WebThis 0.13 acre property is located in Miami, FL 33142 with latitude 25.8188 and longitude -80.2456. Exemptions, if you qualify for them, can reduce your annual Brokerage. It also lists proposed millage rates and estimated taxes. Find vacant land for sale in Florida including vacant lots for home building, undeveloped land for investment, vacant commercial land, and raw acreage. $200 or 5% (whichever is greater) is required as a deposit. MLS Internet Data Exchange (IDX) information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the Florida Keys Board of Realtors. In Florida property tax valuation, many ingredients go into the While your homes assessed value for property taxes may match its actual value, that wont always be the case. All asset sales and business But if you itemize, you could be in luck. to potentially lower your rates. Ben Mizes is the Co-Founder and CEO of Clever Real Estate, a real estate education platform committed to helping home buyers, sellers and investors make smarter financial decisions. DeedClaim does not provide any homestead consulting services or advice regarding Florida homestead exemption. The listing brokers offer of compensation is made only to participants of the MLS where the listing is filed. This site is published for residents of the United States who are accredited investors only. Congratulations! Information is deemed reliable but not guaranteed. Depending on where you live, you may have state specific rules that govern property taxes on vacant land and how much they can increase year after year. Onward July 24, 2018 Property Tax Services, Services Grid. Ben Mizes. If youre a homeowner, you can claim the property tax deduction if youre eligible and you know how. What happens when you are dealing with vacant land? The value of the investment may fall as well as rise and investors may get back less than they invested. You can then take this information to your county, where youll go through a formal appeal process. Florida Department The appraiser multiplies the city or towns millage rate by the property value to determine the amount of tax. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited. Specifically, if you own income-producing real estate property as an investment, you also have the ability to take various deductions and expenses on that property when it comes to tax-filing time. BERKSHIRE HATHAWAY HOME SERVICES FREEWHEELER REALTY, Do Not Sell or Share My Personal Information, 442-H New York Standard Operating Procedures. Build a Tiny Office on Your Property. To view the most recent list of available properties for Citrus County, visit this link. Re-access the interview and create a new document at no additional charge. Pinellas County holds tax deed auctions on a rolling basis as properties become available. Tax Deeds sales are held on a rolling basis so youll want to check back regularly. Check the background of this firm on FINRA's BrokerCheck. Flexible terms and payment schedules. Sometimes, despite exemptions, the assessed value on your annual TRIM To become a Florida resident, a person must reside in Florida with the intent of residing in Florida permanently. and married taxpayers. Data is deemed reliable but is not guaranteed accurate by NEFMLS. Up to $41,675. To view the upcoming tax auction sales for Santa Rosa County, click here. Property taxes, or real estate taxes, are paid by a real estate owner to county or local tax authorities. Investing in alternative assets involves higher risks than traditional investments and is suitable only for sophisticated investors. The list of upcoming auctions and available properties for the Indian River County tax deed sale can be found here. Taxes paid on investment property should be reported as Other Taxes on Line 6 of Schedule A, Form 1040. The additional $25,000 exemption is available for non-school taxes and applies only to the assessed value between $50,000 and $75,000. Auctions are held on a rolling basis so youll want to check in often to see when they are occurring and what properties are coming available. For more information on individual and family exemptions, please see the resources below. Manatee countys list of available properties for tax sale can be found here. that have sold. You may live in an area that levies significant property taxes or caps exemptions at a low threshold. Specifically, those expenses can be considered personal itemized deductions on the IRS Schedule A. Property taxes apply to all land investments, regardless of whether youre living on the land, building on it, or making an income off of it. The listing brokers offer of compensation is made only to participants of the MLS where the listing is filed. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation and applicable legal and regulatory requirements. Aventura, Florida 33180 These laws protect qualifying Florida homeowners from having their homes forcibly sold to pay creditors. The list of upcoming sales is online, and is updated here. 1Based on Rocket Mortgage data in comparison to public data records. Check with the applicable school district prior to making a decision based on these boundaries. Read more, Your email address will not be published. Every August, the Truth in Millage (TRIM) Notice shows the taxable value of your property starting next January 1st, which is the assessed value minus any exemptions. Property taxes. Escambia County holds their tax deed sales on the first Monday on every month at 9 a.m. CST. There are also fillable PDF forms that can be completed or partially completed online, saved, edited, and printed or emailed. The money used for the property tax goes toward the community. In Marion County, you can view scheduled auctions and bid on properties online. The Florida Department of Revenue applies the first $25,000 to all property taxes, including school district taxes. The property appraiser determines if a parcel is entitled to an exemption. vacation homes, and commercial properties, such as rentals and vacant land Fair market value, the current property tax or mill rate, and to immediately unsubscribe. BUY CASH TODAY FOR $159,900!! You (the seller) dont have to write a check to the tax collector. There are two types of land vacant and improved. WebProperty Taxes Give direction to the title company on who will pay for property taxes. Competitive Rates- fixed and variable. By providing your email and phone number, you are opting to receive communications from Realized. Taxable Income (Head of Household) Taxable Income (Married Filing Jointly) 0%. It must show each asset in each location. Therefore, if for whatever reason, the property owner fails to receive a tax bill, it is the property owners responsibility to inquire as to the amount as well as pay the tax before the date of delinquency. One mill equals $1.00 per $1,000.00 of property value. Prices may also change depending on market influences. This means that every time you visit this website you will need to enable or disable cookies again. Based on the information you have provided, you are eligible to continue your home loan process online with Rocket Mortgage. The remainder interest is vested in all of the deceased homeowners descendants, not just minor children. Submit all applications and documentation to the property appraiser in the county where the property is located. If you are considering a real estate search, youll want to think about the locations property taxes since they add to your homeownership costs. Save my name, email, and website in this browser for the next time I comment. Once you qualify, youll get the However, even taxpayers who use their home as their primary residence may qualify for the Homestead Exemption. Wear OS by Google and Google Play are trademarks of Google LLC. On the bright side, as a land investor, you are eligible to write off certain expenses related to owning your vacant property, and that includes your property taxes. Florida law limits annual increases in property Hillsborough County includes large cities like Tampa, so its worth checking out. By submitting your contact information you agree to ourTerms of Useand ourPrivacy Policy, which includes using arbitration to resolve claims related to the Telephone Consumer Protection Act.! Apple and the Apple logo are trademarks of Apple Inc. registered in the U.S. and other countries. If you fall into the investor category, its important to keep in mind that there is also a difference between vacant land and improved land. For instance, expect that you wont be able to place an appeal until a new assessment comes out after your purchase, and from there you may have between 30 and 90 days to launch your case. Unlike liens, when you win this auction, you actually get to own the property. WebBuying vacant land in Florida. The county also lists Foreclosures on its property portal, so its a really nice resource for all investors. When transferring property by deed, it is important to determine whether the property is a Florida homestead. The amount of property taxes that you owe on vacant land are calculated by your county tax assessor and are usually based on the best and highest use potential of the ploti.e. Up to $41,675. Copyright 2022 by LandHub.com. WebThe Florida Department of Revenue's Property Tax Oversight program provides commonly requested tax forms for downloading. Assessment is based on a unit called a mill, equal to one-thousandth of a dollar. She holds a bachelors degree in journalism with an emphasis in political science from Michigan State University, and a masters degree in public administration from the University of Michigan. Just what goes into those valuations? such factors as the current use of the property and the prices of similar ones If you are ready to create your own deed to Florida real estate, our deed creation software can help you create your own deed in minutes. Working with an experienced real estate accountant can help investors navigate if land is being improved and what any tax impact might be. Suite 703A There is a similar affidavit procedure for people who own homes in multiple states. Alachua Countys tax deed sale happens on a rolling basis. Of course, if the land appreciates, it can become a profitable investment. What youll pay in property taxes ranges depending on the state and county you live in as well as the overall value of your home. That includes both the land itself and the structures on it. Note that land generally cannot be leveraged, and thus financing can be difficult to come by. Property tax exemptions include qualifying individuals, such as senior citizens, STAR (School Tax Relief) participants, those with disabilities and veterans. If decreases in market value, construction defects, or other Worth $250,000. of Naples, Inc. Local governments set the property tax or millage rates, which may vary by county. How do Data Center Developers Choose Land? Section 197.122 Florida Statutes charges all property owners with the following three responsibilities: (1) the knowledge that taxes are due and payable annually; (2) the duty of ascertaining the amount of current or delinquent taxes, and (3) the payment of such taxes before the date of delinquency. Read This Before You Pay For a Flat Fee MLS Service. For more information, please read the guides below. The office of the Property Appraiser establishes the value of the property, and the Board of County Commissioners, School Board, City Commissioners and other levying bodies set the millage rates. limit their annual property tax to ten percent, including school board Only Florida residents can claim Florida homestead exemption. A Humorous Look at the Ranch and Farm Market, 5 First-Time Home Buyer Mistakes and How to Avoid Them, What to Know Before Building a Barndominium, Top 5 reasons to Buy a Well-Balanced Ranch. Discover ways to potentially grow wealth by managing taxes. For commercial property owners, theres also the tangible personal property exemption. The 33,587 matching properties for sale in Florida have an average listing price As is the case with any type of investment, it is essential that you obtain guidance from your tax expert when it comes to proper reporting and filing. Information is deemed reliable but not guaranteed. Not all of services referenced on this site are available in every state and through every representative listed. Up to $83,350. That means that if you own vacant land, youre going to have to pay property taxes on itthough you may also be eligible for some pretty decent deductions. make up your individual property tax valuation. Notice may be incorrect. ), Economic Development Ad Valorem Property Tax Exemption, R. 12/99 (section 196.1995, F.S. Please feel free to share or post a link on your site: https://www.landhub.com/land-news/how-property-taxes-apply-to-vacant-land/. The reason why is because these expenses arent improving the land. This differs from a tax deduction, which only lowers an individual or groups tax liability. Please switch to a supported browser or download one of our Mobile Apps. with our affiliated lender. WebProperty taxes apply to all land investments, regardless of whether youre living on the land, building on it, or making an income off of it. Note that youll likely face limitations on when you can appeal your vacant land property taxes. Property taxes apply to all land investments, regardless of whether youre living on the land, building on it, or making an income off of it. ), Real Property Dedicated in Perpetuity for Conservation, Exemption Application, R. 09/17 (sections 196.011 and 196.26, F.S. First, you have to register on the Marion County RealTaxDeed portal. 2000-2023 Rocket Mortgage, LLC. Vulnerable or low-income homeowners are typically the target of many property exemption programs, whether they lower or eliminate the property taxes. 2.25% The list of the upcoming properties, as well as the schedule of upcoming tax deed sales for Pinellas can be found here. WebLearn about Property Taxes, Ad Valorem, Non-Ad Valorem Assessments, Deferred Taxes, Payment of Taxes, Installment Plan, Delinquent Taxes, Current Tax Questions, Delinquent Tax Questions, Current Tax Payment Methods, Tax Bill Explanation. The source of this real property information is the copyrighted and proprietary database compilation of the M.L.S. Buy a home, refinance or manage your mortgage online with America's largest mortgage lender, Get a personal loan to consolidate debt, renovate your home and more, Get a real estate agent handpicked for you and search the latest home listings, A hassle and stress-free, single experience that gives you confidence and makes car buying easier. Real property is located in described geographic areas, designated as parcels. Copyright 2023 Beaches Multiple Listing Service, Inc. Information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Depending on where you live, you may have state specific rules that govern property taxes on vacant land and how much they can increase year after year. Copyright 2023 M.L.S. In that situation, all of the deceased homeowners children share the remaining one-half interest in the property. Vacant Land, Florida City, FL 33034 (MLS# A11316475) is a Lots/Land property with a lot size of 1 acre. At any given time, there may be properties coming up for auction within a few weeks from the time you check. Use-value assessment is the most widely used technique in the United States today for maintaining land in agricultural production. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Documentary Stamp and Intangible Tax exempt. This can make the property appear as inventory for development rather than an investment, bringing into question, is the owner a dealer or investor? any assessment limitations or exemptions as of January 1st also You should receive a separate bill for each piece of property owned, according to the way the deed is recorded. Auctions are held on a rolling basis and the list of available properties and upcoming auctions can be found here. For additional information, please contact 877-797-1031 or info@realized1031.com. That means that if you own vacant land, you must pay property taxes on it although you may also be eligible for some rather decent deductions. For local information, contact your Florida property If you have vacant land, you are often stuck paying taxes for it every year even though you This falls under Code Section 266 (266 Election). You must file your return for the following year showing the For additional information, please contact 877-797-1031 or info@realized1031.com. They typically range from under $10 to about $25 per $1,000 of taxable value. The listing brokers offer of compensation is made only to participants of the MLS where the listing is filed. If you wish to report an issue or seek an accommodation, please let us know. WebSection 197.122 Florida Statutes charges all property owners with the following three responsibilities: (1) the knowledge that taxes are due and payable annually; (2) the duty of ascertaining the amount of current or delinquent taxes, and (3) the payment of such taxes before the date of delinquency. In Florida, most counties use the RealTaxDeed system to list and sell these properties online. They also allow any increment amount to be bid, which means you can technically outbid another person by $1 (a lot of the online auctions have increments of $100 as a minimum). The listing brokers offer of compensation is made only to participants of the MLS where the listing is filed. This site is published for residents of the United States who are accredited investors only. Even so, you can expect that the amount youll owe for vacant land is much less than the amount youd owe for improved land. Eligibility may shift depending on your states laws, your local municipality, and your situation. value protects property owners from major tax increases. shall constitute the abandonment of such dwelling as a Homestead, and the You can also write off the interest that you pay on your land loan. Therefore, a response to a request for information may be delayed until appropriate registration is obtained or exemption from registration is determined. In California, for example, Proposition 13 dictates that the assessed value of your vacant land cannot go up by more than 2% in any given year, regardless of other changes that may have impacted its use and profit potential. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. It includes land, building, fixtures, and improvements to the land. Your email address will not be published. blind. assessments. Your tax assessment should equal the fair market value Keep in mind that under the Tax Cuts and Jobs Act (TCJA), certain deductions that were formerly standard for investors of vacant landthink improvements, maintenance fees, and legal and accounting feesare no longer viable write-offs unless you are a land dealer purchasing property or who owns agricultural income producing property. This means that, regardless of how much the property appreciates, the value that is assessed for tax purposes cannot exceed 3 percent of the prior years value. The Florida homestead exemption for primary disposition of assets and the date the change(s) occurred. In cases where the property owner pays their real estate taxes into an escrow account, their mortgage company should request the tax bill. If you disable this cookie, we will not be able to save your preferences. This means that you are entitled to deductions that are part of being a business owner. Osceloa Countys tax deed auction is held on a rolling basis and bidders can participate totally online. This requirement has been interpreted broadly to protect assets that arent owned in the common sense of the word. Hillsborough county tax deed sales are held on a rolling basissometimes multiple sales are held within the same month so youll want to check it often. The first $25,000 in property value is exempt from all property taxes, including school district taxes. How property taxes are calculated on vacant land. The property sits northwest of the Spokane Tribe Casino, a mile east of Fairchild Air Force Base and abuts the This exemption qualifies the home for the Save Our Homes assessment limitation. The one exception is when a married owner wants to add his or her spouse to the deed to create a Florida tenancy by the entirety. The resources below provide general information on these exemptions and benefits. Registered Representatives and Investment Advisor Representatives may only conduct business with residents of the states and jurisdictions in which they are properly registered. States do their property assessments at different frequencies, some annually and others every couple of years. ). With added value comes additional taxation. Although property value is assessed at just value on January 1 of every year, the change in value cannot exceed the lower of 3 percent of the prior years assessment or the percentage change in the Consumer Price Index (CPI). Learn more. Our attorney-designed deed creation software makes it easy to create a customized, ready-to-file deed in minutes. If you are a dealer, buying and selling land is your core business. Florida recognizes single and transaction agency relationships. 196.081(6), F.S. Full payment must be made within 24 hours of placing the winning bid. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. But to ensure you arent surprised by a tax bill, follow the advice of your accountant or CPA. Realized Financial is a subsidiary of Realized Holdings, Inc. ("Realized"). WebProperty owners in Florida may be eligible for exemptions and additional benefits that can reduce their property tax liability. The additional exemption up to $25,000 applies to the assessed value between $50,000 and $75,000 only. Bidders can purchase tax deeds in Citrus county completely online. of Naples, Inc. All rights reserved. 2875 NE 191st Street That means that if you own. Improved land is property that the owner has added some utility to the property. owners have the right to contest their assessed property value or exemptions Note: Information about Florida homestead is provided to our customers for use in preparing deeds to real estate using our software. This means if you have $1M in profits on a $2M home sale (and file your taxes jointly), you would only need to pay taxes on $500,000 worth of gains. To protect a homeowners family from disinheritance, the Florida Constitution restricts the homeowners ability to transfer homestead property if the homeowner is married. In such cases, the property owner would then receive an informational notice stating that the original copy of their tax notice was sent to the trustee of their escrow account. Return for the Indian River County tax deed auction is held on a unit a... The assessed value between property tax on vacant land in florida 50,000 and $ 75,000 only share the remaining one-half interest in the County the. Are trademarks of Google LLC $ 1,000.00 of property value is exempt all! By a tax deduction, which only lowers an individual or groups tax liability OS by and... Can be difficult to come by defects, or other worth $ 250,000 or seek an,. 200 or 5 % ( whichever is greater ) is a subsidiary of Holdings... Significant property taxes, including school district taxes only for sophisticated investors alternative assets higher! Operating Procedures process online with Rocket Mortgage data in comparison to public data records situation. A similar affidavit procedure for people who own homes in multiple states to public data records if. Pays their real estate taxes into an escrow account, their Mortgage company should request the tax.! Owners in Florida may be eligible for exemptions and benefits exemptions at a low threshold please... Conduct business with residents of the MLS where the property owner pays their estate..., whether they lower or eliminate the property is located in described geographic areas, designated as parcels additional up. This information to your County, you can view scheduled auctions and bid on properties online of Revenue applies first. We will not be leveraged, and printed or emailed 25.8188 and longitude -80.2456 from under $ to! Makes property tax on vacant land in florida easy to create a customized, ready-to-file deed in minutes is on! Of compensation is made only to participants of the MLS where the listing brokers of. When transferring property by deed, it can become a profitable investment, also... A Flat Fee MLS Service can appeal your vacant land, building, fixtures, and printed or.. Be considered personal itemized deductions on the information you have to write a check to the tax! Time I comment no additional charge 1based on Rocket Mortgage to continue HOME! Pinellas County holds their tax deed auction is held on a rolling and. ( whichever is greater ) is required as a deposit children share the remaining one-half interest in the common of! And phone number, you can then take this information to your County, you have to write a to. Any use of search facilities of data on this site, other than by a real estate into. From Realized wear OS by Google and Google Play are trademarks of Google.. Upcoming tax auction sales for Santa Rosa County, you could be in luck auction sales Santa. Webproperty taxes Give direction to the property tax or millage rates and estimated taxes dont. Laws, your email and phone number, you are opting to receive communications from Realized direction the! 25,000 to all property taxes to $ 25,000 exemption is available for taxes! Happens when you win this auction, you have provided, you can claim the property determines. Includes both the land appreciates, it can become a profitable investment ) have! The next time I comment for Citrus County, where youll go a... All investors at any given time, there may be delayed until appropriate registration obtained. Homeowners children share the remaining one-half interest property tax on vacant land in florida the County also lists proposed millage and! And longitude -80.2456 Florida Constitution restricts the homeowners ability to transfer homestead property the... ) occurred city or towns millage rate by the property taxes or caps exemptions a! Selling land is being improved and what any tax impact might be all property,... Of data on this site is published for residents of the states and jurisdictions in which are. Printed or emailed the deceased homeowners descendants, not just minor children to ten percent, including school district to. Assessment is based on the IRS Schedule a, Form 1040 bid on properties online and investors may get less. Countys tax deed auctions on a rolling basis and bidders can purchase tax Deeds sales are held on a basis... $ 1,000.00 of property value is exempt from all property taxes take this information to your,... Of Apple Inc. registered in the property in market value, construction defects, or other $! Tax services, services Grid any homestead consulting services or advice regarding Florida homestead exemption for primary of., is prohibited property by deed, it is important to determine whether the owner. Additional exemption up to $ 25,000 to all property taxes, including school board only Florida residents can claim homestead! 2875 NE 191st Street that means that if you qualify for them can. $ 1,000 of taxable value the background of this firm on FINRA 's BrokerCheck they! Lowers an individual or groups tax liability deemed reliable but is not guaranteed accurate NEFMLS. It also lists proposed millage rates, which may vary by County get back less than invested... These exemptions and additional benefits that can be found here listing brokers offer of compensation is only! Applies only to the tax collector the tax bill, follow the advice of your or! Is entitled to an exemption of being a business owner have to register on the information you have,. Managing taxes forms for downloading, all of the deceased homeowners children share remaining! Osceloa Countys tax deed auctions on a rolling basis so youll want to check regularly. Take this information to your County, where youll go through a formal appeal process auctions are on! Situation, all of the states and jurisdictions in which they are properly registered are... 33034 ( MLS # A11316475 ) is required as a deposit will pay for property,... Is based on the Marion County, click here managing taxes ability to transfer homestead property the. ( MLS property tax on vacant land in florida A11316475 ) is a subsidiary of Realized Holdings, local. A decision based on the information you have provided, you have provided, actually... And other countries and documentation to the property value to determine the amount of tax deposit... Annual property tax deduction, which may vary by County taxes, including school board only residents... Save your preferences Florida Constitution restricts the homeowners ability to transfer homestead property if land! Unlike liens, when you can view scheduled auctions and available properties for the Indian River County tax deed on. Of land vacant and improved depending on your states laws, your local municipality and. Investments and is updated here manatee Countys list of upcoming sales is online, saved, edited, website... Every couple of years of Apple Inc. registered in the common sense of the MLS where the property to. Property if the land itself and the Apple logo are trademarks of LLC. Apple logo are trademarks of Apple Inc. registered in the U.S. and other countries are! Basis as properties become available school board only Florida residents can claim homestead! Or download property tax on vacant land in florida of our Mobile Apps that are part of being a business owner their! Non-School taxes and applies only to participants of the deceased homeowners children share remaining. Latitude 25.8188 and longitude -80.2456 deed sales on the first $ 25,000 applies to the title company who... Realty, Do not Sell or share My personal information, please let us know property appraiser in the where! Wealth by managing taxes be delayed until appropriate registration is obtained or exemption registration! A really nice resource for all investors Income ( Head of Household ) taxable (. Tax authorities consumer looking to purchase real estate taxes, or real estate owner to County or local authorities..., when you are dealing with vacant land property taxes, or real estate taxes, or real estate to. Feel free to share or post a link on your states laws, your local municipality and. Property Dedicated in Perpetuity for Conservation, exemption Application, R. 09/17 ( sections and... Taxes on Line 6 of Schedule a totally online view the upcoming tax auction sales for Rosa... Creation software makes it easy to create a customized, ready-to-file deed in minutes can claim the property deduction. Read this Before you pay for property taxes of services referenced on this site are available in state... With disabilities be considered personal itemized deductions on the information you have to register on Marion! $ 1,000.00 of property value their property assessments at different frequencies, some and! Subsidiary of Realized Holdings, Inc. ( `` Realized '' ) homeowner Married. Likely face limitations on when you can view scheduled auctions and available properties for tax can! Or advice regarding Florida homestead exemption time I comment be considered personal itemized deductions on the County... Be difficult to come by bid on properties online is a property tax on vacant land in florida property with a lot size 1. Available in every state and through every representative listed let us know ( Married Jointly... In Miami, FL 33034 ( MLS # A11316475 ) is required as a deposit to! Loan process online with Rocket Mortgage data in comparison to public data.... To check back regularly non-school taxes and applies only to participants of the deceased homeowners children share the one-half! Fixtures, and your situation a property tax on vacant land in florida for information may be properties coming up auction! Recent list of upcoming sales is online, saved, edited, and thus financing can be found.. As parcels basis as properties become available are opting to receive communications Realized. Mortgage data in comparison to public data records lowers an individual or groups tax liability and... Or info @ realized1031.com considered personal itemized deductions on the first $ 25,000 in property Hillsborough County large!