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estimating amount of real
estate property taxes in Tampa Bay
1. USE TAX ESTIMATORS:
You can go to County Property Appraisers’
websites to estimate the amount of tax you would have
to pay on a property:
2. OR CALCULATE THE ESTIMATE YOURSELF:
STEP 1: Determine taxable value
Taxable Value = Assessed value
- Tax exemptions (such as homestead exemption)
For example, if property is assessed at $425,000 and
is claimed as homestead, the taxable value would be
(roughly)
$425,000-$50,000=$375,000
STEP 2: Determine tax rate
Tax Collector uses millage rate
to determine the amount of taxes owed. Millage rate
is the amount per $1000. For example, 20 mills equals
2%, or millage rate of 21.6383 equals 2.16383% You can
look up current millage rates on County Tax Collectors'
websites:
STEP 3: Estimate amount of tax owed
Amount of ad-valorem taxes owed
= Taxable Value x Tax Rate
For example, $375,000 x 2.16383% = $8,114.36
AD VALOREM TAX - property tax based on value
-
The real estate taxes (property
taxes) are based on the value of real property,
hence the term “ad valorem tax”, which means “according
to value".
-
To determine the value, the
assessed value of the land and improvements are
arrived at separately and then combined to reflect
a single assessed value.
-
Property characteristics such
as location, size and condition are looked at when
determining the value, as well as construction materials
used and year built.
-
If a home is sold during the
year, the sale price becomes a factor for consideration
in assessing the value.
-
Keep in mind that the assessed
value may not always conform to the market value.
Nevertheless, the market value and the purchase
price are the best numbers to use to estimate the
amount of property taxes you would have to pay.
HOMESTEAD EXEMPTION - reduces the taxable value
-
You can claim homestead exemption
if you hold the legal title and use the home
as a permanent residence.
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If you own a few properties,
only one can be claimed as homestead.
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Claiming the property as a homestead
reduces the amount of property taxes owed.
-
You must reside in the home
and have a legal title to the property as of January
1 to be eligible to file for the homestead exemption
for that year.
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First-time applicants must file
an application with the county property appraiser’s
office on or before March 1.
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Amount of homestead exemption
for properties over $75,000 is $50,000 from city
and county taxes and $25,000 from school taxes.
Rules change every few years, so check with County
Appraiser website.
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For example, if your homesteaded
property’s assessed value is $425,000:
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Your base for city and county
taxes would be $425,000 – $50,000 = $375,000
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Your base for school taxes
would be $425,000 – $25,000 = $400,000
CAPS ON HOW MUCH THE ASSESSED VALUE MAY INCREASE
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The Save Our Home amendment
of Florida Constitution caps how much the assessed
value of homesteaded property may increase in a
given year.
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The assessed value of homesteaded
property may increase 3% per year at most.
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This benefits homeowners during
periods when home values rise and keeps homes affordable.
OTHER THINGS TO KEEP IN MIND
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Non-ad valorem taxes
may be applicable to a property including special
assessments for roads, fire, garbage, lighting,
drainage, water, sewer or Community Development
District fees (CDDs)
-
To get an idea of what these
non-ad valorem taxes might be, you can go to Tax
Collector’s website and search by address:
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Property taxes are deductible
from Federal income taxes, including CDDs - consult
with your CPA for details.
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Copyright 2011 Lance Mohr. All Rights Reserved.
813 317 4009 Future Home Realty, Tampa Florida
Licensed REALTOR® in the State of Florida
 
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