Important facts to know when buying a home in Pinellas County
Be fully informed about Florida's property tax laws so you can enjoy your dream home as a resident of Pinellas County for many years to come!
- Estimate your property taxes
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Homestead Exemption could save you $500 - $1,000 each year!
Do not rely on current taxes as an estimate following a change in ownership as these represent the seller’s taxes. The Assessed Value of your home resets to full Market Value in the year after your purchase, which could result in much higher taxes. Use our Tax Estimator to estimate what your taxes will be under new ownership after crossing the first January 1 under your ownership. This tool will also account for any portability benefit from a previous homestead within three tax years.
- Apply for homestead and other applicable exemptions
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You may qualify for substantial tax savings with the homestead exemption if you are a permanent Florida resident. This exemption is not automatically applied to your new home, even when moving from a prior homestead. As the new owner, you must apply for the exemption with the Property Appraiser’s office. Also note, the property will benefit from the limitations of the Save Our Homes Cap in the second year of the new owner’s homestead exemption. This limits increases in assessed value to a maximum of 3% per year (additional provisions may apply). Failing to apply for homestead exemption can be costly. If you moved into your home after January 1, or if you forgot to file in a prior year, file now for savings that will benefit you next year. Don't delay, the filing deadline for Homestead Exemptions is March 1!
- Making wedding plans?
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If both spouses currently own homesteaded properties, a homestead exemption must be removed from one of the properties no later than January 1 after you are married.
- Look out for correspondence from the Property Appraiser
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If you receive a letter or questionnaire from the Property Appraiser, it is important and may require action on your part to prevent you from losing your homestead or potentially receiving a lien with steep state-imposed penalties and interest charges.
