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 up to $50,000, and the Save Our Homes cap limits annual assessment increases to 3% per year for homesteaded properties. Understanding these tools can save Tampa Bay homeowners thousands per year.
What Are Property Tax Rates by County in Tampa Bay?
| County | Effective Rate Range | $400K Home (w/ Homestead) | Notes |
|---|---|---|---|
| Hillsborough | 1.8-2.0% | $5,800-$7,200 | Covers Tampa, Brandon, Riverview, Plant City |
| Pinellas | 1.7-1.9% | $5,500-$6,800 | Covers St. Pete, Clearwater, Dunedin |
| Pasco | 1.8-2.1% | $6,000-$7,500 | Varies by fire district; CDDs common |
| Manatee | 1.6-1.8% | $5,200-$6,400 | Covers Parrish, Bradenton, Lakewood Ranch |
| Sarasota | 1.5-1.7% | $4,800-$6,100 | Lowest effective rates in the metro |
| Hernando | 1.7-1.9% | $5,500-$6,800 | Covers Spring Hill, Brooksville |
| Polk | 1.8-2.2% | $5,800-$7,900 | Varies significantly by municipality |
These are effective rates after typical homestead exemption. The actual millage (combined rate) in unincorporated Hillsborough runs approximately 19-20 mills. One mill = $1 per $1,000 of taxable value.
How Does Florida's Homestead Exemption Work?
If the property is your primary residence as of January 1 of the tax year, you qualify for the Homestead Exemption. The exemption works in two layers:
Layer 1: First $25,000
The first $25,000 of the homestead exemption applies to all assessed value above $25,000 and reduces taxes for all taxing authorities (county, school, fire, municipal).
Layer 2: Second $25,000
The second $25,000 of the exemption applies to the assessed value between $50,000 and $75,000, but only for non-school taxes. School taxes are calculated on a higher taxable base.
Net Impact
On a $400K home in Hillsborough County, the homestead exemption saves approximately $800-$1,200/year in property taxes. While that sounds modest, the real power of homestead is not the initial exemption, it is the Save Our Homes cap that comes with it.
How to Apply
File at your county property appraiser's office. Deadline is March 1 of the year you are claiming. Filing is free. You need a Florida driver's license, Florida voter registration or vehicle registration, and proof that the property is your primary residence. In Hillsborough County, file online at the Hillsborough County Property Appraiser website or in person at their office on East Kennedy Boulevard in Tampa.
What Is the Save Our Homes Cap?
The Save Our Homes constitutional amendment limits how much your assessed value can increase each year if you have homestead exemption. The cap is 3% per year or the Consumer Price Index change (whichever is lower). This applies regardless of how much the market value increases.
A Real Example
Suppose you bought a home in Riverview in 2020 for $330,000. The market value is now $450,000 (a 36% increase). Without the cap, your taxes would have risen proportionally. But with Save Our Homes, your assessed value can only increase by up to 3%/year. After 6 years at 3% annually: $330,000 x 1.03^6 = approximately $394,000. You are paying taxes on $394,000, not $450,000. That difference saves you roughly $1,000-$1,500/year compared to what you would pay if assessed at market value.
The Portability Benefit
If you sell your Florida homestead and buy another in Florida, you can "port" up to $500,000 of your Save Our Homes benefit to the new property. This means your accumulated cap benefit follows you. Portability must be applied for within 3 years of relinquishing your previous homestead and filed with the new county's property appraiser.
What Are CDD Fees and How Do They Affect Your Tax Bill?
Community Development Districts (CDDs) appear on your property tax bill as a separate line item. They are used to finance the infrastructure of new communities (roads, utilities, amenities) and are repaid over 20-30 years by residents via annual assessments. CDDs are not optional and are not negotiable.
CDD Fees in Common Tampa Bay Areas
- Wesley Chapel (Pasco County): CDD fees commonly run $1,500-$4,000+/year depending on the community and lot size. Epperson Crystal Lagoon residents pay among the highest CDDs in the area.
- Riverview (Hillsborough County): Newer communities have CDDs of $1,000-$2,500/year. Triple Creek, South Fork, and similar communities have active CDDs.
- Parrish (Manatee County): Newer master-planned communities have CDDs of $1,200-$3,000/year.
- Land O'Lakes (Pasco County): Varies; Bexley and similar communities have CDDs of $1,500-$2,500/year.
- Older communities (Brandon, Valrico, older Riverview): Typically no CDDs.
Additional Exemptions for Florida Homeowners
Senior Citizen Exemption (Age 65+)
Florida offers an additional exemption of up to $50,000 for homeowners age 65+ with household income below approximately $35,167/year (2025 limit, indexed annually). This is a local-option exemption, meaning not all counties or municipalities offer it. Hillsborough County participates. You must apply annually.
