Quote:
Originally Posted by ton80
Refer to Note #5 by Bill4564 who provides clear definitions.
IMHO GE is confusing market value with assessed value. IMHO GE sees a Market Value increase of 278,000$ but that is not used for the tax calculation. Assessed value is what is used for tax calc. Tax assessment is protected by the Save Our home benefit of 3% or less tax assessment increase. If you check TRIM notice carefully you should see only a 3% increase in Assessed Value from 2021 to0 2022. This should be much less than the market value increase.
The TRIM sheet has an entry on Page 2 for Assessed Value Reduction. This includes Homestead Reduction of 25 or 50,000$. The Save ou Homes Benefit is much larger and more important to minimize our taxes.
The tax savings come from the reduction in tax rate from 2021 because the total assessed value increase was very large. When the county calcs the tax rate to fund their budget they are proposing a tax rate reduction of some 9% that yields the money that funds their 2023 budget.
So Arithmetic: 2021 Assessed value x 1.03 x .91 should show a 2022 tax of 2021 Tax x .9373.
This is for the county property tax. If you are so inclined you could the same for the other advalorem and non advalorem taxes...but this is complex because they are not consistent.
Hopefully this makes some sense to you
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Thank you----I was looking at the market value box----I had no idea that Florida would put a "market value" on a tax notice---since it has nothing to do with taxes. Assessed value only went up 23K.