Property tax confusion.... please explain (Homestead, Hernando: sales, apartment, condo)

[vaniq]

Example: If one buys a condo for $300k, how is the property tax determined? On the actual sale price or the county's assessed value?

What can be the variation from the sale price to the assessment? Significant or not?

Furthermore, the property tax would be reduced by a 50k Homestead Exemption, I assume? And, 25k of that Exemption does not apply to school tax?

With a 2% property tax and surging home prices, seems to me that Hillsborough is not the bargain it once was??

[fajitajamboree]

Originally Posted by vaniq

Example: If one buys a condo for $300k, how is the property tax determined? On the actual sale price or the county's assessed value?

What can be the variation from the sale price to the assessment? Significant or not?

Furthermore, the property tax would be reduced by a 50k Homestead Exemption, I assume? And, 25k of that Exemption does not apply to school tax?

With a 2% property tax and surging home prices, seems to me that Hillsborough is not the bargain it once was??

Yes, the difference between the assessed value and the sales price can be significant. Yes, the exemption applies as you said.

Hillsborough, in the built up areas, has not been a value for quite some time. I love it here, but if you want a better value, you must look further afield in north Pasco, Hernando, or even Citrus counties. Hillsborough County is very large though so you might find something in the southeast corner for a steal, but because that area is so rural, you might find more convenience looking north of the city in the aforementioned counties.

[kab0906]

You can estimate the tax here, if you have an address.

https://gis.hcpafl.org/propertysearc...px#/nav/Search

[EngGirl]

Once sale is complete, property will get new assessment value for tax purposes. Most likely it won't be as sale price but will be higher that it used to be so new home buyers should expect tax increase regardless... Unless they sold another home exemption house within the same County within the same calendar year and purchased new, so there is some sort of transfer that helps preserve prior assessment value (lower taxes).

Since prices jumped within last year and people who purchased in 2021 paid based on last year assessment, and taxes for 2022 are not available yet, so it's hard to determine what County will used as new assessment value. People who are buying now in 2022 won't know till the end of next year pretty much.

Great question, this is what I was wondering too seeing prices going up

[CampinMom]

I am curious too about taxes on a condo. My one daughter has a 470 sqft studio condo, and her taxes are $900. It was an old apartment building in the 70’s, converted. My MIL had a condo, 1400 Sqft, 2 beds and 2 baths and her taxes were $390. How do they determine the rates? I think my daughter should grieve it. She paid 6 years ago $37k. They are now selling in her complex for $90k and up.

[EngGirl]

Originally Posted by CampinMom

I am curious too about taxes on a condo. My one daughter has a 470 sqft studio condo, and her taxes are $900. It was an old apartment building in the 70’s, converted. My MIL had a condo, 1400 Sqft, 2 beds and 2 baths and her taxes were $390. How do they determine the rates? I think my daughter should grieve it. She paid 6 years ago $37k. They are now selling in her complex for $90k and up.

It depends on the taxable value at the time of tax assessment and if the property was homestead property since them. Size or age of property has very little to do with this.
If you pull tax records for a neighbor of your daughter's condo who lived there 10 years longer, their taxes most likely will be lower. And people who would buy now most likely will be paying more compare to what your daughter pays.
The rate for taxes are determined on County level based on County's needs and there is no way around it.

[bentlebee]

Originally Posted by EngGirl

Once sale is complete, property will get new assessment value for tax purposes. Most likely it won't be as sale price but will be higher that it used to be so new home buyers should expect tax increase regardless... Unless they sold another home exemption house within the same County within the same calendar year and purchased new, so there is some sort of transfer that helps preserve prior assessment value (lower taxes).

Since prices jumped within last year and people who purchased in 2021 paid based on last year assessment, and taxes for 2022 are not available yet, so it's hard to determine what County will used as new assessment value. People who are buying now in 2022 won't know till the end of next year pretty much.

Great question, this is what I was wondering too seeing prices going up

You are referring to Portability. That is not limited to the County. You can have portability if you move from Hillsborough to Pinellas County.

[EngGirl]

Originally Posted by bentlebee

You are referring to Portability. That is not limited to the County. You can have portability if you move from Hillsborough to Pinellas County.

I am referring to this:
Statutes & Constitution :View Statutes : Online Sunshine