Sebastian, Florida Property Taxes
The median property tax rate in Sebastian, FL is 0.94%, slightly below both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Sebastian at $242,836, the typical annual property tax bill amounts to $2,151, which is lower than the national median of $2,690. Property taxes in Sebastian are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sebastian'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 Sebastian 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
Sebastian, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,283
$2,158
Ownwell’s Sebastian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sebastian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sebastian 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 Sebastian, Florida
Property taxes in Sebastian, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sebastian is 0.94%, which is lower than the U.S. national median of 0.99%. Local government entities within Sebastian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sebastian 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 Sebastian's effective property tax rate to other areas in Indian River County and the national median. For comparison, the 32976 zip code has the highest median property tax rate of 1.16%, while the 32958 zip code has the lowest median tax rate of 0.94%. Understanding how these areas compare with Sebastian 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 Sebastian Tax Rate
0.94%
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 Sebastian, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32958 | 0.43% | 0.60% | 0.94% | 1.43% | 1.64% |
| 32976 | 0.72% | 0.89% | 1.16% | 1.43% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Sebastian, Florida
In Sebastian, 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 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. 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. Sebastian's median home price stands at $242,836, with property tax bills ranging significantly across different zip codes. For instance, the highest median tax bill is $2,684 in the 32976 zip code, while the lowest is $2,151 in the 32958 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sebastian Assessed Value
$242,836
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 Sebastian, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32958 | $137,211 | $183,984 | $242,836 | $297,406 | $368,848 |
| 32976 | $210,484 | $229,726 | $261,797 | $293,868 | $313,110 |
Source: Ownwell
Property Tax Bills Across Sebastian, Florida
In Sebastian, located in Indian River County, FL, property tax bills are calculated based on the assessed value of a home and the county's tax rate. The assessed value is determined by the county assessor's office, which evaluates the property's market value and applies any applicable exemptions. The tax rate in Indian River County is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the home's location, size, and any improvements or renovations made. For instance, in Sebastian, the median home price is $242,836, and tax bills vary significantly. Homeowners in the 25th percentile pay around $1,275, while those in the 75th percentile face bills of approximately $3,238. At the 90th percentile, tax bills can reach up to $4,318. These property taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services. Homeowners must budget for these expenses, as they can significantly impact the overall cost of owning a home in Sebastian.
Average Sebastian Tax Bill
$2,151
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 Sebastian, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32958 | $721 | $1,275 | $2,151 | $3,237 | $4,319 |
| 32976 | $2,128 | $2,337 | $2,684 | $3,031 | $3,239 |
Source: Ownwell