Need property tax advice (Homestead: sales, condos, house)

[Zeech]

I bought a condo in 2008 and I had the homestead exemption. Then I relocated out of state and FL became my second home, so I lost my exemption. I get that I don't have the $50,000 exemption anymore, but my assessed value has gone from about 150,000 to over 300,000 in one year. How could it jump up so much? My taxes went from $2000 to $6000. My neighbors in the same complex have lower assessed values. Is there any way to challenge this?

[City Guy997S]

You can ask for them to look into it but you just reset the value after 13 yrs!

HE stops the rate from rising more than 3% annually, you lost the HE so they valued the property at current values regardless of the 50K exemption.

[Zeech]

I thought losing the exemption just removes the $50,000 exemption from the assessed value. I didn't think it actually resets the value unless there is a new buyer? If you lose your exemption you are treated as if you are just now buying the home?

[wizrap]

Originally Posted by Zeech

I thought losing the exemption just removes the $50,000 exemption from the assessed value. I didn't think it actually resets the value unless there is a new buyer? If you lose your exemption you are treated as if you are just now buying the home?

In essence, yes. If you google Florida’s Save Our Homes you’ll see the explanation. The limit on property tax increases only applies to HOMESTEADED property. Once your property becomes your second home, you lose your homestead status.

I’m not saying you can’t file an appeal though. Maybe there’s an error if your condo’s market value. Who knows?

[City Guy997S]

Originally Posted by Zeech

If you lose your exemption you are treated as if you are just now buying the home?

Yes!

That being said, the home would probably assess higher with an actual sale. The county will appraise it based on recent neighborhood sales. Your argument would be that your unit isn't as nice/updated as the recent sales since you can't argue the square footage or property features since most condos are the same in the complex.

This was a friends house:

2019 2018 2017
Assessed Value $1,677,328 1,027,178 $1,006,051
Exemption Amount $50,500 $50,500
Taxable Value $1,626,828 $1,603,670 $1,566,479 $976,678

Notice the taxable value shot up 580,000 in 2017 the year she rented the house.
The actual taxes did this: $33,578 $20,519.........jumped $13,000!

Now don't feel too bad, she bought it new for 1.2mm, the last "assessed value was 2mm" and she sold it for 2.9mm. 20 yr old house with ZERO improvements. She had rented it for almost 3 years and likely got 15K a month in rent.

[VIP from Boca]

You were too honest.