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04-03-2009, 11:20 AM
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Junior Member
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Join Date: Apr 2009
2 posts, read 1,079 times
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How does Hillsborough compute property taxes?
Some people say it is based on what you bought the house for, others say it is basedon what they assess it at every year. Can someone tellme the real story? The Hillsborough web site is very confusing, and none of theTampa realtors seem to explain it on their sites.
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04-04-2009, 08:13 AM
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Moderator
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It is confusing no doubt about it from what I have seen and experienced. If you buy a home the seller will pay a portion of the taxes due for the current year taxes during closing since they are collected in arrears.
The next year the taxes will be close to what you bought the house for the previous year. You may or may not be able to claim homestead exemption depending on if the previous owner had homestead and when you moved into the house, which will reduce the taxes.
The year after that your taxes will be reduced or raised according to the value of other houses in the area.
Example..
You pay 200K for a house in 09, in 2011 the housing market has recovered and your home is now worth 400K. Normally, your property value will be less than 400K but a little more than 200K.
You pay 200K for a house in 09, in 2011 the housing market has not recovered and your home is now worth 150K. Your property value will be more than 150K but less than 200K
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If you change the way you look at things, it will change the way things look. - William Dyer
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04-04-2009, 01:08 PM
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Senior Member
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Join Date: Aug 2008
Location: Chicago, IL
261 posts, read 178,246 times
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Quote:
Originally Posted by Keeper
It is confusing no doubt about it from what I have seen and experienced. If you buy a home the seller will pay a portion of the taxes due for the current year taxes during closing since they are collected in arrears.
The next year the taxes will be close to what you bought the house for the previous year. You may or may not be able to claim homestead exemption depending on if the previous owner had homestead and when you moved into the house, which will reduce the taxes.
The year after that your taxes will be reduced or raised according to the value of other houses in the area.
Example..
You pay 200K for a house in 09, in 2011 the housing market has recovered and your home is now worth 400K. Normally, your property value will be less than 400K but a little more than 200K.
You pay 200K for a house in 09, in 2011 the housing market has not recovered and your home is now worth 150K. Your property value will be more than 150K but less than 200K
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So my taxes will be the same amount of my house value or am I reading that wrong, I'm guessing I am.
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04-04-2009, 04:04 PM
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"Baby it is cold outside"
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Join Date: Jan 2007
Location: foothills of the Appalachians
8,046 posts, read 5,762,199 times
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You pay taxes based on/for the previous year so if you buy a house in 09 when you close on the house the seller will pay his portion of the taxes due in 10/09. Your taxes in 10/2010 will be close to what you paid for the house in 09 unless you buy a house that is way below market value then you would pay market value.
Here is another thread where this was discussed
http://www.city-data.com/forum/tampa...lsborough.html
__________________
If you change the way you look at things, it will change the way things look. - William Dyer
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Post link not copyrighted material
Last edited by Keeper; 04-04-2009 at 04:24 PM..
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04-07-2009, 11:58 PM
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Senior Member
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Join Date: Aug 2008
Location: Chicago, IL
261 posts, read 178,246 times
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So you pay a percentage of the current value?
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04-08-2009, 07:49 AM
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Senior Member
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Join Date: Sep 2006
314 posts, read 196,942 times
Reputation: 179
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Yes,
You pay a percentage of the homes value (as originally set by the county when the home is bought or renovated). If it is homesteaded, you will be limited to a 3% increase per year. This is why 2 identical houses, side by side can have extremely different rates. One bought 20 years ago originally valued at 70k may have a current tax rate of $1200. The same house next door, bought in 2006, has a starting value of $450k so its taxes will be around $9500. This is especially important when shopping for houses. Beware the taxes quoted because they will not be the taxes you will have. You will be reassessed at time of purchase. This is one of the underlying problems with real estate in the bay area. A lot of retiree's who would like to downsize cant because of the increase in taxes they face. This issue is currently being addressed in recent legislation regarding property tax portability, in which a current homeowner can transfer a lesser tax rate to a different home. I'm not up on the specifics but it only applied to those who currently own a home in the bay area.
The hillsborough county property appraiser has a tool to let you compute your estimated taxes. You just key in the value and it will give you an estimate of what you are looking at.
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04-10-2009, 07:45 PM
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Member
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Join Date: Mar 2009
46 posts, read 21,981 times
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It's right about 2% from what I'm seeing- is that correct? So a house for $300K would be about $6K/tax annually.
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