Indian River Shores, Florida Property Taxes
The median property tax rate in Indian River Shores, FL is 1.19%, slightly higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Indian River Shores, the typical annual property tax bill reaches $480, which is significantly lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Indian River Shores' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Indian River Shores 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
Indian River Shores, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$482
$447
Ownwell’s Indian River Shores Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Indian River Shores with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Indian River Shores 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 Indian River Shores, Florida
Property taxes in Indian River Shores, Florida, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Indian River Shores is 1.19%, which is significantly higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities in Indian River Shores set these rates annually, and they can vary significantly across different neighborhoods. Each year, Indian River Shores 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 Indian River Shores' effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 32963 has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these areas compare with Indian River Shores provides valuable insights into the varying tax landscape across Indian River County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Indian River Shores Tax Rate
1.19%
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 Shores, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32963 | 1.17% | 1.17% | 1.19% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Indian River Shores, Florida
In Indian River Shores, 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 Indian River 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 Indian River Shores, 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 Indian River Shores helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 32963 has both the highest and lowest median tax bill at $480, reflecting the consistency in property tax assessments within the area.
Property Tax Assessment Values Across Indian River Shores, Florida
Source: Ownwell
$40,484
$351,278
$662,071
Average Indian River Shores Assessed Value
$40,484
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 Shores, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32963 | $40,484 | $40,484 | $40,484 | $287,299 | $287,299 |
Source: Ownwell
Property Tax Bills Across Indian River Shores, Florida
In Indian River Shores, FL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. Homeowners in Indian River Shores can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the 25th percentile tax bill is $480, while the 75th percentile reaches $2,208, and the 90th percentile can go up to $3,367. These figures indicate that the tax burden can differ widely among residents. The median home price in Indian River Shores is $40,484, and the property tax rate is applied to this assessed value to calculate the annual tax bill. This variability in tax bills means that homeowners with higher-valued properties will pay more in taxes, impacting their overall financial planning. Compared to the national median property tax rate of 0.99%, the tax rates in Indian River Shores are relatively low, offering some relief to homeowners in this region.
Average Indian River Shores Tax Bill
$480
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 Shores, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32963 | $480 | $480 | $480 | $2,208 | $3,367 |
Source: Ownwell