Proposed South Tampa property taxes increases could hurt those on fixed incomes.
The proposed increase from $5.73 to $6.63 in taxes for every $1,000 in taxable property value could put a dent in the budget of many South Tampa homeowners, especially those on fixed incomes.
While the Save Our Homes Amendment limits annual assessment increases to 3% per year, the limit is only on the value assessement, not the actual amount of taxes paid. If you’re in a hot neighborhood, your assessment could rise 3%, and your city tax rate could increase 15%. The proposed increase in the City of Tampa tax rate is not protected by your Florida homestead exemption or Save Our Homes. this could have a big impact on the total amount of your bill when it arrives later this year.
The Tampa Bay Times estimates that this increase could be $279 on average in South Tampa. This increase could be substantially more if you recently inherited a property in South Tampa and no longer have the protections of the homestead exemption. A high reassessment of your family’s property that recaptures years of deferred increases, combined with a higher property tax rate, could increase your annual property tax bill by thousands of dollars.
If you’re concerned about higher property taxes affecting your budget, or how the first South Tampa Property Tax increase in 29 years might affect you give me a call. My name is Robert Wilson, I’m the Director of Dirt with EXIT Bayshore Realty, and I can give you an idea of what your tax increase might look like and let you know your options for selling your property to a South Tampa Builder.
My number is 813-784-4199, I look forward to your call.