ESTIMATING YOUR TAXES
The equation to determine property taxes was once a simple formula (Taxes=Taxable Value x Tax Rate). However since the passage of Save Our Homes Amendment and more recently Amendment One, the formula is much more complicated. Prior to the above amendments
, the following information was required for estimating your taxes:
Location of the property
Taxable value of the property
Taxing district millage rate
Were the homeowners eligible for any exemptions?
Today, in addition to the above
, the following information is also required for estimating your taxes:
What effect has the market had on the property?
What type of exemptions are the homeowners eligible for and how are they applied?
o Homestead - $25000
o Additional homestead - This only applies to homes with assessed values between $50000 and $75000 and does not apply to the school board tax.
o Low income senior - This applies only to certain taxing districts (city and county).
Will the owner be transferring any Save Our Homes (3%) cap value? From where? How much? Are they upsizing or downsizing their home, as the calculations are different for each scenario?
Will the owner have a 10% cap, as well as a 3% cap?
Will the owner have a Florida combat-related veteran's discount?
This makes for a lot of "what ifs". The biggest "if" for the Property Appraiser's office is:
"What if we get it wrong?"
Homeowners are using these estimates in determining their budgets and deciding what they can afford to pay for a property. Mortgage companies also use this information to calculate escrow payments.
Our official response to inquiries regarding estimating your taxes:
While we would like to provide a tax estimate that is meaningful, future taxes can no longer be calculated due to a multitude of variables, many of which will not be determined until Notices of Proposed Taxes are mailed. The best estimate of taxes available is the current amount reflected on the Tax Collector’s website, www.okaloosatax.com. If you are purchasing a new 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. Remember, as the new owner, you will need to apply for any exemptions by March 1st, which would lower your taxable value and your taxes.