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Clearwater Real Estate Guide to Calculating Your Pinellas County Property Taxes | Part 2

Clearwater Real Estate Guide to Understanding Your Pinellas Property Taxes

Clearwater Florida This is a busy time of year for Clearwater Real Estate because when winter hits our northern friends from places like Canada, Michigan, Maryland many of them start thinking about our ‘Sunshine State’ and that warm winter home theyve been dreaming of buying however their next thought is…What will my property taxes be?

While we do have many Clearwater Real Estate bargains right now, buyers still need to understand how our Pinellas property taxes work and how they affect the total cost of owership, especially if this is your second home.  

The number one question we get asked when helping people buy property in Clearwater Florida is ‘How much will my property taxes be?’

What is Millage and How does it affect my Property Taxes?

In another article we wrote, Clearwater Florida Home Buyers Guide to Pinellas Property Tax Values – Part 1, we explained how the Pinellas County Property Appraiser first has to determine your Tampa Bay propertys ‘taxable value’. Now once you know the taxable value well show you how to calculate/estimate what your property taxes will be.  

Before we work the math and determine what you should plan for regarding Pinellas County real estate property taxes, let me take a minute to explain what ‘millage‘ is and how it works.

Millage is the tax rate used to fund the budgets of the 49 taxing authorities including local goverments, fire districts, libraries, Water management, Pinellas County School Board and more to determine what we are required to pay each year.

Each tax authority is allocated a part of the millage and when its all added together you get the that years millage rate. Because the millage rate includes local goverments and special developement districts it will vary from city to city and even within the same city (see list below). So the taxes that Clearwater property owners pay will be slightly different withing the City of Clearwater and it will also be different from those that own St Petersburg homes and condos.      

 

Millage is how much you will pay for every $1000 of taxable value. 

Here are the formulas used to calculate how much property tax you are going to have to pay each year. We covered the first 3 formulas in yesterdays article so now well work through some real life examples¦

Pinellas County Property Tax Formulas

  1. Property is Purchased or Appraised for the year
  2. Market Value/Just Value (Capped by the Save our Homes Cap) = Assessed Value;
  3. Assessed Value Exemptions = Taxable Value;
  4. Taxable Value x Millage Rate / 1000 = Gross Property Taxes for the year 

What was the 2007  Tax Rate | Millage for Clearwater Florida?

What will my property taxes be in Clearwater FloridaYou can see the complete breakdown for all 45 tax districts and their Millage Rates for 2007. Here are some of the communities Im asked about most often.

You can see that in Pinellas County the property taxes can be as much as $9.00 per $1000 depending on where the property is. Also note that several cities have multiple taxing districts like Clearwater and St Petersburg so youll have to check which on correlates to the property you want to buy.  This year Belleair Shore has the cheapest and Lealman has the most with St Petersburg Florida next.   

How much will I pay in Property Taxes this year?

Lets calculate what your Clearwater Property taxes would be using the highest tax district. In our example what would the taxes if th taxable value is $100,000? 

Assume Taxable value = $100,000    Clearwater Millage Rate = 20.9022

Formula: Taxable Value x Millage Rate / 1000 = Gross Taxes

$100,000 Clearwater Home with No Homestead Exemption

Example 1:  $100,000 x 20.9022 /1000 = $2,092.20 annually which = $174.35/month

$100,000 Clearwater Home with Homestead Exemption

Now if you buy a Clearwater home and it qualifies for Floridas Homestead Exemption (Assessed Value  $25,000) then on a $100,000 Clearwater Home your taxable value would be $75,000.

Example 2:  ($100,000$25,000) x (20.9022 /1000) = $1,567.67 annually which = $130.64/month  

So if you are buying a $500,000 Clearwater Beach Condo and it doesnt qualify for Floridas Homestead exemption then your annual taxes would be approximately $10,450.00 or $870.73/month. 

Next well discuss the upcoming Constitutional Amendment and how that may help lower our property taxes.

Im curious, did this help you understand our Pinellas Property taxes better? Anything youd like to see added? 

Want to See Clearwater Condos or Homes? 

Are you looking to buy Clearwater property where you can enjoy our finest pool homes, our Tampa Bay green golf course neighborhoods, playing tennis all year long and entertaining at local country clubs during the winter or all year round? Need an easy commute to Tampa? How about a Tampa Bay waterfront home close to our Tampa Bay Beaches?  We will help you find your dream home, condo, villa or town home. Heres what some of our past clients have to say about how we helped them¦.

Buyers tell us that selecting the best Clearwater Real Estate Agent, online or from a distance, can be a challenge. Some of our past clients agreed to share their experiences and tell you why they think you should work with us. 

Click on the photos below and meet some of our clients and now friends¦wed love to be YOUR choice too!   Video clearwater florida home buyer who's happy  Video photo happy clearwater florida home buyerVideo clearwater florida real estate buyer shares home buying experienceClearwater Real Estate Agents Get Kudos from Vacation Golf Home Buyers

 

 

 

 

 

 

Want more info, click to Search all Clearwater homes for sale  includes all the homes and condos for sale in the Tampa MLS! 

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Looking for Real Estate in Clearwater Florida, Golf Course Condos | Homes or Country Club Communities   Give us a Call.  (727) 710-8036.

 

The above information and images are Copyright © 2007 Jack and Cyndee Haydon,  REALTORS and your Clearwater Real Estate Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.

About Cyndee Haydon

Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile

  1. Ginger Wilcox [Visitor]

    This is excellent information. Property taxes are very confusing and misunderstood by so many people!

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