Fanning Springs, Florida Property Taxes
The median property tax rate in Fanning Springs, FL is 1.19%, slightly above both the national median of 0.99% and Florida's state median of 1.14%. With a median home value of $79,210 in Fanning Springs, the typical annual property tax bill is around $802, which is lower than the national median of $2,690. Property taxes in Fanning Springs are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Fanning Springs' property tax system, exploring available exemptions, and finding opportunities for reductions can lead to notable annual savings. Whether you reside in the heart of Fanning Springs or another area within Levy County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fanning Springs, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$943
$891
Ownwell’s Fanning Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fanning Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fanning Springs 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 Fanning Springs, Florida
Property taxes in Fanning Springs, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fanning Springs is 0.76%, lower than both the Florida state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Fanning Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fanning Springs 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 Fanning Springs' effective property tax rate to other counties in Florida and the national median. For comparison, the 32693 zip code has the highest median property tax rate of 0.76%, while the same 32693 zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Fanning Springs 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 Fanning Springs Tax Rate
1.19%
Average Levy County Tax Rate
1.19%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fanning Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32693 | 0.53% | 0.68% | 1.19% | 1.87% | 2.29% |
Source: Ownwell
Property Tax Assessment Values Across Fanning Springs, Florida
In Fanning Springs, 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 Fanning Springs, 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. The zip code with the highest and lowest median tax bill is 32693, with a median tax bill of $802. Being aware of these valuation processes in Fanning Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fanning Springs, Florida
Source: Ownwell
$34,189
$113,482
$192,774
Average Fanning Springs Assessed Value
$79,210
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 Fanning Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32693 | $20,671 | $44,081 | $79,210 | $130,248 | $175,414 |
Source: Ownwell
Property Tax Bills Across Fanning Springs, Florida
In Fanning Springs, located in Levy County, FL, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Fanning Springs, the median home price is $79,210. Property tax bills can vary significantly, with the 25th percentile tax bill at $469 and the 75th percentile reaching $1,240. The 90th percentile tax bill is $1,843, indicating that higher-valued properties can face substantially larger tax obligations. Comparatively, the national median property tax rate is 0.99%, and Fanning Springs' tax rates can impact homeowners differently based on their property's assessed value. Understanding these factors is crucial for homeowners as they plan their finances and assess the affordability of their homes in Fanning Springs.
Average Fanning Springs Tax Bill
$802
Average Levy County Tax Bill
$1,048
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Fanning Springs, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32693 | $270 | $469 | $802 | $1,240 | $1,843 |
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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