The hillsborough county property appraiser acts as the county's independent property appraiser. They determine the market value for all properties in the county, administers home and homestead tax discounts, assesses taxes on behalf of taxing districts, maintains current ownership maps for all property in the state and calculates property taxes. Appraisers are independent members of third party organizations that pool resources to offer better service to their clients.

 

The hillsborough county property appraiser determines the market value of all taxable property in the county by comparing the current market value of similar structures to the structure being appraised. Market value is derived by using average prices of similar structures in the surrounding areas, using the land size, style and number of rooms, baths, garages, doors, windows and accessories present on the property being appraised. Market value is then divided by the area of the property being appraised to come up with a market value. The Hillsborough County property appraiser determines that the market value does not necessarily mean the amount that the county's assessor will take for the tax year. Market value is determined after considering what it would cost to rebuild or alter a structure based on its current condition. Market value is also affected by current conditions on the ground, like water damage or soil erosion.

 

The Hillsborough County property appraiser also compares the condition of the home to that of similar homes in the county in the immediate past...read the covid-19 pandemic. That's right...the "covid-19 pandemic" was a large scale epidemic in which hundreds, if not thousands, of homes and businesses in Hillsborough County were devastated. Homes in the outbreak were so dangerous that they could not be moved any faster. State and local agencies were working round the clock trying to contain the outbreak and keep it from spreading to other areas of the state...read the news.

The Importance of Your Property Tax Exemption in Hillsborough County

 

Now let's get back to why you may be concerned about the Hillsborough County property tax appraiser's recommendation concerning the homestead exemption. In Hillsborough County, there are five classifications of homestead exemption...the conventional, limited use, market value, and increasing homestead exemptions. These five classifications were created by the voters when they added the homestead exemption to the County's assessor's list of taxes to be paid. If an owner doesn't meet the minimum homestead requirement (usually one to three times the appraised value of the home), they lose their homes and are subject to immediate eviction.

 

Why is this significant? It is important because in Hillsborough County, the County Assessor has a very difficult time collecting interest income from properties that are subject to homestead exemption. Why is that? Well, according to the Assessor's Office, because of the recession: "The number of residential units has decreased by nearly 20% in some areas." And this decline in units has no end in sight. The current property tax rate is based on these units.

 

Now if the County Assessor was to allow a higher homestead exemption rate and collect the increased amount, they'd have a significant cash reserve. So why are they not doing this? According to the Hillsborough County's Controller, they don't have enough funds in reserve to cover all the expenses for this upcoming year. Therefore, the County has implemented the "Covid-19 Pandemic." If you are not a resident of Hillsborough County, but have property located within the County, you will be asked to pay a "Covid-19 Pandemic fee" if you wish to obtain your appraisal certificate free of charge. That's okay though, as the County will make you aware of this new policy when you apply for your appraisal.

 

It's just another way the County is trying to raise their property taxes in an attempt to balance the budget. Apparently the recession has had an adverse affect on tourism and property values, which is why the County is now looking to raise its annual property taxes. Some people might say that the County is just being fair to those of us who own property in Hillsborough County, but that is not the case. And if the recession continues into 2021, then the County will once again be subject to a property tax exemption rate increase.

 

In conclusion, when shopping around for a qualified Hillsborough County property appraiser, make sure you get a free appraisal from an independent, unbiased source. Get the name of the appraiser; his or her professional background; and a current market value of your home. As soon as you find a professional appraiser with a good reputation, ask for a free appraisal estimate. Knowing where you stand in regards to Hillsborough County property taxes will help you make the best financial decision possible.

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