In Florida, property taxes are assessed and collected on all real and tangible personal property within the county. (The Sarasota County Property Appraiser is responsible for values, assessments and exemptions.) The real estate tax bill is a combined notice of ad valorem taxes and non-ad valorem assessments. The tangible tax bill is exclusively an ad valorem tax. Taxes are due and payable on November 1st with discounts for early payment. In cases where the property owner pays through an escrow account, the mortgage company requests and is sent the tax bill and the owner receives a copy of the notice. Mortgage companies are required to pay within the 4% discount period.
|Your Tax Bill|
|Ad Valorem Taxes||Non-Ad Valorem Assessments|
The following discounts apply for early payment:
Unpaid taxes become delinquent on April 1st of the following year. For example, unpaid 2013 property taxes became delinquent on April 1, 2014. Failure to pay property taxes can result in the loss of the property.
You should receive a separate tax bill for each property you own and verify the legal description is for all of your property. According to Florida law, it is the responsibility of the property owner to see that the bill is received and taxes are paid. Tax bills are sent to the owner and address of record by November 1st each year. If you move, it is your responsibility to notify the Property Appraiser of your mailing address change. A delay in recording of the deed can also result in your not receiving a timely bill. If you do not receive your bill by November 15th, notify this office immediately or you can obtain a copy from our website.
If you received a real estate tax bill for a property you no longer own, please forward the bill to the new owner or return it to our office. If you received a tangible personal property tax bill for property you no longer own, but you did own on January 1st of the year on the tax bill, you are still responsible for paying the tax. If you did not own the tangible personal property on or after January 1st of the year on the bill, you need to contact the Property Appraiser immediately at 941.861.8200 or PA@SC-PA.com.
If you recently purchased a property and received a bill, no matter when the purchase occurred, you are responsible for paying the entire tax bill. However, taxes are usually prorated on the closing statement and credit is given by the seller for the time during the year that you were not the owner. This credit is between you and the seller; no money is given by the seller to the Tax Collector as partial payment of that year's taxes.
Property Tax Deduction for Income Taxes
Property taxes may be deductible on federal income tax returns. If you itemize your deductions, you may include the ad valorem portion of your bill; however, the non-ad valorem assessments may not be deductible. You should consult with your tax return preparer before including the non-ad valorem assessments in your deductions. According to the IRS, "Include taxes (state, local or foreign) you paid on real estate you own that was not used for business, but only if the taxes are based on the assessed value of the property." For further information, the following is a link to the relevant section on the IRS website. Go to page A-6, "Line 6 Real Estate Taxes" www.irs.gov/pub/irs-pdf/i1040sca.pdf.