The Lanners Group - southwest Florida real estate naples homes and real estate

Simple Formula to Estimate Property Tax in Collier & Lee County

Collier County

Formula for Approximate Assessed Value

Sales Price X 70% = Approximate Assessed Value
Example: $299,000 purchase price x 70% = $209,300 Assessed Value

Formula for Estimated Tax

Assessed Value multiplied X 1.25% = Estimated Tax
Example: $209,300 Assessed Value x 1.25% = $2,616.25 Estimated Tax

Lee County

Formula for Approximate Assessed Value

Sales Price X 70% = Approximate Assessed Value
Example: $299,000 purchase price x 70% = $209,300 Assessed Value

Formula for Estimated Tax

Assessed Value X 1.5% = Estimated Tax
Example: $209,300 Assessed Value x 1.5% = $3,139.50 Estimated Tax

The above formula’s are for estimating purposes only. Consult your tax accountant for a more accurate measure of your individual property tax rates.

Taxes in Florida are paid in arrears. Billing for 2008 for example will come in October and is not due until March 31, 2009. April 1st the tax becomes delinquent and a 3% penalty is added to the gross tax amount.

However, there are some great savings to be had by paying your taxes early!
Pay by November 30th and get a 4% savings
Pay by December 31st and get a 3% savings
Pay by January 31 and get a 2% savings
Pay by February 28th and get a 1% savings
Gross Amount Due by March 31

NON-AD VALOREM Taxes are included in gross amount. These include CDD and Garbage Service.

What is a CDD Tax?
Developments like Lely Resort or Verona Walk have a special tax known as a CDD or Community District Development Tax. This tax supports the beautification and maintenance of these communities. This tax is included in the total however you should be aware of how much that CDD amount is and for how long. The total amount should be Disclosed to you before you buy.

Garbage
You will note on your tax bill a breakdown specifically for this service.

Homestead
Your Assessed Value will be lowered by $50,000! If you file for HOMESTEAD in the state of Florida.

ASK THE LANNERS GROUP FOR MORE DETAILS!