🧾 Understanding Property Taxes in Tampa, FL
By RAM REAL ESTATE INC.
If you're planning to buy a home in Tampa, property taxes are an important piece of your financial puzzle. Here's a simple breakdown of how they work—and how to potentially save money on your bill.
đź’° How Property Taxes Are Calculated
Tampa property taxes are based on:
Assessed Value: The value the county assigns to your home
Millage Rate: The rate at which your property is taxed (1 mill = $1 per $1,000 of assessed value)
Hillsborough County’s average effective property tax rate is around 0.89%, which is below the national average.
🏡 Homestead Exemption = Big Savings
Florida residents who declare their home as a primary residence can receive a $50,000 exemption, reducing taxable value and saving hundreds annually.
🔄 When Property Taxes Change
After a sale (value reassessed)
If renovations increase your home’s market value
If millage rates increase (voter-approved)
đź“ž Need Help Estimating Your Tax Bill?
At RAM REAL ESTATE INC., we guide you through every cost—not just the home price.
📲 Call 813-992-9816 to get a full breakdown of property taxes before you buy.
