Quick Answer
Property taxes in Inverness FL are based on Citrus County millage plus City of Inverness municipal millage. Total millage for city residents runs approximately 14.0 to 16.5 mills on assessed value. A homesteaded $240,000 home in the city pays roughly $1,800 to $2,400 per year. Unincorporated Citrus County (no city millage) runs about 11.5 to 14.5 mills total.
Inverness FL Property Taxes: Millage Rates, Homestead Exemption, and What to Expect
Property taxes in Inverness and Citrus County are based on the taxable assessed value of the property multiplied by the applicable millage rate. Florida homestead exemption reduces the assessed value and provides important protections for primary residence owners. Here is what buyers and sellers in Inverness need to understand before making a real estate decision.
What Are the Millage Rates for Inverness FL?
Citrus County and City of Inverness Millage Breakdown
One mill equals $1 of tax per $1,000 of taxable assessed value. Millage rates are set annually by the county, school board, and other taxing authorities. The following table shows approximate rates; verify current figures with the Citrus County Property Appraiser at citruspa.org.
| Taxing Authority | Approximate Millage |
|---|---|
| Citrus County General Fund | ~6.0-6.5 mills |
| Citrus County School Board | ~4.5-5.0 mills |
| St. Johns River / SWFWMD | ~0.25-0.40 mills |
| Citrus County Library | ~0.25-0.50 mills |
| College of Central Florida | ~0.50-0.80 mills |
| Fire District (if applicable) | ~0.50-1.50 mills |
| City of Inverness Municipal | ~2.50-3.00 mills (city residents only) |
| Total (unincorporated Citrus County) | ~11.5-14.5 mills |
| Total (city of Inverness residents) | ~14.0-16.5 mills |
City of Inverness residents pay the county-level taxes plus the municipal millage. Properties outside the city limits in unincorporated Citrus County (Lecanto, Floral City, Crystal River areas) do not pay the city millage and have a lower total rate.
How Does Florida Homestead Exemption Reduce Inverness Property Taxes?
The $50,000 Homestead Exemption
Florida law provides a $50,000 homestead exemption on the assessed value of a primary residence. The first $25,000 applies to all taxing authorities. The second $25,000 applies to all taxing authorities except the school board. This effectively reduces the taxable value of most homes by $25,000 to $50,000, depending on assessed value.
Save Our Homes Annual Cap
Once a homestead exemption is in place, the Save Our Homes (SOH) law caps annual increases in assessed value at 3% or the rate of inflation (CPI), whichever is less. This is a major long-term benefit: a homeowner who purchased in 2015 at $180,000 has seen their assessed value grow slowly even as market values increased substantially. New buyers do not inherit this cap. Their assessed value resets to current market value at the time of purchase, which can mean a significant tax increase compared to what the previous owner paid.
Portability of Homestead Assessment Difference
Florida allows homeowners to transfer their accumulated Save Our Homes benefit (the difference between assessed value and market value) to a new Florida primary residence. This portability benefit can reduce the taxable value of a new home by up to $500,000 of the carried SOH benefit. Portability must be applied for within 3 years of abandoning the previous homestead. If you are moving from another Florida homestead, ask your agent about portability when calculating your tax costs on a new purchase.
What Will My Annual Property Tax Be in Inverness FL?
Property Tax Estimate Table
| Assessed Value | Homesteaded (city) | Non-Homesteaded (city) | Homesteaded (unincorp.) |
|---|---|---|---|
| $175,000 | ~$1,100-$1,500 | ~$2,450-$2,890 | ~$900-$1,250 |
| $240,000 | ~$1,800-$2,400 | ~$3,360-$3,960 | ~$1,440-$1,900 |
| $310,000 | ~$2,500-$3,200 | ~$4,340-$5,115 | ~$2,000-$2,650 |
| $430,000 | ~$3,700-$4,700 | ~$6,020-$7,095 | ~$3,000-$3,800 |
| $600,000 | ~$5,400-$6,900 | ~$8,400-$9,900 | ~$4,400-$5,500 |
Figures are estimates based on approximate millage ranges. Actual tax bills depend on the final millage set each fall by each taxing authority. Verify current millage and assessed value with Citrus County Property Appraiser (citruspa.org) and Citrus County Tax Collector (citrus.county.tax.collector website).
What Additional Exemptions Are Available in Citrus County?
Senior Citizen Exemption
Florida allows counties and municipalities to grant an additional homestead exemption of up to $50,000 for residents aged 65 or older who meet income requirements. Citrus County participates in this program. Income limits apply and vary by year. Contact the Citrus County Property Appraiser's office at citruspa.org for current eligibility requirements.
Veteran and Disability Exemptions
Veterans with a service-connected disability of 10% or more may qualify for an additional exemption. A 100% total and permanent disability rating from the VA qualifies for a complete exemption from property taxes. Surviving spouses of qualifying veterans also have exemption options. Contact the property appraiser for documentation requirements.
Ready to Buy or Sell in Inverness?
Barrett Henry — Broker Associate, REMAX Collective. 23+ years of real estate experience.
Contact BarrettCall (813) 733-7907Frequently Asked Questions About Inverness FL
How much are property taxes in Inverness FL?
A homesteaded $240,000 home in the city of Inverness pays approximately $1,800 to $2,400 per year in property taxes. Non-homesteaded properties at the same value pay significantly more, roughly $3,360 to $3,960 per year. Unincorporated Citrus County properties (outside city limits) pay lower total millage due to no city municipal tax.
When is the homestead exemption deadline in Citrus County FL?
Florida homestead exemption applications are due by March 1 of the tax year. If you purchased your home after January 1 and missed the March 1 deadline, you can apply for the following tax year. File with the Citrus County Property Appraiser at citruspa.org or by visiting their office at 210 N. Apopka Ave., Suite 200, Inverness, FL 34450.
What is the Save Our Homes cap in Florida?
Save Our Homes limits annual increases in the assessed value of a homesteaded property to 3% or the prior year's Consumer Price Index (CPI) change, whichever is less. This cap does not transfer to buyers when a property sells. New buyers see their assessed value reset to current market value at purchase.
Are there CDD fees in Inverness FL?
Most established Inverness neighborhoods do not have Community Development District (CDD) fees. Newer planned communities in suburban Florida markets more commonly carry CDDs. Verify with your agent and always review the actual tax bill, not just the listed tax amount, before making an offer.
How do I look up property taxes for a specific Inverness FL home?
Visit the Citrus County Property Appraiser at citruspa.org to look up any parcel by address or parcel number. The site shows the assessed value, exemptions applied, and the current year's tax bill. The Citrus County Tax Collector's site shows payment history and amounts due.
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About Barrett Henry: Licensed Broker Associate with REMAX Collective. 23+ years of real estate experience serving buyers and sellers across Central Florida and Tampa Bay. Learn more about Barrett or get in touch.
