Springs is around $1,034, which is lower than the national median of $2,690. Property taxes here are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Fanning Springs' property tax system and exploring available exemptions, homeowners and real estate investors can uncover significant annual savings. Whether you're in the heart of Fanning Springs or another part of Gilchrist County, gaining insight into the local property tax system is essential for maximizing your financial benefits.
Last Updated June 14, 2024
Fanning Springs, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,061
$1,003
Ownwell’s Fanning Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fanning Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fanning Springs 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 Fanning Springs, Florida
Property taxes in Fanning 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 Fanning Springs is 1.12%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Fanning Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fanning 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 Fanning Springs' effective property tax rate to other areas within Gilchrist County and the national median. For comparison, the zip code 32693 has both the highest and lowest median property tax rate within the area at 1.12%. Understanding how these figures compare with Fanning Springs provides valuable insights into the varying tax landscape across Gilchrist County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fanning Springs Tax Rate
1.12%
Average Gilchrist County Tax Rate
0.92%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fanning Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32693 | 0.38% | 0.72% | 1.12% | 1.85% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Fanning Springs, Florida
In Fanning 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 Gilchrist 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 Fanning 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 Fanning Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $94,723, with tax bills ranging from $603 at the 25th percentile to $2,885 at the 90th percentile. The highest and lowest median tax bills, both at $1,034, are found in zip code 32693.
Property Tax Assessment Values Across Fanning Springs, Florida
Source: Ownwell
$94,723
$121,909
$149,095
Average Fanning Springs Assessed Value
$94,723
Average Gilchrist County Assessed Value
$108,197
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fanning Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32693 | $38,800 | $56,238 | $94,723 | $186,217 | $210,158 |
Source: Ownwell
Property Tax Bills Across Fanning Springs, Florida
In Fanning Springs, located in Gilchrist County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the local property appraiser. The median home price in this area is $94,723. Homeowners can expect their tax bills to vary significantly depending on their property's assessed value and the applicable millage rates set by local taxing authorities. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For example, the tax bill at the 25th percentile is approximately $603, while at the 75th percentile, it rises to around $2,005. The 90th percentile tax bill can be as high as $2,885. These variations highlight the importance of accurate property assessments and understanding local tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Fanning Springs may find their tax bills relatively manageable, but it's crucial to stay informed about local tax policies and potential changes that could impact future bills.
Average Fanning Springs Tax Bill
$1,034
Average Gilchrist County Tax Bill
$1,052
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Fanning Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32693 | $223 | $603 | $1,034 | $2,005 | $2,885 |
Source: Ownwell