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Post Tax Bill Real Estate Listings

Discussion in 'Real Estate' started by Bob, Aug 22, 2005.

  1. Bob

    Bob SoWal Insider

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    Could somebody find out how many new listings come on the market the week after the revised tax bills come out? Camp Creek Kid? You seem to be hooked up to the proper data. How about Skier? I suspect some folks feel like they are being shown the door.
     
  2. Smiling JOe

    Smiling JOe SoWal Expert

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    Remind me after a week passes and I will get you the info. I received my new notices today. Most of my properties' assessed value increased around 300%. However, one property, is assessed at just under $1,000. :idontno: I am not complaining, but it sure makes me wonder who picks up the difference, and how many are this out of whack.
     
  3. Miss Kitty

    Miss Kitty Meow

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    Very interesting topic....look forward to following this one.
     
  4. RiverOtter

    RiverOtter got any pics?

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    300%! Dang! I thought the Nooga was bad. Didn't they pass a law in CA to keep this from happening. Maybe the SoWal counsil should look at that.
     
  5. Bob

    Bob SoWal Insider

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    I find the whole situation "interesting". Since I paid relatively little for my property, I understand an increase. The craziness of the scenario is that the taxes this year are now approaching what I pay for my home here, and the assessed value is still less than 50 percent of true markey value. Had I been smart enough to build and homestead, I would be very "happy" now. But w/ kids going to college in the next 2-4 years and no new construction home yet, I suspect my taxes will at least double next year after going up fivefold this year. And to think I told my wife three years ago that Walton county would be a cheap retirement "date". Still, given real world values, this is one problem I can handle. More please. I just think many folks may just pack it in, as the taxes here are now going to mirror Sanibel, Hilton Head, Kiawah etc. Those who do may regret that decision.
     
  6. skier

    skier Beach Lover

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    Bob,

    sorry I don't have access to the MLS, but I did look a couple of days ago at one of the local brokers sites. I believe there are over 1100 lots, 550 homes and 200 condos for sale on 30A alone. This does not include any of the lots soon to come on the market in Alys Beach, Watersound West, Prominence, etc. That's a lot of inventory. And according to my agent with numerous listings along 30A and the rest of SoWal, the market is at a virtual standstill. Maybe someone else can give you info on how the numbers change over the next few weeks and property tax bills sink in.

    I just got my tax bill and it increased to over $12,000!!! Yikes. My house has been for sale, but I have it priced pretty high. I might be lowering it in the near future to make a quick sale, take my gains and run. Between property taxes of $12k and insurance of about $7k, I am thinking more and more about being a renter.
     
    Last edited: Aug 23, 2005
  7. Smiling JOe

    Smiling JOe SoWal Expert

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    What amount were you taxed last year? (increase %-age)
     
  8. Bob

    Bob SoWal Insider

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    Wow, that's high. You must be within a five iron of the beach. I feel like my window of opportunity to build may be closing quickly. Yet with all the inventory out there, choices are slim to none. Long term is still looking good for anyone who sits tight in my opinion. Were I you, I would consider renting the property and wait out the market. I suspect 200-300 new listings will occur because of the rapid escalation of taxation.
     
  9. drsvelte

    drsvelte Beach Fanatic

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    I received my tax bill and it was not nearly as shocking as some. Up about 25%, but in absolute terms, only about $700. Its a second home first, and and investment home second. My basis is pretty low as I bought into this market in 1997, so I am comfortable.
     
  10. kevin

    kevin Beach Crab

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    My assessed value almost quadrupled (it was up +292%), and the tax bill will increase by 253% if proposed budget change is made, or up +182% without. The actual tax amount is reasonable compared to what I think is the market value. In fact, it still is a LOT lower than what I would pay in NH, where I live, for the same market value.

    In NH, when property values go up a lot, you can actually get a decrease in the total tax, as the millage is adjusted proportionaly. A decrease in tax in that case means that the value increase in your property was less than average.

    With the "Save our Homes" law in Florida, all homesteaders, whether they experienced the highest or the lowest percent market value increase will see their taxes drop similarly since they can only see the lower of 3% or the CPI rise in their assessed value (if I am interpreting what I read correctly). It seem if the law put a cap on the rise in the tax instead of assessment, it would better protect homesteaders anyway, since millage changes can work against them if and when a reevalution occurrs when most values went down, and they are still stuck with a 3% or so rise in valuation.
     
    Last edited: Aug 26, 2005
  11. Smiling JOe

    Smiling JOe SoWal Expert

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    The Save our Homes Act kicks in only after 24 months of living in that home as your primary residents. So, people buying primary residents within the last 24 months will still see major increases in their assessed value.
     

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