What Florida Buyers Need to Know About Property Tax Reassessments

Buying a Florida home? Be prepared for a property tax reassessment.

Here’s how it works and how to budget for it.

What Is a Reassessment?

When you purchase a property in Florida, your county resets the assessed value to reflect your purchase price.

That new value becomes the basis for your property taxes.

Why It Matters

Many sellers have capped taxes due to Homestead Exemption + Save Our Homes benefits.

But when you buy:

• Those benefits go away
• New assessment starts fresh
• Taxes can jump thousands per year

When Does It Happen?

• The reassessment takes place January 1 after closing
• You’ll receive a TRIM Notice (Truth in Millage) mid-year
• First full tax bill with new value is due Nov 1

Example of Reassessment Impact

Seller’s tax bill: $3,500 (assessed at $275,000)
Your purchase price: $375,000
New assessed value: $375,000
Estimated tax bill: $5,250+ (based on 1.4% millage)

How to Prepare as a Buyer

• Use your purchase price (not seller’s bill) to estimate taxes
• Ask your agent for your county’s tax estimator tool
• Confirm with your lender how taxes will impact escrow

Does Homestead Exemption Help?

Yes—if you apply for Homestead by March 1 after your purchase:

• You can claim a $50K exemption
• Save Our Homes cap limits future increases to 3%/year

But it does not reduce the initial reassessment.

Final Thought

Florida’s tax reassessment is a big deal—but not a surprise if you plan for it.

📞 Call Michael Renick at 941.400.8735 to run the numbers and avoid tax sticker shock after you buy.

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