Floral City, Florida Property Taxes
The median property tax rate in Floral City, FL is 0.74%, significantly lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Floral City at $159,770, the typical annual property tax bill amounts to $1,091, well below the national median of $2,690. Property taxes in Floral City 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 Floral City'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 Floral City or another part of Citrus County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Floral City, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,182
$1,097
Ownwell’s Floral City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Floral City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floral City 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 Floral City, Florida
Property taxes in Floral City, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floral City is 0.74%, lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Floral City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floral City 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 Floral City's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 34436 has the highest median property tax rate of 0.74%, while the same zip code, 34436, also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Floral City 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 Floral City Tax Rate
0.74%
Average Citrus County Tax Rate
0.82%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floral City, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34436 | 0.31% | 0.42% | 0.74% | 1.35% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Floral City, Florida
In Floral City, 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 Floral City, 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 Floral City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Floral City is $159,770, with the median tax bill varying significantly, from $613 at the 25th percentile to $3,119 at the 90th percentile. The zip code 34436 has both the highest and lowest median tax bill at $1,091.
Average Floral City Assessed Value
$159,770
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 Floral City, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34436 | $60,302 | $93,852 | $159,770 | $232,476 | $321,121 |
Source: Ownwell
Property Tax Bills Across Floral City, Florida
In Floral City, Citrus County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the Citrus County Property Appraiser. This assessed value is then multiplied by the local millage rate, a figure set annually by various taxing authorities, to determine the total tax bill. The median home price in Floral City is $159,770, and property tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $613, while those in the 75th percentile might see bills as high as $1,975. At the 90th percentile, tax bills can reach up to $3,119. The local median property tax rate is competitive, considering the national median rate is 0.99%. These taxes fund essential services like schools, infrastructure, and public safety, directly impacting the quality of life. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Floral City Tax Bill
$1,091
Average Citrus County Tax Bill
$1,605
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Floral City, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34436 | $332 | $613 | $1,091 | $1,975 | $3,119 |
Source: Ownwell
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Dates |
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Links | |
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| Citrus Property Appraiser | |
| Website | www.citruspa.org |