Property Assessment

[garsha]

Does anyone understand how the properties are assessed. I assumed that it was calculated at 2% of the price of the house --- or I have also heard of 85% of the price paid. Mine was no way close to that---not complaining, just want to understand what may be coming. The second year after we bought the assessment went up 17% but still only about 57% of the price. We did buy in the height of the market in 2006 so prices were very inflated. Any ideas how it works.

[garsha]

My first question may have been confusing. Any one have any ideas how the assessments are calculated and how much they can go up each year :dontknow:?

[Frangyomory]

Not me and probably not even the county assesor!!!!! :dontknow:

[geobar]

Ive been advised by TV sales dept. that the taxes are based on purchase price of the home and each of the 3 counties have a different Millage rate.

Sumter County without any Homestead Exemptions.
Purchase for $300,000 x 80% = $240,000 x 13.49 = approx. $3,261.00

Hope this helps you with your questions.