Florida gives real estate taxation rights to thousands of locally-based governmental units. Typically taxing municipalities’ tax assessments are combined under the same notice from the county. Every municipality then is allocated the assessed amount it levied.
Property taxes have traditionally been local governments’ near-exclusive domain as a funding source. They’re a capital pillar for public services in support of cities, schools, and special districts such as sewage treatment plants, public safety services, transportation and others.
These are a few of the public services most local governments typically offer. Again, real estate taxes are the main way Marco Island pays for them, including over half of all public school funding. All other service categories e.g. police/fire, hospitals, parks, buses/rail, and water/sanitation facilities enjoy similar fiscal support.
The amount of property taxes you owe can vary from location to location, but it’s generally based on the property’s value. All homeowners pay property taxes, it’s important for prospective and new homeowners to understand how they work. When you have a good idea of the property taxes you’ll be expected to pay, you can better determine your budget, and how much house you can afford before you even start house hunting.
While the exact property tax rate you will pay is set by the tax assessor on a property-by-property basis, you can use our Collier County property tax estimator tool to estimate your yearly property tax.
Collier County collects, on average, 0.67% of a property's assessed fair market value as property tax. Collier County has one of the highest median property taxes in the United States. The average yearly property tax paid by Collier County residents amounts to about 3.6% of their yearly income.
Collier County uses a complicated formula to determine the property tax owed on any individual property, it's not possible to condense it to a simple tax rate, like you could with an income or sales tax.
For properties considered the primary residence of the taxpayer, a homestead exemption may exist. The Collier County Homestead Exemption can reduce the appraised valuation of a primary residence before calculating the property tax owed, resulting in a lower annual property tax rate for owner-occupied homes. Getting a Homestead Exemption may also help protect your home from being repossessed in the case of a property tax lien due to unpaid Collier County property taxes or other types of other debt.
Every county has different rules when collecting tax payments. Some localities collect them annually, while others require payments quarterly or annually. If you financed your house, you might be able to set up an escrow account to pay your taxes. Your escrow payment will increase your monthly mortgage payments, but some borrowers are required to have an escrow account.
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