Estimating St. Petersburg Property Taxes
We often get asked the question from potential buyers, "What will my property taxes be if I buy this property?" Many Realtors will say that a good rule of thumb in estimating St. Petersburg, Florida property taxes is 1.0%-1.5% of the value of the property.
Is this true?
Fortunately, for those thinking of purchasing in Pinellas county the Property Appraisers office has a useful tool to help you estimate what the taxes will be on a property. Check out this tool. I wrote a similar article today about Sarasota county here and their property appraisers office does not provide an equivalent tool.
Is 1.0%-1.5% a Good Rule of Thumb?
I did a quick test to see if this rule of thumb was still valid. I downloaded a sample of sales that occurred in January of 2018 in Pinellas county. My sample size was 1,295 homesteaded and non-homesteaded properties with prices ranging from $107,000 to $3,850,000. I then compared these sales prices to their most recent tax bill. When you mash all of these properties together and average their tax liability in comparison to their sales price it came to:
1.31%
So, given the variables above it does appear that 1.0%-1.5% is still a good rule of thumb when estimating Sarasota county property taxes.
Just for kicks I broke it down even further by price range.
| Sales Price | Avg Property Taxes/Sales Price | Average Property Taxes |
| $100,000 - $199,999 | 1.35% | $2,026 |
| $200,000 - $299,999 | 1.33% | $3,244 |
| $300,000 - $399,999 | 1.28% | $4,368 |
| $400,000 - $499,999 | 1.29% | $5,765 |
| $500,000 - $599,999 | 1.25% | $6,839 |
| $600,000 - $699,999 | 1.24% | $7,896 |
| $700,000 - $799,999 | 1.20% | $8,841 |
| $800,000 - $899,999 | 1.53% | $12,808 |
| $900,000 - $999,999 | 1.42% | $12,485 |
| $1m - $2m | 1.18% | $15,895 |
| $2m-$3m | .99% | $23,088 |
| $3m-$4m | .54% | $19,452 |
I hope you found the above information helpful. Remember, we are using these estimates as a "rule of thumb". Which is defined as "a broadly accurate guide or principle, based on experience or practice rather than theory." If you are looking to purchase please do your homework when estimating Sarasota property taxes.
If we can help you buy or sell a property please feel free to contact us.
Post a Comment