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. |
Very True. The taxes on both my Rental properties went up as you said. Luckily, it looks like rents are going up also. You guys be happy with your homestead exemption, it is worth a lot.
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