Quote:
Originally Posted by Bill14564
That is a good example and explains why things are the way they are - the exemptions on the three homes are NOT equal so the tax bills are NOT the same.
You and your two neighbors have identical homes assessed at $500K. One of your neighbors purchased three years ago, you purchased two years ago, and your other neighbor purchased last year. Your tax bills are all different!
The neighbor from three years ago filed for the Homestead Exemption and is benefiting from two years of the Save Our Homes limitation on taxable assessment increases. He pays less than you.
You purchased two years ago and filed for the Homestead Exemption so you are benefiting from that and but only one year of Save Our Homes if that. You will pay a little more.
The assessed value of your other neighbor's home was just adjusted to *his* exemptions rather than those of the previous owner so his tax bill just increased quite a bit. His exemptions will kick in next year. His tax bill is higher than both of yours.
The same with amenity fees. Those that have been here longer started at a lower initial rate. While everyone's amenity fee increases annually by the CPI over the last 12 months (written into the deed restrictions), the initial rate which is set by the Developer each year typically increases more than the CPI. Therefore, the more years you have been in your home, the larger the difference between your amenity rate and that of a new home buyer.
There is one interesting difference between the amenity rate and the Save Our Homes reduction: the amenity rate resets when you purchase a new home but the reduction does not. When I purchase a home my amenity fee is set to the current initial rate regardless of what it was in my previous home. However, my Save Our Homes reduction is portable and can be carried over to the new home. Me and my neighbor are very likely NOT paying the same in property tax because we have a different history with the Save Our Home reduction.
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The example was two houses (of any age or style) are
exactly equal in assessed value (and exemptions) are both taxed at the same rate per $1000
Exactly same property taxes. All the other words about ages, size, etc are irrelevant when assessed values are identical.
In the amenity fee thinking, one house would be taxed at a different amount.
But that would be unfair.
What is unclear about this?