Altoona, Florida Property Taxes
The median property tax rate in Altoona, Florida is 1.75%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Altoona at $52,638, the typical annual property tax bill reaches $737, which is below the national median of $2,690. Property taxes in Altoona 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 Altoona'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 Altoona or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Altoona, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$921
$872
Ownwell’s Altoona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altoona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altoona 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 Altoona, Florida
Property taxes in Altoona, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altoona is 1.75%, significantly higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Altoona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altoona 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 Altoona's effective property tax rate to other counties in Florida and the national median. For comparison, the 32702 zip code has the highest median property tax rate of 1.75%, while the same zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Altoona provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altoona Tax Rate
1.75%
Average Marion County Tax Rate
1.04%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altoona, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32702 | 0.71% | 0.92% | 1.75% | 2.40% | 3.19% |
Source: Ownwell
Property Tax Assessment Values Across Altoona, Florida
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Altoona, Florida. 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 Marion 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 Altoona, 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. With a median home price of $52,638, Altoona's property tax bills range significantly, with the 25th percentile at $518 and the 75th percentile at $1,224. The highest and lowest median tax bills in the area are both $737, occurring in the 32702 zip code. Being aware of these valuation processes in Altoona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Altoona Assessed Value
$52,638
Average Marion County Assessed Value
$176,469
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altoona, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32702 | $16,878 | $25,730 | $52,638 | $102,257 | $181,791 |
Source: Ownwell
Property Tax Bills Across Altoona, Florida
In Altoona, Marion County, FL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Altoona experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $518, while at the 75th percentile, it reaches $1,224. The tax bill at the 90th percentile can go up to $2,422. The median home price in Altoona is $52,638, and the median tax bill stands at $737, which is below the national median property tax rate of 0.99%. This means homeowners in Altoona typically pay less in property taxes compared to the national average. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value and, consequently, the tax bill. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances effectively.
Average Altoona Tax Bill
$737
Average Marion County Tax Bill
$1,725
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Altoona, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32702 | $302 | $518 | $737 | $1,224 | $2,422 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Marion Property Appraiser | |
| Website | www.pa.marion.fl.us |