Do You Pay Property Tax on a Condo in Florida?

In Florida, owning a condominium involves paying property taxes, similar to other real estate. These taxes are a fundamental part of property ownership, funding various local services. This guide clarifies property taxation as it applies to condominiums in Florida.

Fundamentals of Florida Condo Property Tax

Condominiums in Florida are considered real property, subject to ad valorem taxation. This means the tax amount is based on the property’s assessed worth.

Ad valorem taxes are distinct from non-ad valorem assessments, which may appear on a property tax bill. Non-ad valorem assessments are fixed fees for specific services or improvements, such as solid waste collection or street lighting, and are not based on property value. These charges are separate from monthly Homeowners Association (HOA) fees, which cover common area maintenance.

The County Property Appraiser assesses the market value of all real property, including condominiums. The County Tax Collector bills and collects these property taxes, distributing funds to local taxing authorities.

Property taxes are a significant revenue source for local governments. They fund essential public services, including public schools, law enforcement, fire rescue services, and transportation infrastructure. This revenue remains at the local level, directly supporting the communities where the properties are located.

Calculating Your Condo’s Property Tax

A condominium’s property tax bill is based on its assessed value. The County Property Appraiser annually determines a condo’s market value, representing its probable selling price. However, the assessed value can be lower than market value due to limitations.

The “Save Our Homes” (SOH) amendment caps the annual increase in the assessed value of homesteaded primary residences. This cap is the lesser of 3% or the Consumer Price Index (CPI) change. This protects homesteaded properties from rapid increases in property taxes.

After assessed value and exemptions are applied, the resulting figure is the taxable value. This taxable value is multiplied by the millage rate to calculate property tax. One mill equals one dollar of tax for every $1,000 of assessed value.

Taxing authorities, such as county, city, and school boards, establish their own millage rates. For example, a condo with a $100,000 taxable value and a 15-mill combined rate would owe $1,500 in property tax ($100,000 / $1,000 15). This calculation is performed for each taxing authority, and the sum forms the total property tax liability.

Available Exemptions and Discounts

Florida offers exemptions and discounts to reduce a condominium owner’s property tax burden. The most widely used is the Florida Homestead Exemption, available to individuals who own and occupy a property as their permanent residence as of January 1. This exemption reduces the property’s assessed value by up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. An additional $25,000 exemption applies to assessed values between $50,000 and $75,000, but not to school taxes.

Other forms of relief are available beyond the standard homestead exemption. Senior citizen exemptions provide additional reductions for older homeowners meeting specific age and income criteria. Exemptions for persons with disabilities can range from a $5,000 reduction in assessed value to a full exemption from all ad valorem taxes, depending on the severity and type of disability.

Widow(er) exemptions provide a $5,000 reduction in assessed value for qualifying permanent Florida residents who have not remarried. Veterans also have specific exemptions, including a $5,000 reduction for those with a service-connected disability of 10% or more, and a total exemption for honorably discharged veterans with a service-connected total and permanent disability.

Homeowners who move from one Florida homestead to another may be eligible for “Homestead Exemption Portability.” This allows them to transfer a portion of their “Save Our Homes” assessment limitation benefit to their new home, significantly lowering its taxable value. To qualify for most exemptions, property owners must apply with the County Property Appraiser’s office between January 1 and March 1.

Annual Tax Notices and Payment Process

Condominium owners in Florida receive an annual “TRIM” (Truth in Millage) notice, typically mailed in August. This preliminary notification outlines the proposed assessed value, proposed millage rates from taxing authorities, and an estimate of taxes due. The TRIM notice also provides dates for public hearings where taxpayers can voice concerns about proposed budgets and tax rates.

If a property owner believes their assessed value is incorrect or an exemption has been improperly denied, they can dispute it. The initial step is to contact the County Property Appraiser’s office to discuss the assessment. If an an agreement cannot be reached, a formal appeal can be filed with the Value Adjustment Board (VAB) within 25 days of the TRIM notice mailing date.

Property tax bills are mailed by the County Tax Collector around November 1st each year, covering January 1st to December 31st. Property owners can take advantage of discounts for early payment: 4% in November, 3% in December, 2% in January, and 1% in February. The full amount of the property tax bill becomes due by March 31st of the following year.

Payment methods for property taxes include online, mail, or in-person at the Tax Collector’s office. Many mortgage lenders manage property tax payments through escrow accounts, collecting a portion with the monthly mortgage payment and remitting the taxes on the homeowner’s behalf. If taxes are not paid by the March 31st deadline, they become delinquent on April 1st, incurring penalties and interest. Continued non-payment can lead to the sale of a tax certificate, representing a lien against the property, and ultimately, a tax deed sale to recover unpaid taxes.