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Barbara's Blog

Hot Market Taxes

November 8th, 2021 2:54 PM by Barbara Doeringer

In today’s crazy real estate market, the jump in home prices threatens increases in property taxes for entire neighborhoods.  Additional pressure to raise property taxes comes from the stores closed and offices vacated during the pandemic.  Residential values are rising and commercial values are falling.  

Property taxes are relatively simple.  An assessor employed by the local government determines the value of your home, then you pay a percentage of that value in taxes.  But taxes vary widely not only from state to state, but from town to town.   They tend to be higher in urban areas, in regions with fewer commercial establishments to tax, in communities with well-funded public schools, and in states with lower income taxes. 

In Florida, once you have established that a home is your primary residence, your property taxes cannot increase by more than 3% a year, no matter how much the home’s value may have grown.  But once you sell your home, that cap is erased and the home’s assessed value could end up being far higher, based in part on the sale price.  

It is wise to investigate the local property tax system where you may relocate.  Local governments provide information and tools on their websites or you can call the local assessor’s office for details.  Nearly every state offers some property tax relief to older homeowners, usually age 65 and older or to lower-income residents.  

Home values are regularly assessed for tax purposes usually every other year.  If you feel your home as been improperly valued, you can appeal the ruling by getting details from the website of the tax assessor for the county or municipality where you live.  They will then direct you to the next steps.  It is also helpful to evaluate comparable properties and make sure all the data is correct.  A licensed appraiser can be hired for a fee to process the appeal for you.  

Work with a local real estate agent who can refer an appraiser to you who is familiar with your market area. 

 

Posted by Barbara Doeringer on November 8th, 2021 2:54 PM


Some things I did not know. Another good reason to work with a realtor....Thanks, Barbara
Posted by Jean Graham on October 21st, 2021 10:12 AM


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