What Are Property Taxes?

​Property taxes are a crucial aspect of homeownership in Sarasota and Manatee Counties, impacting both current homeowners and prospective buyers. Understanding how these taxes work is essential for making informed decisions when purchasing or selling property in these areas.​

What Are Property Taxes?

Property taxes are levied by local governments to fund public services such as schools, infrastructure, and emergency services. The amount owed is typically based on the assessed value of the property, which is determined by the county property appraiser's office.​

Assessments and Millage Rates

In both Sarasota and Manatee Counties, property taxes are calculated by multiplying the assessed value of a property by the applicable millage rate. A millage rate is expressed in mills, where one mill equals $1 of tax per $1,000 of assessed value. Various taxing authorities, including county commissions, school boards, and special districts, set these rates annually.​

Homestead Exemption

Florida offers a Homestead Exemption to homeowners who occupy their property as their primary residence. This exemption can reduce the taxable value of a home by up to $50,000, providing significant savings on property taxes. To qualify, homeowners must file an application with their county property appraiser's office by March 1st of the tax year. ​

Property Taxes When Purchasing a Property

When buying property in Sarasota or Manatee County, it's essential to understand the property's tax history and potential future tax obligations:​

• Proration at Closing: Property taxes are typically prorated at closing, meaning the seller pays taxes up to the date of sale, and the buyer assumes responsibility thereafter. This ensures that each party pays their fair share for the time they own the property during the tax year.​

• Assessment Changes: After a property is sold, the assessed value may be adjusted to reflect the current market value, which can lead to changes in the property tax amount. Buyers should be prepared for possible increases in their tax bills following a purchase.​

Property Taxes When Selling a Property

Sellers should be aware of the following regarding property taxes:​

• Outstanding Taxes: Any unpaid property taxes must be settled at or before closing. Failure to do so can complicate the sale process.​

• Proration: As mentioned, taxes are prorated at closing, so sellers are responsible for their portion of the annual tax based on the time they owned the property during that year.​

Important Deadlines and Discounts

In Sarasota County, property tax bills are mailed by November 1st each year. Homeowners can receive discounts for early payment:​

• 4% discount: If paid in November​

• 3% discount: If paid in December​

• 2% discount: If paid in January​

• 1% discount: If paid in February​

The gross amount is due by March 31st. Taxes become delinquent on April 1st, and failure to pay can result in penalties or even loss of the property. ​

Resources for Property Owners

For detailed information and assistance, property owners can contact their respective county offices:

• Sarasota County Property Appraiser: Responsible for property assessments and exemptions. ​

• Sarasota County Tax Collector: Handles tax billings and collections. ​

• Manatee County Property Appraiser: Manages property valuations and exemptions. ​

• Manatee County Tax Collector: Oversees tax collections and related services.