By Bob Henriquez, Hillsborough County Property Appraiser
Based on recent sales data, it’s clear that residential property assessments in the Tampa Bay area have stabilized, and we do not expect significant increases in property values for 2025. This means that local governments may not be able to rely on the sizeable property tax revenue increases that have helped fund their budgets in recent years. As a result, we are likely to see minimal to no change in residential property assessments this year.
The cooling of residential property values can be attributed to several factors, including high interest rates, rising insurance costs, damage caused by hurricanes and concerns about future storms. Even commercial property values have been affected by some of these same factors.
Having served as your property appraiser for Hillsborough County for over 12 years, I’ve continually tracked trends and consulted with a wide network of real estate experts to assess where property values are headed, so I can provide local governments with accurate projections for future property tax revenues.
It’s important to understand the statutory role of the property appraiser’s office in this process and, just as importantly, what our office does not do. Contrary to popular belief, we are not responsible for raising or collecting property taxes. Our sole responsibility is to assess property values based on objective market conditions and real sales data. Our assessments reflect current market trends, not a mechanism to adjust taxes. We are committed to ensuring that our evaluations are accurate and fair, treating all property owners equitably.
Allow me to share a personal anecdote that highlights a common misunderstanding of our office’s role. A few months ago, while standing in line at the pharmacy, someone recognized me and immediately said, “Hey, you’re the guy who raises my property taxes!” Before I could respond, another person chimed in, “And you’re the guy I write my property tax checks to!”
This kind of misconception is not uncommon, whether I’m out in public or attending community events. Clearing up these misunderstandings is important so that we can focus on our true mission: maintaining an impartial and transparent property appraisal process that benefits the entire community.
So, what does this mean for the average homeowner? If you have homestead exemption and have lived in your residence for several years, it’s unlikely that your property taxes will be significantly reduced. In fact, your taxes may still increase. This is largely due to state law and Amendment 10, which limits the annual increase in taxable value on most properties. Under Florida’s ‘Save Our Homes’ amendment (Amendment 10), the taxable value of homesteaded properties can only increase by either 3 percent or the consumer price index (CPI), whichever is less.
As a result, many longtime owners of homesteaded property may find that while their market value has dropped, it still remains significantly higher than the capped taxable value, which is subject to the 3 percent limit. This means that even if the market value decreases, your taxable value may still increase by the maximum allowable percentage.
While it would be inappropriate for me, in my official capacity, to advise the taxing authorities directly on how to proceed, as a taxpayer and long-term resident of Hillsborough County, I would personally encourage the taxing authorities to consider adopting the rollback rate for property taxes this year. This approach helps ensure that property tax revenues do not exceed the amounts collected in the previous year, which could help minimize the financial impact on property owners while still meeting the needs of local governments.
Please note, property owners in Hillsborough County will begin receiving their notice of proposed property taxes, also known as the Truth in Millage (TRIM) notice, in mid-August. The property appraiser’s office encourages property owners to reach out to my office with any questions or concerns about their assessment and exemptions. Additionally, there is a process in place for administrative review and appeals, if needed.
