If you’re considering buying or investing in Tampa—especially in one of the most desirable areas like Davis Islands, Hyde Park, or Harbour Island—understanding property taxes in ZIP code 33606 is essential. It’s a question we get all the time, and the answer isn’t always straightforward.
As Tampa real estate experts with over 40 years of combined experience, Emeri and Joe Lewkowicz have helped countless buyers and investors navigate the nuances of this highly sought-after market. Here’s what you need to know.
Why Property Taxes Vary in 33606
At first glance, you might expect homes in the same ZIP code to have similar tax rates—but in 33606, property taxes can vary significantly depending on several key factors.
1. Assessed Value vs. Market Value
Property taxes are based on the assessed value determined by the Hillsborough County Property Appraiser—not necessarily the price you pay for the home.
In neighborhoods like Davis Islands or Hyde Park, where home values can vary dramatically from historic bungalows to luxury waterfront estates, assessed values—and therefore taxes—can differ widely. Two homes on the same street could have very different tax bills depending on when they were last sold or reassessed.
2. Homestead Exemption Status
One of the biggest factors affecting property taxes in 33606 is whether the homeowner has a Florida Homestead Exemption.
Primary residents benefit from:
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Reduced taxable value
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Annual caps on assessment increases (Save Our Homes cap)
Meanwhile, second-home buyers and investors—who are common in areas like Harbour Island—do not receive these benefits. As a result, they often pay significantly higher property taxes on comparable properties.
This is something Emeri and Joe always walk their clients through, especially those relocating from out of state.
3. New Construction vs. Older Homes
New construction homes or recently renovated properties often come with higher tax bills.
Why? Because when a property is sold or substantially improved, it may be reassessed closer to current market value. In contrast, long-time homeowners in 33606 may be paying much lower taxes due to capped increases over the years.
This creates noticeable tax differences between:
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A newly built waterfront home on Davis Islands
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A long-held historic property in Hyde Park
Even if both homes are now worth similar amounts.
4. Location Within the ZIP Code
Not all areas within 33606 are taxed equally.
Certain properties may fall under:
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Special taxing districts
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Community development districts (CDDs)
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Different municipal assessments
For example, waterfront properties or homes in specific planned communities may carry additional assessments for infrastructure, maintenance, or flood mitigation.
Emeri and Joe often emphasize that “micro-location” matters just as much as the ZIP code itself when estimating total ownership costs.
5. Flood Zones and Insurance Impacts
While not a direct tax, flood zone designation can influence your overall cost of ownership—and sometimes overlaps with tax-related assessments.
Parts of Davis Islands and other waterfront areas in 33606 fall within flood-prone zones, which can:
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Increase insurance costs
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Influence lender requirements
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Impact long-term affordability
Savvy buyers and investors always factor this into their financial planning.
What This Means for Buyers and Investors
The key takeaway? Two properties in Tampa’s 33606 ZIP code can have drastically different tax obligations—even if they’re similar in size, style, or location.
That’s why working with experienced local experts matters.
Emeri and Joe Lewkowicz don’t just help clients find the right property—they help them understand the full financial picture. From estimating future tax bills after a purchase to identifying opportunities where tax advantages may exist, their insight can make a meaningful difference in your investment.
Final Thoughts
Tampa’s 33606 is one of the most prestigious and dynamic ZIP codes in the city—but with that comes complexity, especially when it comes to property taxes.
Whether you’re buying a primary residence, a second home, or an investment property, understanding how taxes vary within this area is critical to making a smart, informed decision.
If you’re thinking about making a move in 33606, Emeri and Joe Lewkowicz are here to guide you every step of the way—with the local expertise, market knowledge, and strategic insight you need to succeed.
