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Property taxes are calculated using this formula:
(Assessment - Exemptions) x Millage Rate(s) =
Property Tax
For most home owners, property taxes are
calculated by taking the assessed property value (for example,
$300,000) and subtracting any exemptions ($300,000 – $25,000
Homestead Exemption = $275,000).
This amount is multiplied by the millage rate
of the taxing authority ($275,000 x Sarasota County’s .0033384 Millage Rate = $918.06).
Raises in property tax bills that occurred in
Sarasota County over the last few years can be attributed to the
dramatic increase in property values. Sarasota County has
lowered the millage for the last five years, as shown in chart
one, below.
Sarasota County property owners qualifying
under the Save Our Homes Amendment haven’t had any significant
changes to their property tax bills over the last several years.
As the chart above shows, a typical Save Our Homes property tax
bill in Sarasota County has only changed slightly since 2000. |
Click to enlarge
