Tampa Bay Property Taxes and Insurance
How are Florida Real Estate Taxes Calculated?
The calculation of taxes in Florida begins with the property appraiser determining the assessed value of your property
(land and improvements). The taxable value is then determined by deducting Florida Homestead Exemptions from the assessed
value. The taxable value is multiplied by a tax rate – expressed in mils.
For example:
Assessed Value $200,000 -
Homestead Exemption $50,000
= Taxable Value $175,000
Tax rate = 22 mils
Taxes $175,000 x 0.022 = $3,850
Florida Homestead Exemptions:
This program exempts $50,000 from the assessed value of your home if the home is the principle place of residence, even if you don’t live in it all year round.
There are additional exemptions of $5000 for widows and widowers, legally blind persons and totally/permanently disabled non-veterans who meet certain income and residence requirements.
Quadriplegics are entitled to exemptions if certain requirements are met.
Disabled veterans who are at least 10 percent disabled due to service-connected misfortune are entitled to an additional $5,000 exemption.
Exemptions are available up to $25,000 for persons 65 and older where household income is no more than $20,000, based on annual adjustments. But this is only allowed in certain counties and municipalities. Please make sure you get the most current information from the county appraiser's office.
Why similar homes in Tampa, Florida have different real estate taxes?
