Quote:
Originally Posted by Pballer
My property taxes went up over $1000 or 25% this year. You must be a Florida resident. Besides raising the tax rate, the Sumter County assessor, instead of doing his job and raising property market values slowly and steadily over a period of years to reflect reality, decided to hike property market values in The Villages by 15+% last year in one fell swoop.
Because of SOH (Save Our Homes Act = Shaft Out-of-State Homeowners Act), snowbirds were hammered with much higher property tax increases than you saw. The assessed value of the home of a Florida resident can only increase by the Consumer Price Index every year (around 2%) even though its market value as determined by Sumter County went up by 15%. On the other hand, the snowbird (non-Florida resident) saw the 15% market value increase translated directly into a 15% assessed value increase in just one year. The increased tax rate is then applied to this increased assessed value (2% vs 15%) minus any homestead exemption.
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Yikes! So what happens to the assessed value when the houses are sold?
Does the FL residents’ assessed value suddenly jump up to current market value when the sale is recorded?
I’m sure the home with an out of state owner would not have a reduction in their assessed value even if it is sold to a FL resident.
Does the disparity in assessed value remain forever?