33503 Property Tax Rate

Property owners in ZIP code 33503 (Balm, Florida) pay a median of $3,122/year in property taxes on homes valued at $462,500. This translates to an effective tax rate of 0.68%, which is 12% below the Florida state average of 0.76%.

The monthly property tax burden for a median-valued home in 33503 is approximately $260, which factors into escrow payments on mortgages. This ZIP code is located within Hillsborough County. This is $477 more than the Florida average of $2,645/year.

Compared to similar ZIP codes in Florida, 33503 has lower property taxes. ZIP codes with similar effective rates include 33772 (0.68%) and 32780 (0.67%).

In Balm, property taxes represent approximately 5.4% of the median household income of $58,125, providing context for the relative tax burden on homeowners in this area.

Under Florida's Save Our Homes Act, your homestead property's assessed value is capped at 3% annually, but resets to market value upon sale—your initial tax bill will reflect the new $462,500 median home value. Hillsborough County offers a $25,000 homestead exemption plus an additional $25,000 exemption for non-school taxes; file with the Hillsborough County Property Appraiser before or within 30 days of closing to qualify. Submit your application online at hcpafl.org or visit a county office to verify your homestead exemption was processed before your first assessment notice arrives.