Did you know that you can pay your Sarasota county property taxes on a quarterly basis instead of having to pay all at one time?
In order to participate for this year, you must apply by April 30th. Click here to find the Installment Application form. In June, the Sarasota county tax collector will mail your first installment bill to you, with instructions. The great thing is that once you apply you do not need to reapply each year.
Once you have elected to participate by paying the first payment however, you are required to continue participation for the tax year.
The real estate tax bill is a combined notice of ad valorem taxes and non-ad valorem assessments.
Ad valorem taxes are paid in arrears (at the end of the year) and are based on the calendar year from January 1 – December 31. I like to describe ad valorem as “based on value”. So if your house is bigger, or your land is bigger, or your view is better, you pay more “based on value”.
Non-ad valorem assessments are not based on value but a unit of measure determined by the levying authority. The assessment periods vary and may not be based on the calendar year. Examples of non-ad valorem assessments are stormwater utility, fire and rescue, and solid waste collections. So all homes on the street would pay the same, regardless of size or amenities.
If you do not pay quarterly, taxes are due and payable on November 1st with discounts for early payment.
In cases where the property owner pays through an escrow account, the mortgage company requests and is sent the tax bill and the owner receives a copy of the notice. The mortgage company is then responsible to pay the taxes on time.
The following discounts apply for early payment of your Sarasota county real estate taxes:
- 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
The property appraiser assesses all property at just value each year on January 1. When you acquire new real property, the assessed value of the property “resets” to equal the just (market) value.
If the new property owner has applied for and has been approved to receive the homestead exemption, the Save Our Homes cap is placed on the assessed value of the property the year after the property received the homestead exemption. This means that if the just value of the property increases, your next year assessed value cannot increase more than 3% or the Consumer Price Index (CPI), whichever is less. For 2017, the CPI is 2.1%.
If the property does not benefit from a homestead exemption, the assessed value increase is limited to 10% each year.
So be sure to take advantage of the opportunity to pay your taxes quarterly and also take advantage of the homestead exemption with the Save Our Homes Cap.
Let us know how we can help with any of your real estate needs.