Otter Creek, Florida Property Taxes
The median property tax rate in Otter Creek, FL is 1.13%, slightly higher than the national median of 0.99% but just below the Florida state median of 1.14%. With a median home value in Otter Creek, the typical annual property tax bill is $488, which is significantly lower than the national median of $2,690. Property taxes in Otter Creek are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Otter Creek'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 Otter Creek 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
Otter Creek, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$386
$359
Ownwell’s Otter Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otter Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otter Creek 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 Otter Creek, Florida
Property taxes in Otter Creek, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otter Creek is 1.13%, which is higher than the U.S. national median of 0.99%. Local government entities within Otter Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otter Creek 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 Otter Creek's effective property tax rate to other areas in Levy County and the national median. For comparison, the 32683 zip code has the highest median property tax rate of 1.13%, while the 32683 zip code also has the lowest median tax rate of 1.13%. Understanding how these areas compare with Otter Creek 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 Otter Creek Tax Rate
1.13%
Average Levy County Tax Rate
1.19%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otter Creek, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32683 | 0.76% | 0.82% | 1.13% | 1.92% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Otter Creek, Florida
In Otter Creek, 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 Otter Creek, 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 Otter Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 32683, with a median tax bill of $488.
Average Otter Creek Assessed Value
$34,189
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 Otter Creek, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32683 | $15,305 | $26,028 | $34,189 | $95,608 | $149,934 |
Source: Ownwell
Property Tax Bills Across Otter Creek, Florida
In Otter Creek, located in Levy County, FL, property tax bills are calculated based on the assessed value of a property and the applicable tax rate. The assessed value is determined by the county assessor and reflects the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $34,189, homeowners can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill stands at $270, while the 75th percentile tax bill is $762. Those in the 90th percentile face tax bills as high as $1,440. These figures highlight the range of property tax burdens across different property values. The highest and lowest median tax bills in the area are both $488, specifically in the 32683 zip code. With the national median property tax rate at 0.99%, Otter Creek homeowners experience a relatively modest property tax burden, affecting their overall cost of homeownership and financial planning.
Average Otter Creek Tax Bill
$488
Average Levy County Tax Bill
$1,048
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Otter Creek, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32683 | $270 | $270 | $488 | $762 | $1,440 |
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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