Quote:
Originally Posted by Peazoup
I was quoting from both the real estate agent I used when buying my resale and also from Lyle Gant's FAQs. I also just called the Tax Appraisor's office to make sure of my facts and was told YES, when you first purchase a home, property taxes for that year are based on the purchase price of the home.
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I agree that they may be "based" on the purchase price but you are not taxed on the purchase price, you are taxed on the assessed value less exemptions. They must have some formula that figures the assessed value "based" on purchase price. If you have exemptions they are deducted to arrive at your "taxable value".
The following examples are from Sumter County.
I'll use an example I have first hand knowledge of on a resale: Purchased last year for $269,000. Assessed value that they paid taxes on: $219,337.
Here's another example of a house at random right off of the County Property Appraiser's web site:
House bought new in Jan 2006 - $262,500
2006 taxes were based on an assessed value of $210,191
Same house re-sold in April 2007 for $305,000.
2007 taxes were based on an assessed value of $215,445
2008 taxes were based on an assessed value of $218,034
2009 taxes were based on an assessed value of $212,466 In this example the owners claimed the homestead exemption and the taxable value of the property was $162,466, except for the school taxes which were based on a taxable value of $187,466.
I did another at random just to make sure I wasn't missing some portability issue or something else. Home bought new in 2005 for $240,000. Sold in Jan 2008 for $287,500. First years assessed value after re-sale: $181,281. If they had believed they would be paying taxes on the $287,500 sales price I bet they were happy when they got the tax bill.