Saving on Property Taxes
This post really only applies to buyers who will be buying a home, condo or townhouse here that will their primary residence.
If you buy a property that will be your primary residence you can save about $700 to $800 a year on your property taxes if you file for the state Homestead Exemption. To get the Homestead Exemption for a specific year you have to own the property and reside in it as of January 1 of that year and file for the exemption by March 1st of that year. Once you receive the exemption it will carry over into future years without you having to file each year.
In addition to the savings on the annual property taxes there is an additional benefit. Because of the Save Our Homes amendment, once you have a homestead exemption there will also be a cap placed on how much the assessed value of your home can increase each year. The assessed value of your home is used in determining your property taxes. With the homestead exemption, the maximum your assessed value can increase is 3%.
You may have other questions about what is used in determining if your property is a primary residence or how the exemption works or what other exemptions are available and I'm happy to help you with your questions but I'm going to refer you to the website that has the actually information on all this:
The Pinellas County Property Appraiser's Office Website - find Exemption/Save Our Homes on the menu on the left side of the page.