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Old 08-29-2010, 08:37 AM
 
27,206 posts, read 46,646,405 times
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NEW PORT RICHEY - Some Pasco County residents are crying foul again over estimated property taxes going up even while the value of a home drops like a rock.

River Crossing resident Allan Schwartz was astounded when the Truth in Millage notice recently arrived in his mailbox.

The great recession has slashed the market value of his home over the past few years, Schwartz said. And the latest TRIM notice from the property appraiser's office registers another decline of more than $30,000 in the value of Schwartz's home since last year.

But Schwartz's estimated taxable value didn't go down.

The maximum projected property taxes in the TRIM notice went up about $313 over 2009. The exact amount will be calculated after Pasco County and the school district finalize their budgets for the fiscal year.

Besides taxes, Schwartz is annoyed he is paying more for homeowners insurance for a home that is worth less.
Tax loophole riles homeowners
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Old 09-04-2010, 01:29 AM
 
147 posts, read 353,704 times
Reputation: 82
What is a milage tax?
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Old 09-04-2010, 07:31 AM
 
Location: Hernando County, FL
8,488 posts, read 20,595,097 times
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Millage rate is the amount per thousand of your assessed value you pay in taxes.
If your home is assessed at $200,000 and the millage rate is 16.5 then your taxes would be $3,300

$200,000/$1000=$200X16.5=$3,300

Of course if it is your homestead you would have the $50,000 exemption so the taxes would be based on $150,000 and be $2,475

$200,000-$50,000=$150,000/$1000=$150X16.5=$2,475
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Old 09-04-2010, 09:04 AM
 
Location: East Tennessee
3,928 posts, read 11,578,301 times
Reputation: 5259
I wonder if it has anything to do with the CDD bond defaults. The county has to collect that money somehow and you know the consumers are the ones going to pay.
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Old 09-04-2010, 10:19 AM
 
Location: Tampa, FL
27,798 posts, read 32,335,022 times
Reputation: 14611
Read that Tiger Woods is building a $50 mil home in Jupiter. Wonder what his millage rate is. Can you imagine his Florida Real Estate tax bill will be annually.

Thanks Tiger!
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Old 09-04-2010, 11:03 AM
 
1,500 posts, read 3,323,397 times
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Tiger current pays $41k/year on his $2 million, nonhomesteaded Orlando area house

6348 Deacon Cir, Windermere, FL 34786 - Zillow

He bought his 12-acre Jupiter Island property at a near peak bubble price of $40plus million and maybe put another $10 million into it. This blog Tiger Woods Houses and Elin’s House in Sweden | Zillow Blog - Real Estate Market Stats, Celebrity Real Estate, and Zillow News reports it currently worth $55 million.

Not sure if that is Palm Beach or Martin county, but taxes on $55 million would run about $1.1 million a year.

$1,000,000 is probably about one tenth of a percent of his net worth. He's not even gonna notice it.

As to the alleged loop hole, as frustrating as it might seem, it actually makes a bit of sense because the law still serves its function of protecting long time residents from exorbitant taxation. Such property tax increases during asset disinflation only goes up until the save our home values have been erased and then they'd just be in step with current values and protected again from going up more than 3% annually.

It isn't as if you would ever be taxed on a value greater than your property's currently worth. And would anyone enjoying a sizeable soh value seriously think it fair to reduce their taxes because their home has lost some value?
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Old 09-04-2010, 11:16 AM
 
147 posts, read 353,704 times
Reputation: 82
I hope this isn't a real stupid question but is there a property tax and then a separate millage tax? In NY I pay the county property tax and an additional school tax. In Pasco/Pinnellas, is there an additional type of property tax called a "millage tax"?
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Old 09-04-2010, 11:31 AM
 
1,500 posts, read 3,323,397 times
Reputation: 1230
No. As Mike noted above. Millage is the rate used to figure the taxes. A portion of which goes to schools, water districts and various other governmental components. The school's portion comes out of your overall property tax paid to the county.

Essentially your tax bill consists of a certain amount based upon millage plus any additional assessments such as moneys used to pay for a particular town's capital improvements. But you just get the one bill here. The county will be happy to distribute your money for you.
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Old 09-04-2010, 07:12 PM
 
27,206 posts, read 46,646,405 times
Reputation: 15661
He is not paying a penny for his cars either...the richer you are the less you have to pay and you get it for free...but that is the great thing of living in a country like this...

He worked hard for it and lot's of people bought the items that he was advertising and that is why he made so much money..

The downside comes with it and I dont' mind that he made huge money, but I don't mind either that when a person like him messes up they will hang him to dry...that is fair and balanced.

A girl for almost every hole he plays...is not normal and the guy must have mental issues...

And it is true the rich create the jobs. I bet he has a lot of people who make money of him, more then make money on a average person...

People washing his cars, cleaning his home, laundry, yard work, managers, personal assistent, etc...isn't that great...it is called Capitalism and I like it better than Socialism.
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Old 09-08-2010, 11:41 PM
 
515 posts, read 1,178,520 times
Reputation: 411
Lol - that sure came out of nowhere.
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