Florida Buyer Tip: How to Estimate Your Property Taxes Before You Buy
Florida Buyer Tip: How to Estimate Your Property Taxes Before You Buy
In Florida, property taxes can jump significantly after you buy a home—even if the seller paid much less.
Here’s how to estimate what you will owe, based on your purchase price.
Why You Can’t Use the Seller’s Tax Bill
Florida counties reassess the property based on your purchase price.
So if the current owner bought 10 years ago, their bill may be much lower than yours will be.
Step-by-Step Tax Estimate Formula
- Start with Purchase Price (expected offer)
- Subtract Homestead Exemption (up to $50,000 if eligible)
- Multiply by Millage Rate (varies by county)
Formula: (Purchase Price – Exemption) x Millage Rate = Estimated Annual Tax
Where to Find the Millage Rate
- County Property Appraiser websites
- Tax Collector’s Office
- Or ask your local real estate agent (like Michael!)
Rates usually range from 1.0% to 2.5% in Florida
Use Online Estimators
Many Florida counties offer online tax calculators. Input your estimated price and see:
- Annual tax amount
- Breakdown by taxing authority
Example Tool: Sarasota County Property Tax Estimator
What If You’re Not Sure You Qualify for Homestead?
- Estimate both with and without exemption
- Homestead kicks in only after Jan 1 ownership and you file by March 1
If it’s a second home or investment property, no exemption applies
Don’t Forget Prorated Taxes at Closing
You’ll reimburse the seller for their share of the year’s taxes through closing costs.
So your first tax bill might come months later but it’s already partially paid.
Final Thought
Don’t let taxes catch you off guard.
Get a clear number before you buy.
📞 Call Michael Renick at 941.400.8735 to run a custom property tax estimate for any Florida home you’re considering.
📣 Let’s Talk Strategy
Want a clear breakdown of your numbers and a smarter way to sell? Let’s connect.
- 📞 Call Mike: 941.400.8735
- 📍 Explore our blog series: Questions Buyers Are Asking
- 🌐 Learn how we operate and why it matters: TeamRenick.com
- 🔎 Start your property search: Search.teamRenick.com
