Informational video from Mike Wells, Pasco County Property Appraiser, and Mike Fasano, Pasco County Tax Corrector.
Information about this video
Mike Wells and Mike Fasano discuss important information for new and existing Pasco residents.
List of acronyms: MW = Mike Wells, MF = Mike Fasano
[Transcript begins at 00.00.00]
MW: Hi. I'm Mike Wells your Pasco County Property Appraiser.
MF: And I'm Mike Fasano your Pasco County Tax Collector.
MW: Purchasing a new home is an exciting time, whether you're a long time resident or new to Florida, we'd like to share important information with you about how to save money on property taxes throughout the lifetime of your investment.
MF: That's right Mike the steps you take after closing have a direct impact on property tax notices our office sends out to you each fall and even though our offices do not set the millage rate or the tax rate your value and exemptions have a direct relationship to the taxes ultimately owed .
MW: So let's talk about assessment, values, and exemptions. As a new homeowner your realtor and other professionals involved in your closing should have shared accurate estimates of what to expect moving forward . First and foremost in Florida, value resets at the time of sale or ownership transfer. That means that if you purchased a home for $300,000, we will assign a market value based upon that. Florida's level of assessment is a hundred percent less reasonable cost of sale which means our values should be approximately 85 percent of the recorded sale price. It's important to note, that this is where your assessment Journey begins, based on those new numbers. This process follows the ownership not the dwelling. Meaning if you bought a home from a long time owner who purchased it for far less many years ago, that prior owner's taxes will not be an indicator of yours. You can expect a substantial change in just and taxable value. So what can you do to maximize your dollars moving forward? Put simply, exemptions are your best protection against rising costs. Florida protects its homeowners well with homestead and other exemptions as well as the save our homes assessment cap which limits annual value increased to a maximum of three percent in most cases. Homestead provides a fifty thousand dollar assessment reduction for Florida homeowners who are permanent residents. That equates to roughly an eight hundred dollar savings on your annual Bill. Applicants must meet the required criteria by January 1. This means you own and occupy the home. We make it easy to apply online at pascopa.com or in person at any of our three offices. Other exemptions are available as well for the blind disabled widowed active duty military, veterans, and more. Call 727-847-8151 today to speak with one of our knowledgeable team members to ensure you're receiving every exemption you're entitled to.
MF: Great advice for homeowners, Mike. Let's talk about what all of this looks like in terms of taxes. Yearly on October 31st of our office we mail out the tax notices to begin the process of collecting tax. By Florida law, there are four separate discount periods for paying your tax notice. Four percent November, 3 percent in December, 2 in January, and one percent in February. Taxes are due by March 31st yearly and become delinquent April 1. Now if you have an escrow account, where your mortgage company pays your taxes you will receive an informational notice only for your records. Your mortgage company will pay your taxes out of your escrow account by November 30th to take advantage of that four percent discount period. If you do not have an escrow account you will receive a tax notice from our office that you will pay pay in a variety of ways. We accept cash money order Bank check and all major credit debit cards in our five offices. You may also pay online we accept credit debit cards and e-checks. Lastly if you want to pay your taxes via wire transfer we can accommodate that as well. Please call our office for instructions. Finally enclosed with your tax notice you will find a guide that explains all the ins and outs of the information of your tax notice. This guide is called understanding your tax notice. It is a wealth of information explaining in detail what can sometimes be a daunting task to decipher yourself. I would encourage you to read that in this entirely for more information about paying your taxes. As always though please feel free to reach out to our office with any questions and we will be glad to help.
MW: We thank you for watching this video today. We want your time and our offices to be smooth and successful.
MF: Mike and I have a passion for serving our Pasco community and wish you all the best. Please don't hesitate to reach out we are always here to help.