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How To Calculate Property Tax When Moving To Tallahassee

Posted by Joe Manausa on Monday, May 20th, 2013 at 10:59am.

The property tax you will pay on a home once you move to Tallahassee will be based upon the purchase price, and here is how it is calculated.

One question we get from out of town homebuyers quite often relates to the calculation of property tax in Tallahassee and Leon County, Florida.

Everybody knows that part of being a homeowner includes having to carry your share of the local property tax which supports the city, county, and other public services.

Calculating property tax for the potential purchase of a home for sale in Tallahassee is fairly simple, once you understand all the rules.

Home Price Is Basis Of Tallahassee Property Tax

Recently, in the middle of a correspondence with somebody considering a move to Tallahassee. I was asked about property tax information. Specifically, the reader wrote if I could send

a couple of examples of what property & school taxes on $150K listings are like in & around Tallahassee? -Bill T.

This is a common question, loaded with a common misconception.

The property tax you will pay on a home once you move to Tallahassee will be based upon the purchase price, so knowing the current taxes being paid on the home is not helpful for a homebuyer.

How To Determine Property Tax In Tallahassee

In “Tallahassee,” you are either in the city, in downtown Tallahassee. or in the county “Leon County.”

After you purchase a home, the taxing authority (city or county) will assess your home based upon what you pay for it (meaning it does not matter what the current property tax is on the property).

This makes it simple for you to know fairly accurately what your taxes will be. Your home’s value for property tax assessment should result in an amount of roughly 80% of your purchase price.

  • The city millage rate (2012) is: 20.2614
  • The county millage rate (2012) is: 16.5614
  • The downtown millage rate (2012) is: 21.2614

(Hang in there, we are getting to the answer)

Additionally, there are exemptions for homestead and low-income seniors (over 65).

The Florida Constitution provides for a $25,000 exemption in assessed value for Florida homeowners. In 2012 the exemption resulted in a savings up to $505 in Leon County. There is an additional $25,000 exemption on Non-School taxes for the valuation between $50,000 and $75,000. This worth up to $313 in Leon County.

The Leon County Commission and the City Commission have adopted ordinances providing an additional $25,000 homestead exemption for low-income homeowners (total household income of less than approximately $27030), who are age 65 and over. The tax savings is approximately $313.

So, boiling it all down …

If you buy a $150,000 home. it should be assessed around $120,000

If you are married, you and your wife will each use your $25,000 homestead exemption resulting in a taxable value of $70,000.

Assuming you are not a low income senior, your property tax should be $70,000 x (the millage rate). Assuming you are in the city, that would be $1418.30.

How’s that for easy math?

So if you are ready to buy a home in Tallahassee, just know that your property tax assessment is not going to vary much based upon where you want to buy, rather it will be based upon what you spend.

And if you want some insight as to where to buy a home in Tallahassee, just drop me a note and we can schedule a time to review your goals and objectives.

Joe Manausa, MBA is a 24 year veteran of real estate brokerage in the State of Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.

Category: Taxes

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