Quote:
Originally Posted by golfing eagles
Seems highly unlikely. Are you a new owner of a new home, in which case your previous tax/assessment may have been based on the vacant, undeveloped land your home is on. Then, the following year, the house is assessed. This happened to all of us that bought new.
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Quote:
Originally Posted by Bill14564
The primary reason my taxes went down was the Save Our Homes cap on the assessment increase for homes with a Homestead exemption.
If you recently bought your home then its value will adjust to the Full Market Value and your taxes will increase.
If you don't have the Homestead exemption then the 3% cap does not apply. There should be a 10% cap on assessment increases for these homes. With a 9.1% decrease in the tax rate, this could result in your Sumter County property taxes increasing by about 1%
There is a good discussion of this here.
NOTE: IANAL or tax professional or real estate professional. I just spend too much time reading information available online. |
We bought a pre-owned home, closed in Feb. '21. My tax bill that I received last November was based upon the previous owner's assessment value which had been controlled by her SOH assessment. I was surprised (happily surprised), but I figured out what was going on.
I am homesteaded, which reduced my taxable assessment, but of course, the house was re-assessed, reflecting the more current valuation. Going forward, I will get the benefit of the limited amount the taxable assessment can go up each year.
So yeah, my taxes went up about 40%...which was just about exactly what I anticipated it would go up.
My only surprise was getting that one year cheaper than I realized I would.
I felt rich there for a while.
It was grand.