Property Tax Tips

Property tax
The most frequently asked questions about property taxes.

They say that the only two certainties in life are death and taxes. When it comes to property taxes, The Sunshine State currently ranks as the 24th lowest in the country. If you are a property owner, chances are that you may have recently received your proposed property tax bill in the mail. This statement typically will show you three columns as follows:

  • Property taxes paid during the past year
  • Updated property taxes to pay if the proposed budget is accepted
  • Updated property taxes to pay if the proposed budget is not accepted

Of course, we often receive property tax questions from our clients. Below, we discuss some of the most common questions.

Most common property tax questions

What are property taxes? Property taxes are an annual charge levied by local governments on property owners. They are a major source of revenue for local governments, funding essential services such as schools, roads, police, and fire departments.

How are property taxes calculated? The amount of property taxes you pay is based on the assessed value of your property. The assessed value is determined by the local government, and it is typically based on the market value of your property. The tax rate is then applied to the assessed value to determine your tax bill.

Who pays property taxes? In most cases, property taxes are paid by the property owner. However, there are some exceptions. For example, in some states, renters may be responsible for paying property taxes on their rental property. Of course, these taxes are typically passed through from a landlord to a tenant in the form of rental price increases anyhow. Therefore, everyone is likely impacted by property taxes.

How to file property taxes. The process for filing property tax varies from state to state. In general, you will need to contact your local government to find out how to file your property tax return. You will typically need to provide information about your property, such as the address, the assessed value, and the purchase price.

How to reduce property taxes.

There are a few ways to reduce your property tax bill. One way is to appeal your assessed value. If you believe that your assessed value is too high, you can file an appeal with your local government. You will need to provide evidence to support your appeal, such as comparable property sales.

Another way to reduce your property tax bill is to take advantage of any tax breaks or exemptions that may be available. For example, some states offer tax breaks for seniors, veterans, and low-income homeowners. In Florida, you will want to be sure to file for the Homestead Exemption. To view the application, click here.


Property taxes are an important part of the tax system in many countries. They are a major source of revenue for local governments, and help to fund essential services. If you are a property owner, it is important to understand how property taxes work and how you can reduce your property tax bill.

Are you thinking about buying or selling real estate in South Florida? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download our free Florida Home Search app for your smartphone or tablet!

Categorized as Home Buying

By natasha moore

REALTOR® with Live South Florida Realty, Inc.