Estimating Taxes
While we would like to be able 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 the 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, https://www.sarasotataxcollector.com/.
If you recently purchased a property, or are in the process of purchasing a property, do not presume that the taxes and the exemptions, caps and discounts of the previous owner will carry over to you. If the previous owner is found by this office to ineligible for those benefits for the current tax year, the benefits and attendant tax savings will be removed, and the property will be taxed at full market value. If the previous owner was eligible as of January 1, the benefits will remain for the current tax year but will fall off for the subsequent year.
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 the Save Our Homes Amendment (3% cap on assessed value increases on homestead property) and, more recently, Amendment One (10% cap on assessed value increases on non-homestead property), the formula for estimating taxes has become more complicated.
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.
We encourage all property owners to read their TRIM Notice carefully and to contact us with any questions.