Clearwater Real Estate – We can Now Slash Florida Property Taxes by 25% in November
March 24th, 2008 Categories: Clearwater Florida
Clearwater Real Estate News on Property Taxes
Clearwater Florida – I just got back from a trip to
Tallahassee where a group of 40 Pinellas County community leaders got to meet
with our Governor Charlie Crist, Secretary of State Charles Bronson, Attorney General
Bill McCollum and the next Chief Justice of the Florida Supreme Court, Justice
Quince along with our Senate and House leaders. We
discussed efforts to make Clearwater Real Estate
more affordable by targeting property taxes and home insurance and Governor Crist updated us on whats in the works.
While we were there the Taxation and Budget Reform
Commission (TBRC) that only meets every 20 years approved a Florida constitutional
amendment proposal by a vote of 21 to 4 aimed at further lowering Floridas property
taxes by @25%.
Thats great news for those who own property in Florida or those wanting to buy real real estate in Clearwater .
Clearwater Real Estate Property Tax Changes Will Benefits All Property Owners
The Florida Constitutional Amendment would:
- Remove
local school taxes paid by real estate owners in favor of an increased
sales tax (1% is proposed) and fewer tax exemptions for non-essential
items. - The
cut would apply to ALL real estate properties – not just homesteaded property.
(Great news for investors and second home owners in Clearwater) - Reduce
the amount local governments can increase assessments on commercial,
rental and second homes from 10% to the 5% we had all hoped for.
So how do they plan to make up the lost revenue? The
amendment would authorize an increase in the sales tax of up to 1% and the repeal of
sales tax exemptions determined not to advance or serve a public purpose.
Current exemptions would be maintained for the following::
- Food,
- Prescription
drugs, - Health
services, - Charitable
and Religious institutions, - Residential
Rent, - Electricity
and - Heating
fuel
Under Floridas
State Constitution, any new tax needs 66%, or 2/3s, approval – more than the 60
% is usually required for constitutional amendments. Now is the time for all Clearwater Florida property owners
to stay vigilant – we are making progress and I think this will help those with
Clearwater homes for sale or those
looking to buy so please encourage everyone you know to get informed and vote
in November.
Read more about Amendment 1 and understanding Floridas Property Taxes:
We are still seeing lots of great deals on Clearwater Florida Real Estate for buyers. See all homes for sale and condos too - search the Tampa Bay MLS .
Feel free to call us at (727) 422-8901 – were happy to answer your questions or help you with all your real estate needs – buying or selling.
Cyndee and Jack Haydon, Clearwater Real Estate
agents selling Clearwater homes
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
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Clearwater Real Estate Guide to Calculating Your Pinellas County Property Taxes | Part 2
January 11th, 2008 Categories: Real Estate News
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
- Property is Purchased or Appraised for the year
- Market Value/Just Value (Capped by the Save our Homes Cap) = Assessed Value;
- Assessed Value Exemptions = Taxable Value;
- Taxable Value x Millage Rate / 1000 = Gross Property Taxes for the year
What was the 2007 Tax Rate | Millage for Clearwater Florida?
You 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.
- 15.2249 Belleair Shore
- 16.0105 North Redington Beach Florida
- 16.6793 Belleair Beach Florida
- 16.7289 Indian Rocks Beach Florida
- 16.8594 Indian Shores Florida
- 17.1356 St Pete Beach
- 18.6284 Tierra Verde Florida
- 18.8191 Dunedin TR
- 19.7990 Dunedin FID, TR
- 18.9108 Largo Florida
- 19.4725 Tarpon Springs FID TR
- 19.5683 Tarpon Springs TR
- 19.6092 Palm Harbor Florida
- 19.6516 Clearwater FID TR
- 19.9371 Clearwater TR
- 20.9022 Clearwater Downtown Dev Brd, TR
- 21.1719 St Petersburg Florida TR
- 23.8983 St Petersburg PIN PK WTR MGT TR
- 24.2079 Lealman FIR PP WTR MGMT TR
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! 
Want more info, click to Search all Clearwater homes for sale includes all the homes and condos for sale in the Tampa MLS!
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
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Clearwater Home Buyers Guide to Pinellas Real Estate Property Tax Values – Part 1
January 11th, 2008 Categories: Clearwater Florida
Clearwater Real Estate Understanding Pinellas Property Valuations for Calculating Your Taxes
Clearwater Florida – when we are working with Clearwater Home Buyers and Beach Condo buyers two of the questions we get most often is, “Can you explain Pinellas Countys Property Tax system” and “What can I expect to pay?”
Today we’ll explain how Pinellas Countys property taxes are determined so you can feel comfortable planning for the taxes on your new home purchase.
While you may have a mortgage approval amount amount almost every home buyer weve worked with tells us that they also have a “monthly budget amount” they want to work with.
Property Taxes are a big part of determining how much they want to pay for a home or condo so they are comfortably with ALL the monthly costs.
We recommend Clearwater buyers understand the three main components that will effect their total cost of ownership. Understand your:
- monthly mortgage loan payment,
- the estimated home insurance costs (including flood insurance) &
- the estimated property taxes.
Below are the Pinellas County Property Tax formulas. Then youll see a flow chart we created giving you an overview of the process, followed by an explanation of how “the three values” are determined by the Pinellas Property Appraiser for your property (or any property):
Pinellas County Property Tax Formulas
- Property is Purchased or Appraised for the year
- Market Value/Just Value (Capped by the Save our Homes Cap) = Assessed Value;
- Assessed Value Exemptions = Taxable Value;
- Taxable Value x Millage Rate / 1000 = Gross Property Taxes for the year
If you have additional questions after reading this don’t hesitate to email us with your questions.
Step 1 Understanding How the Pinellas Property Appraiser Estimates Market Value (Just Value)
What is Market Value / Just Value?
Market Value (Just Value) is the price the property should sell for in the open market, under normal circumstances and in an arms length transaction. (So if you sell your home to your child for $1 they are not going to pay property taxes on $1 even though that was the purchase price.
They will pay taxes on the price that a buyer would have paid you if you had offered your home for sale). In todays market we also see people who buy a distressed home or condo and may find the Pinellas County Property Appraiser determines the market value to be higher than their purchase price. The Market Value should be the price two identical pieces of property would sell for. This is sometimes called the “Just Value“ as well.
Pinellas County Property Appraiser uses 3 methods to calculate Market Value along with their Computer Assisted Mass Appraisals (CAMA)
3 methods used to determine Market Value
- sales comparison approach (comparable used uses price other similar homes have sold and is most often used with residential homes) ;
- cost replacement approach;
- income approach;
Step 2 Whats My Assessed Value? Warning NOT all properties Assessed the Same
What is Assessed Value?
In Pinellas County the appraiser will estimate the market value of your home or condo using the 3 methods above and then determines the assessed value. “Florida law provides that all property is to be assessed at 100 percent of market value less the cost of the sale”. (Source: www.pcpao.org)
This is the point at where things change depending whether your property is your primary residence and you have filed for Homestead Exemption or not.
If its your primary residence and youve filed your Homestead exemption by the deadline then your taxable amount will be limited by the 1995 Save Our Homes Cap to 3% or the Consumer Price Index whichever is less.
This is why when you are looking to buy Clearwater homes in a neighborhood the information in the Tampa Bay MLS stating annual taxes for similar homes is irrelevant everyones property taxes are reset when a Pinellas Property is sold and the Pinellas County Appraiser will determine a new Market Value (see Step 1).
When Does Market Value = Assessed Value?
If your home doesnt qualify for Homestead Exemption (this would apply to people like real estate investors, vacation property owners, second home owners, seasonal residents etc.) realize that the Market Value and the Assessed value will be the same so… If theres no Homestead Exemption filed on Property then Market Value = Assessed Value.
Step 3 Calculating your Taxable Value
What is my Assessed Value?
Now that you have the Market Value and Asses Value you can determine the Taxable Value.
Get Taxable value:Assessed Value any Exemptions = Taxable Value
Ex. if you purchase a home and they determine the Assessed Value is $100,000 and you have standard Homestead Exemption of $25,000 then your Taxable Amount will be $75,000 for that year.
When Does Market Value = Taxable Value?
If your property doesnt qualify for any exemptions then you will ALWAYS used the Market Value as your Taxable Value to calculate your yearly taxes.
What will the Proposed Constitutional Amendment do if it passes?
There is a Florida Constitutional Amendment to be voted on January 29th, 2008 if it passes it would do 3 major things:
- double the homestead exemption to $50,000;
- allow your exemption to be portable when you buy a new home so your taxes dont jump up after being in greatly reduced by only being taxed at a low rate;
- there would be a 10% annual cap on Non Homestead-ed properties. This would then limit how much the Market value could adjust in any given year on Non Homestead-ed properties. This will help second home owners and Tampa Bay real estate investors who saw taxes jump dramatically as property values increased 50% over the last five years in Florida.
Read our Next Article
Clearwater Real Estate Guide to What Your Property Taxes Will Be | Part 2
- Explains what the millage is and how it affects your property taxes;
- How to calculate what your property taxes will be
- Give examples and link to complete Pinellas County 2007 Millage Chart
- Give examples using this formula: Taxable Value x Millage Rate / 1000 = Gross Property Taxes for the year
Want to Search for Clearwater Homes or Condos?
Are you looking to buy Clearwater Real Estate where you can enjoy our finest pool homes, our green golf course deed restricted neighborhoods, playing tennis all year long and dining and entertaining at local country clubs? Looking for 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….
** CLICK ON PHOTOS BELOW TO SEE CLIENT VIDEO TESTIMONIALS **
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!
Want more info, click to Search all Clearwater MLS listings includes all the homes and condos for sale in the Tampa MLS! 
Looking for Real Estate in Clearwater Florida, Golf Course Condos | Homes or Country Club Communities Give us a Call. (727) 710-8036.
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
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