Quote:
Originally Posted by JimJoe
I am not sure about in Florida but I "think" in general the assessed value is not merely based on the amount you paid, but more so on the market value of your home as compared to nearby similar properties. Now if you challenged your assessment based on a declining market the cost of the home might be a more important factor. I would like to hear more on this from someone who deals with this issue in Florida please.
Your idea raises interesting points... Why does the seller not include the bond in the cost of the home? Does that effectively reduce the "Price" of the home thereby making it easier to get an appraisal that justifies the price for mortgage approval and reducing the amount of the down payment? Does it lower the initial assessment because it is more likely to be based on the cost of building where there are not similar properties, thereby effectively making homes built in TV more tax affordable until they are at least reassessed than ones that include the cost of infrastructure in the initial purchase price? I assumed there were reasons to have a "bond".. and the more I think about it the more interesting it becomes. I am sure there are other ramifications I have not thought of. Please help with more ideas. Thanks.
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You are correct that in TV it is the appraised value and not the selling price of the home and is based on similar properties that have been recently sold in that area.
I think it would make things much clearer if the bond information was fully disclosed in any listing and this was one can truly compare things when looking at homes. Show things on a line item basis would be great.
Bond paid yes or no
Original bond xxxx
Original bond interest xxxx
Remaining bond balance xxxx
Yearly bond payment xxxx
I can only dream.