Estimating Property Taxes

Property Taxes in Holmes Beach, Florida – We are often asked by home buyers how much are the property taxes?  Well it depends.  People tend to rely on what the current owner is paying in property tax on homes that are for sale.  That may not be the best idea because the assessed value is often changed after a transfer of ownership.

Here’s how we estimate taxes.  Each city is different, but this is an estimate based on Holmes Beach. If we take the 2016 mill rate of 16.1090 for properties in Holmes Beach and divide by 1000 that gives us .016109.  We then multiply that by the assessed value.  For this example, let’s say we have an assessed value of $475,000.  That would be $7651.78 or just over 1.6% of the assessed value.

Now we would deduct any exemptions.  The homestead exemption is $25,000 of the assessed value.  So the taxable value has been reduced to $450,000.  Then the taxes are $7249.05.

There is an additional homestead exemption of $25,000 for homes valued at more than $50,000 and that does not apply to the school board mill rate  which is 6.92.  That will reduce your taxes another $229.73.  That brings your taxes to $7019.32 which is just under 1.5% of the sales price for a home with homestead exemption.

If you currently have Homestead Exemption on a property in Florida, you can transfer the “Save Our Homes” cap from an existing property to a new homestead, thereby saving you on your assessed value.

There are additional exemptions for disabled, widow/widowers, low income over 65 years old and deployed military.

More information is available on the Manatee County tax assessor’s website.

Estimating Property Taxes Anna Maria Island

In general, for Holmes Beach we can estimate that property taxes will be around 1.5 -1.6% of the assessed value.

The mill rate for the city of Anna Maria is 15.908700.  So we can use the same formula to guesstimate the taxes at just under 1.6% of the assessed value. The current mill rate for Bradenton Beach is 16.1920 so we can also estimate just over 1.6% of the assessed value to be the taxes.

Please remember, this is not to be considered legal or tax advice, just something to help you guesstimate the property taxes on your new home.  We’d love to be your Anna Maria Island Realtor.  Please contact us if we can help.

Jen and Mark Bowman, Keller Williams on the Water 941-840-0117 Anna Maria Island Real Estate