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Understanding Property Taxes and Homestead

uyers are usually misled by real estate listings when it comes to property taxes because it states the current taxes on the property.  However, the current taxes on the property will not apply to the new owner because Florida has a property tax protection called Save Our Homes.

As provided in Section 193.155(1), F.S., beginning in 1995, or the year after the property receives homestead exemption, an annual increase in assessment shall not exceed the lower of the following:

Three percent of the assessed value of the property for the prior year; or

The percentage change in the Consumer Price Index (CPI) for all urban consumers, U.S. city average, all items 1967 = 100 or successor reports* for the preceding calendar year as initially reported by the U.S. Department of Labor, Bureau of Labor Statistics.

That may all seem like Greek to you but it means that if a seller has used the property as their Homestead (primary residence) then the property taxes have been protected from being raised.

So what happens when you buy the home?  The property gets reassessed by the county and a new tax amount is established.

Tax amounts are determined by the millage rate for that county or area.  A good rule of thumb is to estimate that your taxes will just under 2% of your purchase price.  Or if you want to get a specific idea, visit these websites and use the tax estimator:

Learn about the
Florida Property Tax Amendment 1
Approved on January 29, 2008

Click here

 

Hillsborough County Property Appraiser

Pasco County Property Appraiser

Pinellas County Property Appraiser

Polk County Property Appraiser

 


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