Property Taxes in Sarasota: Many of you have questions for us regarding what your taxes are going to be on a property that you purchase in Sarasota County. The short answer is…well, it is not a short answer. There are many variables that must be considered. Some of those variables are: What type of Sarasota real estate do you want to purchase? Is this a vacation home or investment property? Are you going to occupy the home as your primary residence? How much is the property valued at? Will it be located in a municipality or in the county? All of these variables, and a few more, will make a difference in your overall tax liability. Obviously, value is a considerable factor in your Sarasota property tax. The more value, the more in tax you will pay. Living within municipalities such as the City of Sarasota, City of Venice, or City of North Port can also affect you tax rate. All of these cities exist within Sarasota County, but there are usually additional services offered within these municipalities that will negate a higher tax rate than if you lived in Sarasota County. Under the Save Our Homes Amendment, the assessed value of a homesteaded property cannot be increased by more than 3% per year. This means that even if your property increased by 25% in value, the assessed value for taxing purposes can only go up by 3%. If you would like additional details about Sarasota County’s residential real estate taxing process and exemptions, we welcome you to visit Sarasota Property Appraisers office at: Have Additional Questions?
A Quick Tutorial
You may also find that in communities such as Lakewood Ranch, there may be additional fees called Community Development District or CDD fees. These fees will be in addition to your normal tax rate. If you would like more information on taxes in Lakewood Ranch, you may visit the Manatee County Tax Collector's website at:
http://www.taxcollector.com/
If the property is going to be your primary residence, you will be entitled to certain exemptions and benefits covered under the Homestead Exemption and the Save Our Homes Amendment. In short, the standard homestead exemption in the State of Florida is currently set at $25,000. However, beginning January 1, 2009 this exemption will be increased to $50,000. What this means is that the assessed or “taxable value” of your property will be decreased by at least $25,000 ($50,000 in 2009). As an example, if your home is assessed at $200,000 by the Sarasota County Property Appraisers Office, its taxable value would currently only be $175,000 if it were a qualifying homesteaded property (or $150,000 in 2009). There are some additional tax exemptions for homesteaded property that are available if you qualify.
http://www.sarasotaproperty.net/residential_defined.asp.
You can also visit the Sarasota County Tax Collectors Office at:
http://www.sarasotataxcollector.com/PROPERTYTAX_PAGES/PT_GeneralInfo.htm
Feel free to give us a call or send an e-mail and we will be happy to assist you!
Sarasota Foreclosures Now
1626 Ringling Blvd. Suite 510
Sarasota, Florida 34236
(941) 487-6981 Office Line
(941) 928-0737 Direct Line
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E-Mail: info@sarasotaforeclosuresnow.com