Understanding Property Taxes in Clermont, FL

If you're considering moving to Central Florida and buying a home in Clermont, understanding property taxes is a crucial part of the home-buying process. Property taxes can vary significantly depending on the location, property value, and local tax rates. For homebuyers in Clermont, FL, knowing how property taxes work can help you better plan your finances and avoid any surprises down the road.

At Team Bell, we’ve helped many families navigate the Clermont real estate market, and we understand the importance of being informed about property taxes. Here’s what you need to know about property taxes in Clermont, FL, and how they may impact your home purchase.

1. How Property Taxes Are Calculated in Clermont

Property taxes in Clermont, FL, are calculated based on the assessed value of your property. The Lake County Property Appraiser assesses the value of all properties annually, using factors such as market conditions, recent sales of similar homes, and improvements made to the property. The assessed value may differ from the actual market value of your home, and there are exemptions and caps in place to help homeowners manage their tax burden.

Once the assessed value is determined, the millage rate is applied to calculate your property tax bill. The millage rate is expressed in mills, with one mill equaling $1 of tax per $1,000 of assessed property value. For example, if the millage rate is 15 and your home is assessed at $200,000, your property taxes would be calculated as follows:

200,000 (assessed value) ÷ 1,000 × 15 (millage rate) = $3,000 in property taxes annually.

In Clermont, the millage rate includes contributions to local services such as public schools, fire departments, and other municipal services.

2. Homestead Exemption and Property Tax Caps

Florida offers several exemptions to help lower the property tax burden for homeowners. The most common exemption is the Homestead Exemption, which can reduce the assessed value of your primary residence by up to $50,000. To qualify for the Homestead Exemption, the property must be your primary residence as of January 1 of the tax year, and you must file for the exemption with the Lake County Property Appraiser.

The Homestead Exemption is particularly beneficial for long-term homeowners, as it also limits how much the assessed value of your home can increase each year. Under Florida’s Save Our Homes Cap, the annual increase in the assessed value of a homesteaded property is capped at either 3% or the percentage change in the Consumer Price Index (CPI), whichever is lower. This means that even if property values in your neighborhood rise rapidly, your assessed value—and, consequently, your property taxes—will increase at a more manageable rate.

3. Other Exemptions and Benefits

In addition to the Homestead Exemption, there are other exemptions available to certain homeowners in Clermont:

- Senior Citizen Exemption: Homeowners aged 65 and older who meet certain income requirements may be eligible for an additional exemption on their property taxes.

- Veterans Exemption: Florida offers tax exemptions for veterans with service-related disabilities, as well as for surviving spouses of veterans and first responders.

- Disability Exemption: Homeowners with permanent disabilities may qualify for property tax exemptions that reduce their overall tax burden.

These exemptions can significantly lower your annual property taxes, making Clermont an even more attractive option for those moving to Central Florida.

4. What Property Taxes Pay For

Property taxes in Clermont are used to fund essential public services, including:

- Public Schools: A portion of property taxes goes toward funding local schools, including teacher salaries, school supplies, and maintenance of school buildings.

- Public Safety: Taxes contribute to services such as fire departments, law enforcement, and emergency medical services.

- Infrastructure and Maintenance: Property taxes help maintain public roads, parks, and other local infrastructure, ensuring that Clermont remains a well-maintained and attractive place to live.

Knowing that your property taxes support the community can make the investment in your home feel even more rewarding.

5. What to Expect When Buying a New Construction Home

If you’re buying a new construction home in Clermont, your property taxes may be lower initially, but it’s important to understand that they will increase once the home is fully assessed. During the first year, your property may be taxed based on the land value alone or a partial assessment of the new home. However, after the full assessment is complete, your taxes will reflect the total value of the home and the land.

It’s a good idea to budget for the higher property taxes you’ll face in the second year of ownership. Your builder or realtor can provide an estimate of what to expect, but keep in mind that property taxes on new construction can vary depending on the final assessment.

6. How to Pay Property Taxes in Clermont

Property tax bills in Clermont are issued by the Lake County Tax Collector in November each year, and they are due by March 31 of the following year. Homeowners who pay their property taxes early can take advantage of discounts:

- 4% discount if paid in November

- 3% discount if paid in December

- 2% discount if paid in January

- 1% discount if paid in February

If you have a mortgage, your property taxes are often included in your monthly mortgage payment and held in an escrow account. Your lender will then pay the tax bill on your behalf when it is due. If you don’t have an escrow account, you’ll need to pay the tax bill directly to the Lake County Tax Collector by the due date to avoid penalties.

Conclusion

Understanding property taxes in Clermont, FL, is essential for anyone considering buying a home in this growing Central Florida community. With the Homestead Exemption, property tax caps, and other benefits, Clermont remains an affordable and attractive place to live for both families and retirees. Whether you're purchasing a new construction home or an existing property, being informed about property taxes can help you make a confident, informed decision.

At Team Bell, we’re here to help you navigate the Clermont real estate market and provide you with all the information you need to make the best choices for your future. If you're considering Moving to Central Florida, visit our website at TeamBellFL.com or check out our YouTube Channel for more insights on living in Clermont and finding your perfect home.