Quote:
Originally Posted by rustyp
Is this due to homesteading or is there a flaw in the assessment system? I live in Lake County and my full value assessment seems to be in line with market value however my homestead value based upon homesteading in 2010 is substantially lower than the published market value.
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I live in Lake County also. I think the assessment process can account for the tax differences, and I think it also applies to Sumter County. I purchased my house new in 2016, and the assessed value was $25,000 less than than the purchase price for that year. Three years later, the market value has increased by about $50,000, but the assessed value for taxes has only increased by $4,000. So, now the assessed value is about $72,000 less than the market value.