Estimating Taxes

While we would like to provide a tax estimate that is meaningful, future taxes cannot be calculated due to a multitude of variables, many of which will not be determined until Notices of Proposed Taxes and Proposed or Adopted Non-Ad Valorem Assessments form (TRIM Notice) are mailed in August. The best estimate of taxes available is the current amount reflected on the Tax Collector's website, http://www.sarasotataxcollector.com/.


If you recently purchased a property or are in the process of purchasing a property, please note that all existing exemptions, caps and discounts that are on the property from the previous owner will be removed and the assessed value will be returned to market value. This may have a dramatic effect on the future taxes. As the new owner, we encourage you to learn about exemption and discounts available for which you may qualify.   Exemptions would lower your taxable value, thereby reducing your property taxes.  The deadline to apply for exemptions and discounts is March 1. Application may be completed and submitted online at www.sc-pa.com

Newly constructed improvements will be added to the roll when improvements are determined to be substantially complete for their intended purpose as of January 1.  Until that time, no appraisal can be made by this office.

WHY ESTIMATING TAXES CAN BE DIFFICULT

With the passage of Save Our Homes Amendment (3% assessment increase on homesteaded property) and more recently Amendment One (10% assessment cap on non-homesteaded property), the formula for estimating taxes has become much more complicated in recent years.

Information that needs to be considered when estimating taxes since the passage of the amendments includes but is not limited to:

  • Location of the property
  • Taxable value of the property
  • Taxing district millage rate to apply in the calculation
  • What effect has the market had on the property?
  • Whether owner(s) benefit from any exemptions and/or discounts and how these are applied
  • Whether the owner(s) have or will be transferring any Save Our Homes cap value

Various factors must be considered when estimating taxes, making the calculations different for each specific scenario.

As stated above, future taxes cannot be calculated due to a multitude of variables, many of which will not be determined until Notices of Proposed Taxes and Proposed or Adopted Non-Ad Valorem Assessments form (TRIM Notice) are mailed in August. We encourage all property owners to read their TRIM Notice carefully and to contact us with any questions.

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