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Real Estate Tax

Property Tax Exemptions for Business Owners

The state constitution of Florida allows up to $50,000 (additional $25,000 does not apply to school taxes) to be deducted from the assessed value of a primary residence.For the property owners who are Florida residents and have qualified for homestead exemption the property is subject to a limitation in assessment increases, commonly known as Amendment 10, (Save Our Homes). This important benefit limits the increase in the assessed value to no more than 3% or the CPI (Consumer Price Index), whichever is less.

When the property is sold the homestead exemption is removed (adding a non-marital relative to the deed can cause a partial loss of this limitation on increases) and the assessed value increases to just/market value for the new year.

Exemption applications are provided and accepted by the Hillsborough County Property Appraiser's office. For more information regarding homestead other exemptions, please call the Property Appraiser's office at (813) 272-6100 or visit their web site at www.hcpafl.org.