Inverness, Florida Property Taxes
Real Estate Values and Property Tax Valuation in Inverness, Florida
Inverness is home to 25,370 properties with a total cumulative value of $2.2B, making up 18.54% of all real estate value in Citrus County. Property taxes in Inverness totaled $21.4M, with an average homeowner paying $845 in property taxes compared to the county average of $957. The average property tax rate in Inverness is 1.00%, while the county average is 1.07%. Property taxes are based on the assessed value of the property, which is determined by the local tax assessor.
In Florida, property values are assessed on January 1st. Property value notices are issued in August and property tax appeal deadlines are typically 25 days from the date of the value notices, which is usually in September. Property tax bills are issued on November 1st.
Updated November 01, 2023
| Important Links | |
|---|---|
| Citrus Property Appraiser | (352) 341-6600 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Value Notices Issued: | August |
| Property Tax Appeal Deadline: | September or 25 days from date of value notices |
| Property Tax Bills Issued: | November 1st |
| Real Property Tax Bill Due (1st of #): | March 31st |
| Available Exemptions | |
|---|---|
| Early Payment Discount | Available |
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Inverness, Florida
Residential Property Tax by ZIP code in Inverness, Florida
Inverness, Florida has an average property tax rate of 1.00%, which is slightly lower than the average property tax rate of 1.07% for Citrus County. This means that homeowners in Inverness can expect to pay slightly less in property taxes than the average homeowner in Citrus County. However, property tax rates in Inverness can vary significantly depending on the ZIP code. For example, the effective property tax rate in ZIP code 34453 is 1.03%, while the effective property tax rate in ZIP code 34452 is 0.95%. These differences in property tax rates are due to the varying home values across different ZIP codes in Inverness.
Overall, Inverness has a slightly lower property tax rate than the rest of Citrus County, but the rates can vary significantly depending on the ZIP code. Homeowners should be aware of the differences in property tax rates across ZIP codes in Inverness, as this can have a significant impact on their total property tax bill.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each ZIP code in Inverness, Florida. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34450 | $4,588 | $41,654 | $105,660 | $156,423 | $216,469 |
| 34452 | $3,360 | $3,850 | $86,824 | $123,566 | $158,842 |
| 34453 | $2,440 | $3,840 | $33,820 | $118,085 | $187,522 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each ZIP code in Inverness, Florida.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34450 | $62 | $309 | $861 | $1,614 | $2,326 |
| 34452 | $52 | $57 | $566 | $1,172 | $1,838 |
| 34453 | $37 | $55 | $251 | $1,125 | $2,060 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34450 | 1.35% | 0.74% | 0.81% | 1.03% | 1.07% |
| 34452 | 1.55% | 1.48% | 0.65% | 0.95% | 1.16% |
| 34453 | 1.52% | 1.43% | 0.74% | 0.95% | 1.10% |
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Real Estate Values in Inverness, Florida
Average Home Value in Inverness, Florida
Last updated: November 2023
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Housing Expenses in Inverness, Florida
Housing expenses are a major part of the average household budget in the state. In fact, housing expenses account for nearly one-third of total expenses for the average household. As inflation continues, housing expenses continue to rise, eating up an ever-increasing portion of the household budget. Property taxes are the second largest component of housing expenses for the average property owner in the state, making up a significant portion of the total housing expenses. As housing expenses continue to rise, it is important for households to budget carefully and plan for the future to ensure they can afford their housing expenses.
Monthly Consumer Expenses for South region
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