Quote:
Originally Posted by Velvet
So then you are saying the mill rates compensate for the market value of various categories of houses? You are right I am not sure how mill rates are determined. How does assessment relate to present market value then?
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I am not an expert but hope some of these points will help. These points are the same for all Floridians.
1.Property taxes are paid in the arrears. You will not see a decrease (or increase) immediately.
2. The amount of tax you pay is determined by the purchase price of the home minus the homestead exemption if your home is a personal residence.
3. Once your tax is calculated the amount collected cannot be raised more than 3% each year.
4. It is possible for your neighbor to be paying much less in taxes. It depends on how much they paid for the home as well as how long they lived in the home.
Here is where my thoughts differ from other posters. I believe the millage rate is the same for all homes in a particular county and city. i.e. People living in Sumter county pay the same millage rate. People living in Sumter and within the city of Wildwood pay the same millage rate. The amount charged to a homeowner cannot exceed 3% each year even if the home increases more in value. Maybe, others know something I do not? I have lived here 22 years and the points I have mentioned have been followed by the County consistently and accurately. The CDD assessment seems to vary.