Tampa FL Property Taxes

Tampa FL Property Taxes Cover picture shows a calculator, reading glasses, house shaped chalk board and chalk on a wood table.

Tampa FL Property Taxes are always on the minds of home buyers when looking in Tampa FL.  As a reputable real estate company in Tampa, Avalon Group Realtors provides our clients with comprehensive and accurate information.  In fact we provide education about the local real estate market. One of the essential factors that potential homebuyers should consider is property taxes.  In fact, taxes can significantly impact their monthly housing expenses. In this article, we will provide an in-depth perspective on property taxes in Tampa, Florida.

Tampa FL Property Taxes:  Rate

Firstly, it is important to note that the property tax rate in Tampa is 19.7121 mills.  Or it is $19.7121 per $1,000 of taxable value. This makes Tampa the city with the highest property tax rate in Hillsborough County. However, the property tax rates in neighboring cities like Plant City and Lutz are not significantly lower. Additionally, unincorporated areas of Hillsborough County like Brandon, University, and Valrico  also have high property tax rates.

When estimating your property tax, keep in mind that the tax rate applies to your assessed value.  And it may be lower than your market value. If your home is your primary residence, you may be eligible for the homestead exemption.   And  you may be eligible for Save Our Homes benefit too.   These can help reduce your assessed value and limit future increases. However, it is important to note that the homestead exemption no longer applies when ownership changes.  Therefore new homeowners may experience a significant increase in their property tax bill compared to the previous owner.

Tampa FL Property Taxes:  9th Rated

According to data, Hillsborough County ranks as the 9th highest property taxes by county in Florida. This is by average millage rates, but 22nd by per capita total property taxes. The median home value in Hillsborough County is $350,000 or $339,000 in Tampa.  This serves as a useful estimate when calculating your property tax bill.

For example, let us assume that a home is assessing at $350,000 with the homestead exemption. $25,000 would be exempt from all property taxes, leaving a taxable value of $325,000. The full property tax rate of 19.7121 per $1,000 applies to $300,000 of taxable value for a total tax of $5,913.63. Only the school tax rate of 5.8490 per $1,000 applies to $25,000 of assessing value for a total tax of $146.23. This will result in a tax bill of $6,059.86 not counting non-ad valorem taxes.

Tampa FL Property Taxes:  Home Prices

It is worth noting that home prices in Hillsborough County have increased by 25% year-over-year, causing property taxes to skyrocket. According to projections, Hillsborough, Pinellas, and Pasco counties in Tampa Bay will collect $4.9 billion in taxes for 2021, the highest amount in history. While homeowners who have lived in the county for a long time may be protected by the Save Our Homes benefit, new homeowners may experience sticker shock when they receive their property tax bills, which may be significantly higher than what the previous owners paid.

In addition to ad valorem taxes based on the assessed value of your property, your Hillsborough County tax bill also includes non-ad valorem assessments. This includes county assessments like stormwater management, reclaimed water, and county street lighting, as well as the City of Tampa Downtown Improvement assessment, Tampa Palms special assessment, and neighborhood assessments.

Tampa FL Property Taxes:  Conclusion

As your trusted real estate partner, Avalon Group Realtors is committed to helping our clients make informed decisions when buying or selling a home. We highly recommend using the Hillsborough County property tax calculator and estimator tool to get an accurate estimate of your property tax bill. By working with us, you can rest assured that you will have all the necessary information.  Therefore leading to making a sound investment decision.

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About the Author
Rob Johnson
Realtor, St. Petersburg FL