New RE Taxed

[atroxanautin]

Originally Posted by Coachgns

The new MArket Value is actually what the listing price was when we bought the place. But it sat on the MArket for a year at that price, unsold. So the Market Value should actually be what a reasonable buyer would pay - which is what we paid. I guess I'll TRY that argument with the Assessor.



Guess I don't fit into "most people" then, since I AM paying much closer to what jnanner pointed out than what Harbor Hopper mentioned.

Well, you definately are not most people because your assessed value at 10k tax would have to be around 600-700 thousand. Thats a lot more than the median house price.

Edit: I realize now that you live downtown. So you do have to pay a few more mills for the downtown district. But still, compare taxes on an average place in long island vs here.

[Coachgns]

Originally Posted by atroxanautin

Well, you definately are not most people because your assessed value at 10k tax would have to be around 600-700 thousand. Thats a lot more than the median house price.

Edit: I realize now that you live downtown. So you do have to pay a few more mills for the downtown district. But still, compare taxes on an average place in long island vs here.

But the place I bought is nowhere near that price!
An equivalent priced house on long island, in many towns, would yield very similar taxes. In some towns, including the last one I owned a house in, it would be less.

[atroxanautin]

Originally Posted by Coachgns

But the place I bought is nowhere near that price!
An equivalent priced house on long island, in many towns, would yield very similar taxes. In some towns, including the last one I owned a house in, it would be less.

Well, if you didn't live downtown and in the city, you could save yourself 5 mills.., little over 25%

I know your situation sucks and I hope you get your bill lowered. But, you are in the highest taxed part of Sarasota

Also, I don't doubt that the taxes would be similar or more for the same price. My point is the home prices are quite a bit lower here and you can get more house for the money.

[d4g4m]

The amount of taxes you pay on real estate has nothing to do with what you think the property is worth, what you paid for it or the market value that the appraisers office determines its worth..
Taxes are paid on the assessed value as determined by the appraisers office. If you have been living in a homesteaded home, and no matter what the market is doing or the value of your home, the appraisers office can raise the assessed value but not by more than 3% or the CPI, which ever is lower. The fed gov't says that the CPI was 2.7%. [even though they told SS recipients that it was zero] So, all assessed values have been increased by 2.7% If you own NON-homesteaded property, the assessed value can not go up more than 10%[this is new law.]
Now, if you buy a property, all bets are off. Whether homesteaded or non-homesteaded, the assessed value is open to re-evaluation [and it is] and the appraisers office can set any amount they want. The previous owners assessed value goes out the window. This is because the previous owner may have been living in the house for 15 years and assessed value increases was limited to 3% or less each year, saving the home owner $thousands that the county didn't get. The only thing that can save a few bucks [when you buy a different home] is if you have any thing left in your SOH provision. And the appraisers office has reduced that amount dramatically by reducing 'market value' [which determines the SOH amount] of your existing home. [some SOH is zero because the market value is also the same as assessed value] If you are new to purchasing a home, no SOH for you. And to add insult to injury, all millage rates of all taxing authorites has increased the amounts of taxes they collect. Government taxes and government SPENDING is never less. Take a better look at the TRIM notice you received a few days ago.

[davery5872]

Originally Posted by d4g4m

Government taxes and government SPENDING is never less. Take a better look at the TRIM notice you received a few days ago.

It looks like as the last notice that was sent, my property taxes are going to decrease about 30%. Of course this is only if the millage does not change.