How can I figure out what property taxes will be on a home for sale? (Homestead: new home)

[alphacoyle]

I see the assessed value (before exemptions) and a market value, which is usually much higher than the assessed value. How would I go about finding what the new property tax is going to be after purchasing it?

[MortonR]

Contact the Tax Collector's office. They have a lot of resources online.

But first, read this:

https://www.floridarevenue.com/prope...ents/pt107.pdf

RM

[FL_Expert]

Do you currently own in Florida?

[EngGirl]

Originally Posted by alphacoyle

I see the assessed value (before exemptions) and a market value, which is usually much higher than the assessed value. How would I go about finding what the new property tax is going to be after purchasing it?

County appraiser is your best bet.
Taxes will be higher most likely + even higher if voted for higher increase like it was in 2023 in Pasco.

[alphacoyle]

Originally Posted by MortonR

Contact the Tax Collector's office. They have a lot of resources online.

But first, read this:

https://www.floridarevenue.com/prope...ents/pt107.pdf

RM

I called them, said can estimate tax around $1,000 for every $50,000.

Also, had forgot about the tax estimator on their site.

[LKJ1988]

Originally Posted by alphacoyle

I called them, said can estimate tax around $1,000 for every $50,000.

Also, had forgot about the tax estimator on their site.

Ouch! I pay $400 a year.

[Lillie767]

Originally Posted by alphacoyle

I see the assessed value (before exemptions) and a market value, which is usually much higher than the assessed value. How would I go about finding what the new property tax is going to be after purchasing it?

To get the best estimate of taxes on a property in Pinellas County after a change in ownership:

Go to the Pinellas County Property Appraisers Office: https://www.pcpao.org/

Go to Search by Address.

Input Address.

Click on Parcel Info

Go to about the middle of the page and click on Tax Estimator

Fill in the form.



For example, the program estimates that a property currently taxed at $2000 and owned by a long-time person with homestead, would increase to almost $9000 with a purchase price of $650,000 and new homestead.

The increases in taxes for long-held properties are mind-blowing.

[Ft Laud Guy]

Originally Posted by alphacoyle

I called them, said can estimate tax around $1,000 for every $50,000.

Also, had forgot about the tax estimator on their site.

Keep in mind, too, that the sale of the property will trigger a sale review by the appraiser's office. They'll utilize various resources (including, but not limited to, the market listing/description/photos, etc, and a physical visit to the site) to determine what exactly was sold and the condition of it...It can often be the case that a property sold in "better" condition (via recent renovations, structural maintenance updates, etc) than what the appraiser's records had previously held when it established the most-recent Just/Market Value. And that itself could cause the following Just/Market Value to be noticeably higher from the last one because the appraiser's records now reflect a home in that "better" condition versus, say, their previous records reflecting a dated home in need of maintenance. Oh, and maybe they also discovered during the sale review that a pool, spa, and enclosure were installed a few years ago which happened to slip through their records...And all of those value changes are before the appraiser's office even determines the yearly land values per neighborhood based on the cumulative results of all of those sales analyses within the calendar year.

So not only will you lose the previous owner's "Save Our Homes" assessment cap (which could have yielded the previous owner a significant tax savings if the home was held for a long time), but the re-evaluation of the specific property by the appraiser's office AND their general land analysis via all qualified sales could make the property's Just/Market Value for the following year significantly different from what it even was the last time.

So with regard to your question "How would I go about finding what the new property tax is going to be after purchasing it?"...The real answer is: "Your Notice of Proposed Taxes" / "TRIM (TRuth In Millage) Notice" from the appraiser's office will be available for review in the late August/early September of the year after your purchase...Then the actual tax bill from the tax collector's office (subject to any millage rate changes by the taxing authorities) will be available for review the following late October and payable beginning November 1st.

*Yes, the TRIM notice and tax bill cycle will also take place within the year of your purchase, but those will still include the previous owner's assessment cap (if applicable) and any exemptions due to the assessment date being the previous January 1st...So you effectively "inherit" their savings for the tax year in which you buy, but for the following year, you'll be reassessed at the full Just/Market Value of the property (whatever it ends up being after the above analyses by the appraiser's office), minus your own new Homestead Exemption *IF* you applied for it (it's not automatic) and received it.

[blueskies2023]

Originally Posted by LKJ1988

Ouch! I pay $400 a year.

As does my 98 year old granny ;