Indian River County Property Taxes
The median property tax rate in Indian River County is 0.98%, which is slightly lower than the Florida state median of 1.14% but very close to the national median of 0.99%. With the median home value in Indian River County at $256,710, the typical annual property tax bill is approximately $2,297, falling below the national median of $2,690. Property taxes in Indian River County are calculated based on the tax assessed value, which is often lower than the actual market value due to various property tax exemptions such as the primary residence and agricultural exemptions. Understanding Indian River County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Vero Beach or another part of Indian River County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Indian River County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$2,516
$2,378
Ownwell’s Indian River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Indian River with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Indian River to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Indian River County, Florida
Property taxes in Indian River County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Indian River County is 0.98%, which is just below the U.S. national median of 0.99%. Local government entities within Indian River County set these rates annually, and they can vary significantly between different areas within the county. Each year, Indian River County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Indian River County's effective property tax rate with other counties in Florida and the national median. For comparison, the city of Orchid has one of the higher property tax rates in Florida at 1.47%, while the city of Fellsmere boasts one of the lowest at 0.81%. Analyzing how Indian River County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Indian River County Tax Rate
0.98%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Indian River County, Florida
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fellsmere | 0.36% | 0.48% | 0.81% | 1.65% | 1.85% |
| Indian River Shores | 1.17% | 1.17% | 1.19% | 1.19% | 1.19% |
| Orchid | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
| Sebastian | 0.43% | 0.60% | 0.94% | 1.43% | 1.64% |
| Vero Beach | 0.38% | 0.62% | 0.99% | 1.33% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Indian River County, Florida
In Indian River, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Indian River Appraisal District. The assessed value, however, 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. Assessment notices in Indian River are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Indian River will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Indian River, the city of Orchid has the highest median tax bill at $2,480, while Indian River Shores has the lowest at $480.
Property Tax Assessment Values Across Indian River County, Florida
Source: Ownwell
$40,484
$351,278
$662,071
Average Indian River County Assessed Value
$256,710
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Indian River County, Florida
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fellsmere | $53,475 | $84,628 | $149,331 | $291,135 | $406,229 |
| Indian River Shores | $40,484 | $40,484 | $40,484 | $287,299 | $287,299 |
| Orchid | $168,630 | $168,630 | $168,630 | $168,630 | $168,630 |
| Sebastian | $137,223 | $184,006 | $242,836 | $297,412 | $368,848 |
| Vero Beach | $110,627 | $163,708 | $265,463 | $426,338 | $754,386 |
Source: Ownwell
Property Tax Bills Across Indian River County, Florida
Property tax bills in Indian River County, FL, are calculated based on the assessed value of a property, which is determined by the county's property appraiser. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence this calculation, including property size, location, and any applicable exemptions. For homeowners in Indian River County, the property tax burden can vary significantly. For instance, the 25th percentile tax bill is around $1,255, while the 75th percentile reaches $3,893. At the higher end, the 90th percentile tax bill can be as much as $7,168. Comparatively, the highest median tax bill in the county is $2,480 in Orchid, whereas the lowest is $480 in Indian River Shores. These variations can impact homeowners differently, potentially affecting affordability and financial planning. Given that the national median property tax rate is 0.99%, understanding these local nuances is crucial for homeowners in Indian River County to effectively manage their property-related expenses.
Average Indian River County Tax Bill
$2,297
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Indian River County, Florida
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fellsmere | $395 | $712 | $1,276 | $2,464 | $3,855 |
| Indian River Shores | $480 | $480 | $480 | $2,208 | $3,367 |
| Orchid | $2,480 | $2,480 | $2,480 | $2,480 | $2,480 |
| Sebastian | $721 | $1,275 | $2,151 | $3,238 | $4,318 |
| Vero Beach | $616 | $1,284 | $2,378 | $4,209 | $8,330 |
Source: Ownwell