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Old 04-08-2014, 05:16 PM
58 posts, read 103,841 times
Reputation: 20


Is this still current with the homestead exemption ? 150k house around $1,000 in property taxes?

Originally Posted by Mike1306 View Post
Taxes as a % of home value average .82% in Pasco, .84% in Polk, .88% in Hernando and Pinellas and .97% in Hillsborough

What is the problem you have with the taxes? On a $150,000 home after the homestead exemption you would be paying approximately between $820 and $970 a year.

Do you think that is too high?
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Old 04-09-2014, 12:56 PM
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No, these numbers are completely wrong. Don't use them.

Quoting "average" tax rates for a county is like quoting the "average" value for all cars on the road, and then going to a dealer and expecting that price. Anyone who quotes that is completely ignorant of how the Save Our Homes Act works.

My elderly neighbors pay about a $3,000 a year in property taxes for their $500k waterfront home. A new buyer would pay over $10,000 a year, even with a homestead exemption. The $3,000 number is completely irrelevant to a buyer, but uneducated realtors/sellers LOVE to advertise these numbers (Low Property Taxes! Buy Now!).

There aren't a lot of differences between counties in the Tampa Bay area: the average rate is a little above 2%. In St. Petersburg (Pinellas), I currently pay 2.31% of my taxable value. The more rural counties may be a bit cheaper, but your level of services is also much, much lower.

The simple math: take the rough market value (the appraiser will usually get it in the ballpark), subtract your exemptions, if any, and then multiply by the total rate. It's very, very basic math, yet very few people on this board can figure it out.

For example, a $250,000 homesteaded house in St. Petersburg will cost a typical buyer ($250k - $50k) * 2.31% = $4,620 in the first year. A $150k house would be about $2,310 in the first year. Your original estimate was correct.

Further years become a bit more complex due to the Save Our Homes Act (which explains my neighbors' $3k annual taxes). We can talk about that in Lesson 2, if you wish.
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Old 05-18-2014, 12:23 PM
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So how would I figure our taxes on the house we just purchased? It appraised for 116,000.00 its in St. Petersburg Disston Hight's and we will homestead January 1st.
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