Steve Walter – Walter Group
Each year around this time, many of our clients reach out with questions about the property tax correspondence they’ve received from Sarasota or Manatee County. Florida’s property tax system can appear complicated at first glance, but a few key principles can make it much easier to understand before exploring more complex scenarios.
When Are Florida Property Taxes Due?
Florida property taxes are collected in arrears, meaning your 2025 taxes cover the period ending December 31, 2025, and are payable the following spring.
- Taxes are due by March 31, 2026 — within 90 days of year-end.
- Early payment discounts are offered monthly, up to 4% if paid in November.
| Month Paid | Discount Applied |
| November | 4% |
| December | 3% |
| January | 2% |
| February | 1% |
| March | Full amount due (no discount) |
Paying early not only saves money but ensures your taxes are settled well ahead of the March deadline.
How Are Florida Property Taxes Calculated?
Your property tax bill is determined by a simple formula:
Taxable Value × Millage Rate = Total Property Tax
- Taxable Value – Determined by the county property appraiser after applying assessment caps and exemptions.
- Millage Rate – The combined tax rate set by the various local taxing authorities (county, city, school district, etc.).
While you have limited influence over the millage rate in the near term (more on that in a future post), you can ensure that your taxable value accurately reflects your property’s fair and lawful assessment.
Example:
A Longboat Key property with a 2025 taxable value of $2,000,000 and a total millage rate of 14.912 would generate a property tax bill of $29,824, due by March 31, 2026.
“Give to Caesar What Is Caesar’s…” — But Make Sure It’s Only What’s Due
Your county property appraiser determines your property’s market (just) value, then applies applicable assessment caps and exemptions to arrive at the taxable value.
The basic formula looks like this:
Market (Just) Value – Assessment Caps – Exemptions = Taxable Value
Key components include:
- Market (Just) Value: What a willing buyer would reasonably pay in today’s market.
- Assessment Caps: For example, the Save Our Homes (SOH) cap limits annual increases in assessed value for primary residences (homesteads).
- Exemptions: Such as Homestead, Widow/Widower, or Disabled Veteran exemptions that can reduce your taxable value.
Understanding and verifying these values ensures that you’re paying your fair share — and nothing more.
How Are Assessment and Millage Rates Established?
Each January 1, the county property appraiser assesses all real property to determine market value. Local taxing authorities then analyze the total assessed value and their projected budgets to establish the proposed millage rate.
Here’s how the process typically unfolds:
- January 1: Property assessments are established.
- August: Owners receive the Truth in Millage (TRIM) notice outlining proposed values and rates.
- August–September: Public hearings are held to finalize budgets and adopt millage rates.
- Late October: Tax bills are issued to property owners of record.
Key Takeaways
- Property taxes are due March 31 and collected in arrears.
- Save up to 4% by paying early.
- Your taxable value, not the millage rate, is where you have the most control.
- Review your TRIM notice each August for accuracy.
- For luxury waterfront properties, factors such as Gulf frontage, private docks, or boathouses can significantly affect assessed value, so verifying fair valuation is especially important.
Navigating Property Ownership with Confidence
At Walter Group Real Estate, we guide our clients through every stage of ownership, from acquisition and valuation to taxation and long-term stewardship.
If you’ve recently received your TRIM notice or want to ensure your property’s assessment reflects current market realities, we can connect you with trusted local professionals who specialize in Florida property tax appeals and valuation reviews.
By Janet and Steve Walter
Longboat Key Luxury Real Estate Specialists
Walter Group Real Estate | WalterGroupRealEstate.com
Have questions about your property’s assessed value?
Contact us today — we’re happy to help you navigate the details with clarity and confidence.