Winter Park, Florida - Property Taxes and Price Trends
Winter Park is one of the many cities within the greater Orlando area, located directly north of the city of Orlando. The City of Winter Park is renowned for its luxury estate properties situated around the beautiful Winter Park Chain of Lakes. Notably, Winter Park features some of the most expensive homes in Central Florida, particularly when considering price per square foot.
Winter Park, Florida - The Differences in Zip Code and County Areas
Winter Park, Florida encompasses two zip codes: 32789 and 32792. The 32789 side of Winter Park is situated to the west, while the 32792 side is situated to the east.
This city spans two counties in Central Florida: Orange County and Seminole County.
The Seminole County side and the 32792 area of Winter Park are appealing for their affordability, as detailed below. The 32792 side is also convenient for its proximity to UCF and Full Sail University, making this area more ideal for students and staff. On the other hand, the 32789 side of Winter Park is home to the reputable Rollins College Campus and one Valencia Community College Campus located on Morse BLVD near Park Avenue. This area features more luxury and estate homes, influencing pricing. The Winter Park Chain of Lakes is also located on the 32789 side, along with several nice grocery chains like Whole Foods, Wild Fork, Trader Joes.
Property Tax Rates in Winter Park, Florida
Property tax rates vary depending on where you are located within WInter Park. The taxes are determined by the county's assessed value of your property. This assessed value is often less than what the home is actually worth (thankfully). Property taxes are calcul;ated by usuing a millage rate. The way this works is that for every $1,000 of the home's assessed value and any discounts, subtracted from this are multiplied by the millage rate, and this equals your annual property tax. Homestead is the most common discount and will provde a married couple $50,000 off the assed value in addition to the following years assessment guaranteed not to increase more than 3% per year. THis is especially helpful if home values are increasing more than 3% per year like they have been in WInter Park for the past decade. There are other disounts available a well.
In 2023, the Orange County side of Winter Park had a millage rate of roughly 15.3%, while the Seminole County side had a millage rate of roughly 13.3%. Taxes are approximately 2% less expensive in the Seminole County side of Winter Park.
For example, if you purchase a home for $1,000,000, then the assed value might by $910,000. Then subtract the homestead dicount of $50,000, then the property tax rate will be calculated from $860,000. Here is how the math works in this example for the 32789 zip code in the City of Winter Park:
(Assessed Value / 1000 ) x Millage Rate = Annual Property Tax
($860,000 / 1000 ) x 15.3 = $13,158
Home Sale Prices in Winter Park, Florida
In April 2024, the average sale price for single-family homes in Winter Park was $794,668, with a median sale price of $655,000. On average, the sale price was down roughly 4% from the previous year, while the median price was up nearly 6% year over year.
There are notable differences in home sale prices between the two zip codes. For example, the median sale price in 32789 in April 2024 was $1,000,000, up 3.9% year over year, compared to 32792, where the median sale price was more than 50% less expensive at $468,000, up over 8% year over year.
Sale Prices Per Square Foot in Winter Park, Florida
In April 2024, the average sale price per square foot for single-family homes in Winter Park was $335, up 1% from the previous year. In the 32789 zip code, the average sale price per square foot for single-family homes was $436, almost the same as the previous year. In the 32792 zip code, the average sale price per square foot for single-family homes was $299, up over 11% from the previous year.
See a complete Winter Park, Florida Video Tour in 4K!
If you would like to see the current homes for sale in Winter Park Florida, click the link here. If you would appreciate a local real estate professional to discuss the area or assist you with a home sale or purchase in Winter Park, Florida, please reach out to us! We would love to hear from you.
