Property taxes in Tampa Bay run 1.5-2.2% of assessed value depending on the county and local millage rates. On a $400K home, that is $6,000-$8,800/year before exemptions. Florida's Homestead Exemption can reduce your taxable value by $50,000, and the Save Our Homes cap limits annual assessment increases to 3%. Understanding these tools can save you thousands per year.
What Are Property Tax Rates by County?
Hillsborough County: Effective rate approximately 1.8-2.0%. A $400K home with homestead exemption pays roughly $5,500-$6,500/year. Pinellas County: 1.7-1.9%. Slightly lower than Hillsborough. Pasco County: 1.8-2.1%. Varies by fire district and CDD. Manatee County: 1.6-1.8%. Lower than Hillsborough — one reason Parrish and Bradenton attract buyers. Sarasota County: 1.5-1.7%. Lowest of the core Tampa Bay counties. Polk County: 1.8-2.2%. Varies significantly by municipality.
How Does Homestead Exemption Work?
If the property is your primary residence as of January 1, you qualify for a $50,000 Homestead Exemption. The first $25,000 applies to all taxes. The next $25,000 applies to non-school taxes only. On a $400K assessed value, this reduces your taxable value to $350K, saving roughly $800-$1,100/year. File at your county property appraiser's office — it is free and takes 10 minutes. Deadline is March 1.
What Is the Save Our Homes Cap?
Once you have homestead exemption, the Save Our Homes amendment caps your assessed value increase at 3% per year or CPI (whichever is lower), regardless of how much the market value increases. Over time, this creates a growing gap between your assessed value and market value — a significant tax benefit for long-term homeowners. If your home's market value increased 15% but your assessed value only went up 3%, you are paying taxes on a much lower value.
Can You Appeal Your Property Tax Assessment?
Yes. If you believe your property's assessed value is higher than market value, you can file a petition with the Value Adjustment Board (VAB). The deadline is typically 25 days after the TRIM notice mails (usually September). You need comparable sales data showing your assessed value exceeds market value. Barrett provides property valuation data to homeowners considering appeals — call (813) 750-0926.
Questions about the Tampa Bay market? Barrett Henry, REALTOR® and Broker Associate at REMAX Collective, brings 23+ years of real estate experience to every transaction. Call (813) 750-0926 or email barrett@nowtb.com.