Inverness, Florida Property Taxes
The median property tax rate in Inverness, FL is 0.73%, considerably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Inverness at $180,603, the typical annual property tax bill reaches $1,414, which is below the national median of $2,690. Property taxes in Inverness 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 Inverness'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 Inverness 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
Inverness, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,318
$1,247
Ownwell’s Inverness Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Inverness with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Inverness 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 Inverness, Florida
Property taxes in Inverness, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Inverness is 0.73%, lower than the Florida state median but still below the U.S. national median of 0.99%. Local government entities within Inverness set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inverness 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 Inverness's effective property tax rate to other areas in Citrus County and the national median. For comparison, the 34453 zip code has the highest median property tax rate of 0.77%, while the 34452 zip code has the lowest median tax rate of 0.68%. Understanding how these areas compare with Inverness 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 Inverness Tax Rate
0.73%
Average Citrus County Tax Rate
0.82%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inverness, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34450 | 0.34% | 0.45% | 0.74% | 1.35% | 1.59% |
| 34452 | 0.33% | 0.39% | 0.68% | 1.33% | 1.58% |
| 34453 | 0.31% | 0.44% | 0.77% | 1.36% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Inverness, Florida
In Inverness, 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 Inverness, 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 Inverness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $1,524 in the 34450 zip code, while the lowest is $1,245 in the 34452 zip code.
Average Inverness Assessed Value
$180,603
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 Inverness, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34450 | $96,625 | $138,134 | $191,382 | $255,669 | $347,955 |
| 34452 | $114,817 | $142,491 | $176,209 | $214,789 | $277,397 |
| 34453 | $78,606 | $121,350 | $178,317 | $247,026 | $345,267 |
Source: Ownwell
Property Tax Bills Across Inverness, Florida
Property tax bills in Inverness, Citrus County, FL, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Inverness, the median home price is $180,603. Depending on the specific location within Inverness, property tax bills can vary significantly. For instance, in the zip code 34450, the highest median tax bill is $1,524, while in the zip code 34452, the lowest median tax bill is $1,245. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in Inverness may find their tax bills ranging from $681 at the 25th percentile to $3,350 at the 90th percentile. Compared to the national median property tax rate of 0.99%, these figures provide a clear picture of how local property taxes can impact homeowners in this region. Understanding these elements can help homeowners anticipate their tax obligations and plan accordingly.
Average Inverness Tax Bill
$1,414
Average Citrus County Tax Bill
$1,605
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Inverness, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34450 | $522 | $812 | $1,524 | $2,459 | $3,534 |
| 34452 | $509 | $656 | $1,245 | $2,211 | $3,009 |
| 34453 | $383 | $653 | $1,456 | $2,482 | $3,595 |
Source: Ownwell
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Dates |
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Links | |
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| Citrus Property Appraiser | |
| Website | www.citruspa.org |