Vero Beach, Florida Property Taxes
The median property tax rate in Vero Beach, FL is 0.99%, aligning with the national median of 0.99% but lower than the Florida state median of 1.14%. With a median home value of $265,463, the typical annual property tax bill in Vero Beach is $2,378, which is below the national median of $2,690. Property taxes in Vero Beach are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Vero Beach'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 Vero Beach 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
Vero Beach, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$2,628
$2,485
Ownwell’s Vero Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vero Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vero Beach 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 Vero Beach, Florida
Property taxes in Vero Beach, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vero Beach is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Vero Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vero Beach 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 Vero Beach's effective property tax rate to other areas in Indian River County and the national median. For comparison, the 32960 zip code has the highest median property tax rate of 1.15%, while the 32968 zip code has the lowest median tax rate of 0.81%. Understanding how these areas compare with Vero Beach 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 Vero Beach Tax Rate
0.99%
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 Vero Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32960 | 0.40% | 0.52% | 1.15% | 1.47% | 1.60% |
| 32962 | 0.32% | 0.45% | 0.90% | 1.31% | 1.43% |
| 32963 | 0.64% | 0.84% | 1.11% | 1.36% | 1.47% |
| 32966 | 0.40% | 0.63% | 0.92% | 1.31% | 1.42% |
| 32967 | 0.38% | 0.66% | 0.98% | 1.35% | 1.45% |
| 32968 | 0.38% | 0.57% | 0.81% | 1.22% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Vero Beach, Florida
In Vero Beach, 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. In Vero Beach, 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. For instance, homeowners in the 32963 zip code face the highest median tax bill at $7,089, while those in the 32962 zip code have the lowest at $1,457. Being aware of these valuation processes in Vero Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vero Beach Assessed Value
$265,463
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 Vero Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32960 | $92,544 | $130,277 | $180,642 | $265,182 | $385,896 |
| 32962 | $87,707 | $123,644 | $174,211 | $244,509 | $337,551 |
| 32963 | $269,625 | $435,136 | $662,071 | $1,208,421 | $2,450,896 |
| 32966 | $129,413 | $167,024 | $249,092 | $316,700 | $418,184 |
| 32967 | $67,631 | $176,161 | $277,526 | $380,545 | $498,595 |
| 32968 | $158,269 | $229,726 | $315,509 | $406,072 | $485,273 |
Source: Ownwell
Property Tax Bills Across Vero Beach, Florida
In Vero Beach, property tax bills are calculated based on the assessed value of the home, which is determined by the Indian River County Property Appraiser. The assessed value is typically a percentage of the market value, adjusted through various exemptions and caps. Homeowners in Vero Beach see a median home price of $265,463, with property tax rates contributing to their annual tax bills. Several factors influence the final tax bill, including the property's location within specific zip codes. For instance, the highest median tax bill in the area is $7,089 in zip code 32963, while the lowest is $1,457 in zip code 32962. Tax bills can vary significantly, with the 25th percentile at $1,284 and the 90th percentile reaching up to $8,330. These tax bills impact homeowners by affecting their overall housing costs. Higher property taxes can increase monthly mortgage payments, while lower taxes can make homeownership more affordable. Compared to the national median property tax rate of 0.99%, Vero Beach's rates reflect the local economic and housing market conditions.
Average Vero Beach Tax Bill
$2,378
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 Vero Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32960 | $592 | $1,055 | $1,780 | $2,660 | $3,996 |
| 32962 | $498 | $794 | $1,457 | $2,279 | $3,250 |
| 32963 | $2,535 | $4,209 | $7,089 | $12,668 | $25,402 |
| 32966 | $626 | $1,408 | $2,140 | $3,252 | $4,218 |
| 32967 | $574 | $1,079 | $2,440 | $3,838 | $5,328 |
| 32968 | $713 | $1,657 | $2,500 | $3,631 | $4,983 |
Source: Ownwell