TAMPA, Fla. — Property tax bills are due and with home values continuing to soar your budget may be tightening.
Like a homeowner, Michael Perry, who's lived in Plant City for more than a decade and said he's watched his property taxes continue to climb.
"A massive increase, to put it bluntly. They just continue to go up. I think in the 15 or 16 years we've been in this house. I don't remember a time when they've ever gone down," Perry added.
For many, property taxes are going up alongside property values.
“We have an increase of about $160,000 in value for the year," Perry said.
Hillsborough County Property Appraiser, Bob Henriquez, said ultimately, the housing market dictates a property's value.
"Our assessments are based on the market, based on how much a piece of property would sell, for a willing buyer and a willing seller," Perry said.
Henriquez said in 2019, the median sale price was around $259,000 for a single-family home in Hillsborough County. As of January 1 of 2022, that number jumped to around $385,000.
"Up and down the road, across from us, there are four or five $600,000 houses and 15 years ago they were 250,000, to 300,000. So it's really the pace of the price increase has really accelerated," Perry added.
Over the last year, Hillsborough County reports taxable value is up around 16 percent. Meanwhile, Pasco County reported a 16.7 percent jump in its assessed values, and Pinellas County’s taxable values rose 13.4 percent.
“That's where you wonder where is all this extra revenue going that the county is getting," Perry questioned.
We reached out to the county for answers and they said it’s been a record breaking year.
"Last year, we collected and distributed over $2.3 billion in property taxes," Hillsborough County Tax Collector, Nancy Millan, said.
Millan said your property tax bill is comprised of your home’s value and mileage rates. Those fees are then distributed to the taxing authorities and special districts.
"For instance, it’ll go to the county and it funds a lot of the programs and services right here in the county: roads, library, school system," Millan explained.
If you pay your property tax bill before the end of November, you’ll get a 4 percent discount. Payment plans are also available. Meanwhile, Millan said the county is projecting $2.7 billion in property tax collections for 2023.
Perry hopes the county will eventually consider tax breaks.
"Between sales tax and property taxes and you know the insurance and impact fees and stuff like that. That really makes it tough sometimes and really at the holidays, I think they should move the tax season to maybe the summer to give some people a break because it's like merry Christmas. Here's your property tax bill," Perry explained.
