Cedar Key, Florida Property Taxes
The median property tax rate in Cedar Key, FL is 1.65%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Cedar Key at $190,000, the typical annual property tax bill reaches $2,795, slightly above the national median of $2,690. Property taxes in Cedar Key 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 Cedar Key'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 Cedar Key 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
Cedar Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$3,135
$2,909
Ownwell’s Cedar Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar Key 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 Cedar Key, Florida
Property taxes in Cedar Key, Florida, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar Key is 1.65%, significantly higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Cedar Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar Key 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 Cedar Key's effective property tax rate to other counties in Florida and the national median. For comparison, the 32625 zip code has the highest median property tax rate of 1.65%, while the same 32625 zip code also has the lowest median tax rate of 1.65%. Understanding how these areas compare with Cedar Key provides valuable insights into the varying tax landscape across Levy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedar Key Tax Rate
1.65%
Average Levy County Tax Rate
1.19%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedar Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32625 | 0.77% | 1.14% | 1.65% | 2.08% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Key, Florida
In Cedar Key, 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 Levy 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 Cedar Key, 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 Cedar Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cedar Key are both $2,795, found in zip code 32625, reflecting the uniformity in property tax assessments within this area.
Average Cedar Key Assessed Value
$190,000
Average Levy County Assessed Value
$106,002
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedar Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32625 | $49,400 | $88,964 | $190,000 | $290,194 | $431,731 |
Source: Ownwell
Property Tax Bills Across Cedar Key, Florida
In Cedar Key, located in Levy County, FL, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county property appraiser and typically reflects a percentage of the market value. Homeowners in Cedar Key can expect their tax bills to be influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For example, the median home price in Cedar Key is $190,000. With the national median property tax rate at 0.99%, homeowners might expect a tax bill around $1,881. However, local tax rates and factors can cause variations. In Cedar Key, tax bills range significantly, from the 25th percentile at $1,235 to the 75th percentile at $4,802, and even up to the 90th percentile at $6,663. This variation can impact homeowners' financial planning and budgeting, making it crucial for them to understand their specific tax obligations.
Average Cedar Key Tax Bill
$2,795
Average Levy County Tax Bill
$1,048
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedar Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32625 | $634 | $1,235 | $2,795 | $4,802 | $6,663 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
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