Homestead exemption is only $25000....not $400000!!!destinsm said:
Honest reassesments are welcome...just dont pull it out of your as*!!
2006 Proposed property taxes
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Honest reassesments are welcome...just dont pull it out of your as*!!
dsilvar said:
Quote:
Originally Posted by dsilvar
I know what you are saying......My lot is also in Destiny West. Here is another example of the assessors arbitrary valuation.
My neighbor (to the south) has a home on his lot. They have the market value of his home at $850K, but his assessed tax value at $395K and with his homestead exemption, his taxes are lower than mine...and I just have a vacant lot.
Go figure.
You must not have read the link... Yes the homestead exemption is only $25k...
But if your neighbor bought his place say oh many moons ago when prices were half of what they are today... (4 years ago!!!!)...
His assessed taxable value would have been capped at a 3% raise max, per year.... So as your market value has doubled in that time frame... his assessed value has gone up approximately 15% max from his purchasing point.........................
Your right..thanks.destinsm said:
TooFarTampa
SoWal Insider
destinsm said:
If they didn't know the law before they bought, that is their own fault. There is nothing secretive about Florida's Save-Our-Homes cap. It is what it is, and anyone who bought a second home or investment property with the idea or hope that the values would skyrocket theoretically should have known that their taxes would follow suit. The insurance crisis is something no one could have predicted, but property taxes are pretty clear-cut.
TooFarTampa
SoWal Insider
destinsm said:
But they should be before they purchase in FL!
Due diligence. Sorry. Edit: Let me clarify by saying it sounds as if the assessments as a whole are too high based on current market values, and that IS unfair, and should be contested. Statewide, the unwritten but often referred to rule of thumb is that properties are usually assessed at about 80 percent of their actual market value. That has held true for us in Pinellas, Hillsborough and Walton counties. Whether you pay taxes on that full assessment then depends on whether you are homesteaded or not.
That is what I was thinking. Go ahead, tell them about your neighbor's higher assessed value. Surely, they will not increase yours.SHELLY said:You're petitioning because they valued your home too low?
dsilvar said:
It is my understanding that the Tax Assessor is to base the assessed value on properties sold in close proximity to your property. With sales being so slow, there may not be any other properties which have recently sold in your area, thereby leaving the assessed values at higher levels than actual values.
Perhaps there are other things which determine the County's assessed value. I guess you could always crowd the market with even more inventory by listing your property at a price much lower than your assessed value, showing the Property Appraiser that the assessed value in your case is way too high. You wouldn't actually have to sell your property, but you may still have to pay the brokerage fee if your agent brings you a full priced offer based.
Whoa guys...I am fully aware of Fl's homestead rules and the 3% cap. Just didn?t read it into that particular example.SHELLY said:I'm betting the assessment irregularities have something to do with granite counter tops
Nice to be protected by homestead rules..while its open season on non- homesteaders. Now that?s fair and equitable!!
No matter..that?s not the point..the point is that fair market value of any property can truly only be determined when it sells..otherwise its educated speculation...but speculation nonetheless.
In a falling value RE market the last person you want to be bullish about valuations is the local property assessor. He simply will not be able to make his case...look at SJ's recent RE sales.
You simply cannot take the 2% that sold at exorbitant prices and extrapolate fair market pricing for the 98% that are not on the market or for properties that havent sold as yet.
To raise my property valuation a half million in 2 years so that now on a postage size lot my taxes are one and a half times the taxes on my neighbors million dollar home is ludicrous.
And Shelly...you know what Hollibird meant to say..c'mon...
"I got my taxes (Okaloosa) $10,000. They claim my house (new, 2 story... destiny west) is worth $70,000 more than my neighbor who has more square footage, one story. no more upgrades than me.... I think they pull prices out of their asses. PLUS we would not be able to sell our homes at the price they claim. we are doing the petition thing."
I think