Talk of The Villages Florida - My taxes went down 7%

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Quote:

Originally Posted by Mrfriendly (Post 2129516)

Bought Pre-owned May 2021 in Village of Hadley. Not homesteaded. Tax rate decreased 9% and Property Assessed Value went up 19.3%

Your taxes in October 2021 were based on the previous owner's assessment and exemptions.

As a new owner, your first full year taxes will be based on the true market value of the home and not limited at all by any previous exemptions. Unfortunately for you, there was (is?) a hot market for homes and the value of yours increased 19.3% in your first year.

This year: 19.3% (increase in assessment) - 9.1% (tax rate decrease) - ( a little in school taxes) = 9.6%

Next year the increase in assessment will be the lesser of 10% or the increase in the CPI.

Quote:

Originally Posted by Mrfriendly (Post 2129516)

Bought Pre-owned May 2021 in Village of Hadley. Not homesteaded. Tax rate decreased 9% and Property Assessed Value went up 19.3%

Pretty much my experience. I closed in Feb.'21...last year was my first TRIM notice and taxes were based upon the valuations and homestead status of previous owner. Unfortunately for me, that all went bye-bye in '22.
Time to reset the clock.
I was not surprised. I had done some of my homework (which was a lot more than I did when I was in Catholic grade school, as Sister Mary Gabriel would confirm), so I was prepared for the bite. Still hurt, but at least I knew it was coming.

Quote:

Originally Posted by RiderOnTheStorm (Post 2129500)

Help!!!
My wife and I recently bought into TV in late-2021 and are in the process of becoming Florida citizens. However, because we did not have time to apply for Homestead protection late last year, the assessed valuation of our home was increased by 34%, rather than the 3% cap provided by Homestead protection. The Tax Assessor seemed to take advantage of this brief lack of coverage in late-2021 to sock it to us.
Is anyone aware of any options we might have to contest this huge increase?
Thanks in advance for your thoughts.

We closed on a pre owned home 6/14/22 and see the same adjustment to our TRIM which is to say a big jump (60% in assessed value). Our seller’s benefited their first tax year (‘21) from the original owner’s lower assessment and homestead exemption. For ‘22 it’s our seller’s purchase price and no homestead exemption - I’m assuming they didn’t apply as they closed 03-‘21. We are seeing the jump too as our closing assumed current taxes, so not surprised but the magnitude is pretty steep. We should have homestead in place for ‘23 but we paid more as well so are expecting our market value to increase also.

Quote:

Originally Posted by RiderOnTheStorm (Post 2129500)

The 3% cap on increased assessment valuation comes from the Save Our Homes (SOH) act. In order for the SOH to apply, the homeowner must have the Homestead provision in place. The SOH does not kick in until the 2nd year of having the Homestead protection.

In your case, you were not taken advantage of. The Assessor is merely following the law (which they do not write). It is ALWAYS better to apply for the Homestead exemption earlier, rather than later...if you qualify. That way, you at least get the clock ticking in your favor.