E042: All about Property Taxes - how they are calculated and how you can lower your property taxes

In this episode, Nicole Saunches explains how property taxes are calculated in Pinellas County, including what variables impact property taxes, how exemptions and valuation caps are administered, how the taxing authorities set their budgets each year and how homeowners can work with the property appraiser's office to ensure their property values are fair and accurate. I think this is an important conversation because buyers assume when they purchase their home that their property taxes will be similar to the taxes the current homeowner is paying and in some cases that couldn't be further from the truth. In Florida, property taxes are paid in arrears and the tax bills are mailed out in November, meaning that the tax bill that was sent out last month, was the bill for January 1-December 31 of this year.  The sooner the bill is paid, the less the homeowner will pay in taxes.  For example, a tax bill mailed to an owner in November 2020 states the property taxes owed for 2020 are $3,370.18.  The amount of the bill could increase depending on when the bill is paid.  If the bill is paid on or before Nov. 30, the amount due is $3,335.43 saving the homeowner approximately $35. If paid by December 31, the amount due is $3,370.18.  If paid by January 31, the amount due is $3,404.92. If paid on or before Feb. 28. the amount due is $3,439.67. If paid by Mar. 31, the amount due is $3,474.41.  They are considered delinquent as of April 1. Other topics discussed in this episode include: Save Our Homes Portability Benefit The recapture rule the property tax estimator tool the TRIM notice information regarding the Value Adjustment Board and the petition process property tax payment options, including an installment payment plan tax certificates and tax deed sales Click here to access a list of tax exemptions and how to apply for them (click on the tab labeled Exemptions/Save-Our-Homes/Portability in the menu on the left) Click here to file for the homestead exemption Click here for information on Amendment 6 Click here to see an example of portability showing how the save our homes portability benefit is calculated Click here for a link to the tax estimator Click here to access the Pinellas County millage rates levied in previous years Click here to access a sample TRIM notice Click here for information regarding the value adjustment board process Click here to access the application for the 2021 Pinellas County property tax installment payment plan Click here for information on tax certificates and tax deed sales Click here to access the tax certificate sale Additional resources: Florida Department of Revenue website Pinellas County Tax Collector website Pinellas County Property Appraiser website Pinellas County Clerk of Circuit Court website