In this episode, we dive deep into the world of property taxes and market changes in Pinellas County. Our guest, Mike Twitty shares valuable insights on the impact of recent law changes on condo fees, the intricacies of the homestead exemption. Plus, we explore how his passion for music and balanced living shapes his approach to public service. Don’t miss out on practical tips and crucial information that could save you money on your next tax bill!
Listen to the episode here
In today’s fast-changing real estate landscape, understanding property taxes, market trends, and legal changes is more important than ever, especially for homeowners and investors in Pinellas County. In our latest podcast episode, we had the privilege of sitting down with the county’s property appraiser, who shared invaluable insights into these critical topics.
Understanding the Shifting Property Market in Pinellas County
If you’ve been keeping an eye on the real estate market in Pinellas County, you’ve probably noticed that things aren’t quite as they used to be. Over the past few years, we’ve seen a noticeable slowdown in property values. Some areas are still holding strong, others are flatlining, and a few are even starting to dip.
What’s particularly interesting—and perhaps a bit concerning—is what’s happening in the condo market. Recent law changes have introduced mandatory inspections and reserve requirements, which have driven up maintenance fees. As a result, we’re seeing the condo market shift more towards a buyer’s market. This means that if you’re in the market for a condo, you’ll need to do your homework. It’s crucial to dig into the financial health of any building you’re considering, especially to avoid any surprise assessments down the road.
Our guest also highlighted how these shifts are creating a more complex market environment. Gone are the days of easy, predictable transactions. Now, every deal requires a deeper dive into the details to ensure you’re making a sound investment.
The Homestead Exemption: What Every Homeowner Should Know
One of the most valuable tools for homeowners in Florida is the homestead exemption. If you’re not familiar, this exemption can significantly reduce your property taxes, making homeownership a bit more affordable. But as straightforward as it may seem, the homestead exemption comes with its own set of rules and potential pitfalls.
Mike Twitty did a fantastic job of breaking down how this exemption works. Essentially, there are two $25,000 exemptions, and they apply to different parts of your tax bill. The first $25,000 applies to all tax rates in your district, while the second one kicks in for values between $50,000 and $75,000, but it doesn’t apply to school taxes, which are a significant portion of most tax bills.
But here’s where things can get tricky. If you rent out your property for more than 30 days in two consecutive years, you could lose your homestead exemption. This is something that many homeowners overlook, and it can lead to unexpected tax increases. So, if you’re considering renting out your home, even temporarily, it’s crucial to understand how this could impact your tax bill.
Amendment Five: What Could It Mean for Your Taxes?
As we approach November, there’s one item on the ballot that homeowners should definitely be aware of: Amendment Five. This proposed amendment is all about increasing the homestead exemption based on the Consumer Price Index (CPI). Essentially, it would allow the exemption to grow incrementally over time, offering a bit more relief as property values continue to rise.
Our guest pointed out that while this might not lead to massive savings right away, it’s a step towards providing more long-term benefits for homeowners. The idea is that as property values increase, so does the exemption, which helps to offset some of the tax burden. It’s a subtle but potentially significant change that could make a difference in your property taxes over the years.
This discussion really got me thinking about how these types of amendments, though seemingly small, can have a big impact over time. It’s a reminder of why it’s so important to stay informed about what’s on the ballot, especially when it comes to something as crucial as your home.
Avoiding Tax Surprises: How to Get Accurate Estimates
One of the most valuable pieces of advice from our guest was about the importance of understanding your property tax estimates. This is especially crucial if you’re in the market for a new home or investment property. Too often, buyers are caught off guard because they base their decisions on the current owner’s tax bill, not realizing that their own taxes could be significantly higher once they close the deal.
Pinellas County has a fantastic tool—the tax estimator—that can help you get a realistic estimate of what your property taxes will be after your purchase. This tool takes into account the specifics of your potential new home, helping you avoid any unpleasant surprises when tax season rolls around.
Our guest shared some eye-opening stories about buyers who didn’t use this tool and ended up facing unexpected tax bills that threw off their entire budget. It’s a simple step that can save you a lot of headaches, and it’s definitely something that every homebuyer should take advantage of.
Balancing Public Service with Personal Passions
While our conversation was packed with useful information about property taxes and the real estate market, one of the highlights was getting to know Mike on a more personal level. Beyond his role as a property appraiser, he’s also passionate about music and outdoor activities. It was fascinating to hear how he balances these passions with his demanding public service role.
He shared how his love for music has unexpectedly helped him in his public speaking duties. He views each speaking engagement as “just another gig,” which has made him more comfortable and confident in front of an audience. It’s a great reminder that sometimes our hobbies and passions can provide us with the skills and mindset we need to excel in our professional lives.
Our guest also emphasized the importance of maintaining a work-life balance. Whether it’s through music, spending time on the water, or simply stepping away from work to clear your mind, finding that balance is essential. It’s something we can all relate to, especially in today’s fast-paced world.
Wrapping Up: Staying Informed and Prepared
This episode was a treasure trove of information for anyone involved in the Pinellas County real estate market. Whether you’re a homeowner, investor, or real estate professional, the insights shared are invaluable. From understanding the nuances of the homestead exemption to staying on top of potential tax changes with Amendment Five, there’s so much to learn and apply.
It’s conversations like these that remind us of the importance of staying informed and being proactive. Property taxes, market shifts, and legal changes are all part of the real estate landscape, and the more we know, the better equipped we are to navigate them successfully.
If you enjoyed this episode and found the information useful, consider sharing it with a friend or colleague who could benefit as well. And as always, don’t forget to subscribe to our podcast for more expert insights on real estate and community topics. Together, we can all stay informed and prepared for whatever the market throws our way.
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- Email: mike@pcpao.gov
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