As a rule of thumb, your tax is roughly 2% of your purchase price. If the purchase price of the property is $200K the tax is roughly $4K a year.
The actual calculation for yearly property tax is the assessed value of the property multiplied by the millage rate minus any homestead exemption. A "Mill Rate" is the amount of tax paid per dollar of the assessed property value. In the Tampa Bay area mill rates vary anywhere from 16 mills to 24 mills.
Your tax will be based on the assessed property value after you purchase the property.
What is Homestead Exemption?
Homestead exemption is a Florida constitutional benefit of up to a $50,000 to be deducted from the market value of a primary / permanent residence. Another great benefit of homestead exemption: after receiving the homestead exemption the first year, any annual increase in the assessed value is capped at the lower of 3% or the percentage increase in the Consumer Price Index (CPI), with certain exceptions. Find out more on your county's Appraiser site:
The Home Buying Process:
Types of Resale in Today's Market:
Taxes, CDD, HOA, and Homestead:
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