[pianogal]

The following is an example from my neighborhood of how unfair the tax situation has gotten in our area.

The first home you see when you enter our community is a 3500 square foot beautifully landscaped home. It sold for 282,000 in April of 2005. It was resold for 420,000 in August of 2005. The property owners paid over 6K in taxes last year. This year the City of Orlando has raised their assessed value 100K so their tax bill will be between 8-9K. They will be paying taxes this year on an assessed value of 464,000 - but the home has been for sale for months at 375,000! Remember they paid 420,000 for it. Any question why it doesn't sell?

[sunrico90]

Originally Posted by pianogal

The following is an example from my neighborhood of how unfair the tax situation has gotten in our area.

The first home you see when you enter our community is a 3500 square foot beautifully landscaped home. It sold for 282,000 in April of 2005. It was resold for 420,000 in August of 2005. The property owners paid over 6K in taxes last year. This year the City of Orlando has raised their assessed value 100K so their tax bill will be between 8-9K. They will be paying taxes this year on an assessed value of 464,000 - but the home has been for sale for months at 375,000! Remember they paid 420,000 for it. Any question why it doesn't sell?

Pianogal,

I do understand your view and the taxes does placed families in a critical financial situation. We all learned the hard way the reality of live. What goes up will come down and taxes do not come down. Many more made the same mistake and many can't sell their homes. Maybe a lesson learned for all of us and the future generation of home owners in Florida...... We should not make the same mistake twice, we must honestly made educated financial decisions in the future if we get a bad hurricane season....

[tallrick]

Let's hope that values do drop. I am curious to see if governments will lower assessments based on falling sales. To me the price of property isn't the issue, the taxes are. Florida has reached it's limit to property values and high taxes will cause values to fall faster than they would otherwise.

[Audacious]

Originally Posted by tallrick

Let's hope that values do drop. I am curious to see if governments will lower assessments based on falling sales. To me the price of property isn't the issue, the taxes are. Florida has reached it's limit to property values and high taxes will cause values to fall faster than they would otherwise.

I doubt very much if any of the local govts' will lower assessments unless you appeal/fight them.