Real Estate Taxes gone way up
 

Got my annual TRIM notice in mail yesterday. My taxes on my home have shot up 22% over last year. Sumter county. Wondering what is going on? Anyone else have same experience?

Opposite experience... My 2-yr old house in Tamarind Grove went down 2.6%

what's TRIM?

Not mine in Lake county, mine went up $15.00, not a big deal,but my market value is up by 10%, and thats great. Where else can you get "Fire and Medical" assessment for $90.11...whata country !

Everyone gets one. It is a list of your last year's taxes and what the new taxes will be this year if they pass all of the recommendations. TRIM stands for Truth in Millage.

I got mine yesterday. Yours might be in the mail.

If you are new I do not know if you will get a past/present but you might just get the present recommendations.

Z

Well fire and med in sumter is just $81.00 and that is great. It is the real estate taxes that took the big jump. $1887 up to $2334.

Remember that if you pay your taxes in November you get a 4% discount (at least I think it is 4%).

Z

Hmm...I thought the Sumter tax rate went down again.

About the same as last year. Sumter County.

The first year's taxes on a new house only cover the land. The second year's taxes cover the house and land. Could this be the case?

[QUOTE=janmcn;733143]The first year's taxes on a new house only cover the land. The second year's taxes cover the house and land. Could this be the case?[/QUOTY

You are correct
And our monthly house payment has gone up considerably because of this

This is correct. Firt year taxes on the land, second years on house and land. Remember you are paying the majority of your taxes is arrears I believe.

Yes, taxes are paid in arrears and the bond/maintenance is paid in advance.

Sumter County, FL - Official Website

Why have my property taxes increased?
Your tax bill may increase for a variety of reasons. Some of the most common reasons are:
Loss of homestead exemption or other change in exemption status
Increase in assessed property value (i.e. increase in market value)
Increase in millage rate by one or more taxing authority
Column 2 on your TRIM notice contains the amounts you paid last year for each component of your property tax. Comparing this amount to the proposed amount for the upcoming year should help you to locate an item that may have increased.

How do I calculate my property tax?
The taxes due on a property are calculated by multiplying the taxable value of the property by the millage rate. For example, the property taxes on a home with a homestead exemption of $25,000 and a total tax rate, from all taxing authorities, of 20 mills can be calculated in this manner:
Determine the taxable value of the property:
assessed value of home: 100,000
homestead exemption: -25,000
taxable value: 75,000
Divide the taxable value by 1,000 and multiply by the millage rate:
(75,000/1,000) X 20 = $1500

Because the accessed value of your home went up. Compare last years value to this years. Value goes up, taxes go up'
:undecided::undecided::undecided: