Quote:
Originally Posted by ton80
Hopefully the data from the tax appraisal site and the following interpretation will help us understand the situation better.
IMHO the Hooten residence has the parcel ID NA5A008
HOOTEN JOSEPH B & JENNIFER R 4596 CR 311 BUSHNELL
(AG IMPROVED W/ HX) To me this is agricultural land with a house on it
Further details indicate that the house site is 1 acre and the property has an improved pasture of 9.1 acre
The land was purchased for 100,000$ The home was constructed later.
The market value of the improved entire property with house is listed as $346,890
The assessed value is $215,000 (is this the result of having an agricultural assessment?)
Might mean a reduction of about 90,000$ in land value
Is 90% of the land assessed at minimal value?
The Hooten's have taken two homestead exemptions correctly (-$50,000)
So the property is taxed based on net appraisal of &165,000
Using an agricultural assessment is valid if the property meets the criteria. It is used extensively just check what the Villages associated land companies do.
I believe that the Hooten's have used the available property tax rules to their advantage. That is not cheating
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I am not sure I agree but it doesn't pass the smell test in my opinion!
After further research it says built in 2009. But lets assume you are correct and purchased the land for 100k and the house was built for 115k. That is less than approximately 40 Dollars a sqft. Still doesn't pass the smell test. Why is the market value in the high 300's but taxed at less than 2/3rd of it's value! Hmmmmm