Estimating Your Taxes
The equation to determine property taxes was once a simple formula (Taxes=Taxable Value x Tax Rate). However since the passage of Save Our Homes Amendment and more recently Amendment One, the formula is much more complicated.
Prior to the above amendments, the following information was required for estimating of taxes:
- Location of the property
- Taxable value of the property
- Taxing district millage rate to apply in the calculation
- Were the homeowners eligible for any exemptions?
Today, the following additional information is required in order to achieve the same result:
- What effect has the market had on the property?
- What type of exemptions are the homeowners eligible for and how are they applied?
- Homestead – $25,000
- Additional homestead – This only applies to homes with assessed values between $50000 and $75000 and does not apply to the school board tax
- Low income senior – This applies only to certain taxing districts
- Will the owner be transferring any Save Our Homes (3%) cap value? From where? How much? Are they up-sizing or downsizing their home, as the calculations are different for each scenario
- Will the owner have a 10% cap, as well as a 3% cap?
- Will the owner have a Florida veteran’s discount?
If you have recently purchased a property or are looking to purchase a specific property and you would like to see a current year estimate of the property taxes based on exemptions you may qualify for, there is a tax estimator option on the parcel details page which is displayed after you perform a property search and select a property from the search results.