What Are Property Taxes?

Published On: August 10, 2024|Categories: Blog, Home Owners, Real Estate, Tampa Bay, Taxes|Tags: • How property taxes are calculated, How to pay property taxes, Property Taxes, The impact of property taxes on homebuying and selling, Understanding what property taxes are, What Are Property Taxes, When property taxes are due|

What Are Property Taxes?

Property taxes are a crucial aspect of homeownership. As a homebuyer or seller in Tampa Bay, understanding property taxes will help you make informed decisions. This guide explains the following:

Understanding what property taxes are
How property taxes are calculated
When property taxes are due
How to pay property taxes
The impact of property taxes on homebuying and selling

Here’s a closer look at each.

Understanding What Property Taxes Are

Property taxes are fees that homeowners must pay to local government authorities. These taxes fund essential public services such as roads, parks, and emergency services. When you own property in Tampa Bay, you’ll need to budget for these annual taxes.

Related: Buying a home in Tampa Bay

How Property Taxes Are Calculated

In Tampa Bay, property taxes are based on the assessed value of your property and the local tax rate. The local government assesses the value of your property, which typically reflects its market value. The tax rate, also known as the millage rate, is then applied to this assessed value to determine your tax bill.

When Property Taxes Are Due

Property taxes in Tampa Bay are usually due annually. The tax year runs from January 1 to December 31, and tax bills are sent out in November. You can pay your taxes in full by March 31 of the following year to avoid penalties. Early payment discounts may be available if you pay before this deadline.

How to Pay Property Taxes

You have several options to pay your property taxes in Tampa Bay. You can pay online through the county tax collector’s website, by mail, or in person at the tax collector’s office. Make sure to keep track of payment deadlines to avoid any late fees or penalties.

The Impact of Property Taxes on Homebuying and Selling

Property taxes play a significant role in the real estate market. As a buyer, you’ll want to consider the amount of property taxes when budgeting for your new home. High property taxes can impact your monthly mortgage payments. Sellers should be aware that property taxes can affect the attractiveness of their property to potential buyers.

FAQ About Property Taxes

Check out these commonly asked questions about property taxes. If you don’t see your question here, please call our office and we’ll find you the answers you need.

What Happens If I Don’t Pay My Property Taxes?

If you don’t pay your property taxes, you may face penalties and interest charges. The local government can also place a lien on your property, which could eventually lead to a tax sale where your property is sold to pay the taxes owed.

Can I Appeal My Property Tax Assessment?

Yes, you can appeal your property tax assessment if you believe your property has been incorrectly valued. You’ll need to provide evidence that supports your claim and follow the local procedures for filing an appeal.

Are There Any Property Tax Exemptions Available?

There are several property tax exemptions available in Tampa Bay, such as the homestead exemption for primary residences, exemptions for seniors, veterans, and those with disabilities. These exemptions can reduce your overall tax bill.

How Can I Estimate My Property Taxes?

You can estimate your property taxes by multiplying the assessed value of your property by the local tax rate. The tax rate is usually expressed in mills, where one mill equals $1 of tax per $1,000 of assessed value.

Do Property Taxes Change Over Time?

Yes, property taxes can change over time. Changes in property values, local tax rates, and the introduction of new public services or infrastructure projects can all impact your property tax bill. It’s important to stay informed about local government decisions that could affect your taxes.

Understanding property taxes is essential for anyone looking to buy or sell a home in Tampa Bay. This guide has provided you with the key points you need to know, from how property taxes are calculated to the impact they have on the real estate market.

Under contract-accepting backup offers. UNDER CONTRACT ACCEPTING BACK UP OFFERS This 3 bedroom 2 bath home plus loft is located in the sought after Forest Hills area. The home is in a quiet neighborhood and offers an easy walk to Lake Magdalene Elementary School and thriving Roy Haynes county park. Being sold by the original owner, this home has been very well-maintained with many updates throughout. You will enjoy natural light and plenty of windows and a large yard featuring mature landscaping. Relax on the ample pavered patio. The downstairs is all tile and the fireplace is the centerpiece of the cozy living room, also downstairs is the master bedroom with a large walk-in closet are easily accessible. The open loft offers excellent flex space. This is a superb location minutes from neighborhood hub Babe Zaharias Golf Course. Also minutes from Carrollwood dining and shops, Dale Mabry, I-275 and much more. No HOA and no CDD!

$379,900 Pending

12410 N Oakleaf Avenue Tampa, Florida

3 Beds 2 Baths 1,319 SqFt 0.22 Acres

Under contract-accepting backup offers. Well-maintained 3 bedroom, 2.5 bath END-UNIT townhome w/ detached 1 CAR GARAGE & almost 1,700 square feet of living space available now in Lake Ellen Walk. This home is MOVE-IN READY featuring Luxury Vinyl Plank flooring throughout the main level, gently used carpet upstairs & several UPDATES including WINDOW BLINDS, CEILING FANS, LIGHT FIXTURES & more! The living room/ dining room combo space is open and spacious, great for entertaining. The kitchen is complete w/ ALL STAINLESS STEEL APPLIANCES, GRANITE counters, GLASS TILE BACK SPLASH, a 9" DEEP SINK, breakfast bar, CLOSET PANTRY & the LAUNDRY CLOSET. The PRIMARY SUITE is located on the 1st LEVEL featuring a massive WALK-IN CLOSET, DOUBLE SINK vanity w/ GRANITE counters, updated sinks/mirrors/light and access to the SCREENED PATIO. The OVER-SIZED secondary BEDROOMS are located on the 2nd level, both with vaulted ceilings. Bedroom 2 has a WALK-IN CLOSET
& additional space that is perfect for an office or sitting area. The 3rd bedroom has a spacious closet & sliders leading out to the PRIVATE BALCONY. The 2nd full bathroom is located on the second level as well, boasting a DOUBLE SINK vanity w/ GRANITE counters and updated sinks, mirrors & toilet. A half bathroom is conveniently located on the first level also w/ updated sink, mirror & light. Take a short stroll to the COMMUNITY POOL area to cool off, relax in the HOT TUB, grill your favorite foods on the provided GAS GRILLS or release some stress in the community FITNESS CENTER. This PRIME LOCATION keeps you in the heart of the city with easy access to I-275, the Veterans Expressway, Tampa airport, plenty of shopping, restaurants & great schools.

$315,000 Pending

3416 Waterbridge Drive Tampa, Florida

3 Beds 3 Baths 1,690 SqFt 0.04 Acres

NEW LOW PRICE! Great Carrollwood location! Tastefully updated 1 bedroom 1 bath condo with a spacious covered/screened patio, ideally located in the highly sought after Carrollwood area & Gated Condominium Community "The Landings". This Freshly Painted First Floor End/Corner condo features **JUNE 2024 A/C **MAY 2024 STAINLESS STEEL REFRIGERATOR, RANGE, and MICROWAVE*** & also has a SS dishwasher, ceiling fans in the bedroom & living room, a modern vanity light, recessed lighting in kitchen, breakfast bar, white cabinets nicely complimented with black & white backsplash, & beautiful wood plank tile flooring thru-out including the spacious Walk-In Closet, along with Washer/Dryer connections. Come Enjoy the many community Amenities included in the low monthly condo fee - Waterfront Community Pool off the Clubhouse, Fitness Center, Beach Volleyball, Tennis Courts, Community Lake with Up lit Water fountains, 2 Fenced Pet Parks, Valet Trash Service, Sidewalks & Picnic Tables, Nature Watching, & Tropical Landscaping with Mature Canopy Tree Lined Streets. Conveniently located to Dale Mabry, Veteran's/Suncoast Expressway, Publix, Shopping, tons of Restaurants, Breweries, Hospitals, Movie Theatre, Busch Gardens, Citrus Park Mall, Raymond James Stadium, Tampa Intl Airport and so much more!! NOT in a flood zone. Great for Seasonal owners & Investors ok!

$155,000 Active

4211 Chatham Oak Court 104 Tampa, Florida

1 Beds 1 Baths 593 SqFt 0.01 Acres

Under contract-accepting backup offers. Welcome to the elegant Bayshore Regency Condominium where privacy, dignity, and security are well respected. With only two condos each floor, it's almost like you have your own private elevator. The elevator takes you directly to your condo's foyer leading into your unit. No one can enter and/or use the elevator (up to your condo) without your permission/your alerting security in advance. Great security and privacy with the 24-hour concierge and duty guard. It's a well-deserved lifestyle in this beautifully well-cared-for condominium. This gorgeous traditional style condominium is situated on the 18th floor, below the penthouse. The views are beyond amazing and you're high enough above the traffic for added peace and quiet inside your home, unlike some lower-level units along the Bayshore. Also, with this particular condo, there are no 'as tall' buildings in immediate proximity blocking your panoramic views and/or other property owners compromising your privacy. This very spacious condominium boasts many classic features and upgrades; for instance, a traditional style woodburning fireplace (love the mantle), tasteful crown moldings, beautiful wood floors, quality wood built-ins, tall ceilings, spacious master bedroom with private balcony, walk-in closets, and a well appointed bathroom, a large shower, the spacious well-thought-out kitchen design boasts plenty of granite counter space and an abundance of cabinet space. The kitchen overlooks the eat-in area and family room. This unit features 5 balconies; and breathtaking panoramic views from the Hillsborough Bay, all the way around to Old Tampa Bay in the distance to the west; entertaining or just enjoying the incredible views from almost every room is amazing! Beautiful daytime views of the Hillsborough Bay, all the greenery on Bayshore; there are so many oak trees blanketing South Tampa, such a beautiful sight. At night the views are just as breathtaking; lit-up bridges crossing Old Tampa Bay to the west, downtown is amazing! Bayshore Boulevard is one of the most impressive and relaxing drives in the Tampa Bay area. Bayshore Boulevard offers one of the longest unbroken sidewalks in the country... making after dinner walks convenient, enjoyable, healthy, love the evening fresh air. This condo comes with two conveniently located private parking spaces (very close to your elevator entrance). Makes life a lot easier in many ways... groceries, proximity to getting into your car; the parking spaces are contiguous (no worries about parking lot dings). A private storage closet is included. Additional updates with this condo include, a newer split CHA system, new water-heater, hurricane shutters, just a well-kept condo unit. Additional amenities include an equipped gym, ping-pong/pool table, social areas, meeting areas (with catering kitchen), a spacious nicely furnished clubhouse featuring a very nice kitchen and open and covered outdoor deck areas (great for parties), tennis/pickleball court, beautiful pool and spa (spacious layout sundeck). The 'same-level/floor' commercial entry area features built-in storage cabinetry, the garbage shoot, and freight elevator. The condominium association with on-site management is active and does a thorough job maintaining this building... it is a great condominium choice for the BEST in Florida living. You will not be disappointed.

$1,350,000 Pending

3435 Bayshore Boulevard 1801S Tampa, Florida

2 Beds 3 Baths 2,442 SqFt

Are You Buying or Selling a Home in Tampa Bay?

You can use this website to search homes for sale in Tampa Bay and all its communities. Our site is directly connected to the Tampa Bay MLS, and we update our listings every hour. You can even use our site to create your own account and get emails as soon as a new home hits the market, price change alerts and so much more.

While you’re here, check out these listings: