How does the county
decide where to spend my tax dollars?
There are several factors that determine where tax dollars are
spent, such as constitutional and state mandates, programs
essential to reducing future costs, the rising cost of
insurance, the county’s strategic plan and strategic focus
areas, input from citizens during the budget process and other
necessities at the time of budget formulation.
How are my Property
Taxes determined?
There are five primary factors that influence the taxes you pay:
1) Property owner
2) Property value
3) Millage rate
4) TRIM notice
5) Exemptions and caps
If Sarasota County
has lowered the millage rate, then why are my taxes still going
up?
Because property values throughout much of Florida rose
dramatically over the past few years, property taxes also rose
even if millage rates remained stable or went down. State
economists say that the median house price in Florida increased
90 percent from July 2001 to July 2006
What is a homestead
exemption?
The Florida Constitution entitles every person who owns a
permanent primary residence in Florida to a reduction of $25,000
off the taxable value of their home. So if your home has an
assessed value of $300,000 and you have a homestead exemption,
you actually pay taxes on $275,000.
The homestead exemption will be increased to
$50,000 for all non-school property taxes starting with the 2008
tax roll (fiscal year 2009).
What is Save Our
Homes?
A constitutional amendment passed by Florida voters that took
effect in 1995. The amendment states that local governments can
assess a residence at market value when it is sold. After the
sale, the assessed value of the home can only raise a maximum of
3 percent each year for tax purposes, even if the market value
of the home rises much more. Local governments are allowed to
reassess at full value again when a home is sold.
How has Save Our
Homes led to inequities in the property taxing system?
The Save Our Home Amendment has benefited some Florida
homeowners, but has hurt others. For example, a Florida resident
who purchased a $100,000 home 15 years ago would pay
considerably less property tax today than if the resident
purchased the same home 2 years ago for $400,000. This has
caused many homeowners to avoid moving because they would lose
the tax savings enjoyed on their current home.
Further inequity has been caused due to the
fact that Save Our Homes affects only residential properties
that have homestead exemptions. It doesn't cover other real
estate, such as rental property, second homes or commercial
property.
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