Silver Springs, Florida Property Taxes
The median property tax rate in Silver Springs, FL is 1.19%, which is higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Silver Springs at $71,864, the typical annual property tax bill reaches $826, still below the national median of $2,690. Property taxes in Silver Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Silver 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 Silver 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
Silver Springs, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$855
$809
Ownwell’s Silver Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver 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 Silver Springs, Florida
Property taxes in Silver Springs, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Springs is 1.19%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Silver Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver 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 Silver Springs' effective property tax rate to other counties in Florida and the national median. For comparison, the 34488 zip code has the highest median property tax rate of 1.19%, while the 34488 zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Silver Springs 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 Silver Springs Tax Rate
1.19%
Average Marion County Tax Rate
1.04%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34488 | 0.64% | 0.79% | 1.19% | 1.98% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Silver Springs, Florida
In Silver 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 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 Silver 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. For instance, the median home price in Silver Springs is $71,864, with tax bills ranging from $557 at the 25th percentile to $2,704 at the 90th percentile. The zip code 34488 consistently shows the highest and lowest median tax bills at $826. 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 Silver Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Silver Springs Assessed Value
$71,864
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 Silver Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34488 | $23,597 | $36,760 | $71,864 | $149,170 | $276,027 |
Source: Ownwell
Property Tax Bills Across Silver Springs, Florida
In Silver Springs, property tax bills are calculated based on the assessed value of the property, which is determined by the Marion County Property Appraiser. The assessed value is typically a percentage of the market value of the home. For example, the median home price in Silver Springs is $71,864. Property tax rates are then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local tax rates, property exemptions, and any applicable reductions. For homeowners in Silver Springs, the tax bills can vary significantly. The 25th percentile of tax bills is around $557, while the 75th percentile reaches $1,526, and the 90th percentile can go up to $2,704. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Silver Springs may find their property tax rates to be relatively moderate, depending on their property's assessed value and applicable exemptions.
Average Silver Springs Tax Bill
$826
Average Marion County Tax Bill
$1,725
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34488 | $302 | $557 | $826 | $1,526 | $2,704 |
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 |