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Old 06-14-2017, 11:08 PM
 
Location: Tampa Bay Area Florida
7,937 posts, read 20,381,405 times
Reputation: 2027

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I can not believe that our taxes for the new house will be going up 2k a year with homestead...I am just floored..Even in NJ where we are one of the highest property taxes in the country doesn't go up that much after closing...Oh well..Just thought I would share with people moving there and to be aware that once you close your re-assessed for market value is what I was told from Pasco county...They went from 3395.00 to 5345.00
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Old 06-14-2017, 11:27 PM
 
3,833 posts, read 3,342,083 times
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Quote:
Originally Posted by Swimmom32 View Post
I can not believe that our taxes for the new house will be going up 2k a year with homestead...I am just floored..Even in NJ where we are one of the highest property taxes in the country doesn't go up that much after closing...Oh well..Just thought I would share with people moving there and to be aware that once you close your re-assessed for market value is what I was told from Pasco county...They went from 3395.00 to 5345.00
I noticed that too in 2015 when we were looking for houses and how Pasco taxes are high in a lot of areas. That's why I'm 2 hours to the south. I would have like the jobs and more stuff near Tampa but we simply couldn't afford it.
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Old 06-15-2017, 05:57 AM
 
Location: -"`-._,-'"`-._, ☀ Sunny Florida ☀ ,-"`-._,-'"`-.
1,357 posts, read 1,242,488 times
Reputation: 1324
Is that due to significant increase in the assessed value? This may explain what happened:


Florida "Save Our Homes"


Quote:
Summary

The Florida Constitution was amended effective January 1, 1995, to limit annual increases in assessed value of property with Homestead Exemption to three percent or the change in the Consumer Price Index, whichever is lower (click here for CPI history). No assessment, though, shall exceed current fair market value. This limitation applies only to property value, not property taxes.

A change in property ownership will effectively "reset" the Capped Value to full market value. It is important to know that property taxes will increase the next year as the assessed value must be adjusted to equal the current market value.
See link above for further details

I found out about this as I was looking for my new home when I moved down here. We had a home we were interested in, but as I did my due diligence I found that the property tax would increase by $3,000 compared to what the current home owner was paying due to this. And exemption is also portable. The good news is you'll benefit from this going forward.

Here's another link that has an example that's pretty good as highlighting the impact of property tax after a sale.
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Old 06-15-2017, 08:55 AM
 
Location: Tampa Bay Area Florida
7,937 posts, read 20,381,405 times
Reputation: 2027
Quote:
Originally Posted by bobandsherry View Post
Is that due to significant increase in the assessed value? This may explain what happened:


Florida "Save Our Homes"



See link above for further details

I found out about this as I was looking for my new home when I moved down here. We had a home we were interested in, but as I did my due diligence I found that the property tax would increase by $3,000 compared to what the current home owner was paying due to this. And exemption is also portable. The good news is you'll benefit from this going forward.

Here's another link that has an example that's pretty good as highlighting the impact of property tax after a sale.
thank you Yes it is due to increase of significant value..I am just in shock lol its a little more than we budgeted for as we spent more than we had anticipated on the home, we love it and was in budget however these taxes well I didn't realize 2k I was figuring 1100 or so after we were reassessed...I am going to read the link you provided...

pcpao is for pinellas we are in pasco...but this does explain it so I guess I will be paying 5245.00 for taxes with homestead oh well!!

Last edited by Swimmom32; 06-15-2017 at 09:09 AM..
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Old 06-15-2017, 10:08 AM
 
17,534 posts, read 39,131,539 times
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Quote:
Originally Posted by Swimmom32 View Post
thank you Yes it is due to increase of significant value..I am just in shock lol its a little more than we budgeted for as we spent more than we had anticipated on the home, we love it and was in budget however these taxes well I didn't realize 2k I was figuring 1100 or so after we were reassessed...I am going to read the link you provided...

pcpao is for pinellas we are in pasco...but this does explain it so I guess I will be paying 5245.00 for taxes with homestead oh well!!
Your homestead will kick in next year so your taxes should go down.
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Old 06-15-2017, 11:21 AM
 
Location: -"`-._,-'"`-._, ☀ Sunny Florida ☀ ,-"`-._,-'"`-.
1,357 posts, read 1,242,488 times
Reputation: 1324
Quote:
Originally Posted by Swimmom32 View Post
thank you Yes it is due to increase of significant value..I am just in shock lol its a little more than we budgeted for as we spent more than we had anticipated on the home, we love it and was in budget however these taxes well I didn't realize 2k I was figuring 1100 or so after we were reassessed...I am going to read the link you provided...

pcpao is for pinellas we are in pasco...but this does explain it so I guess I will be paying 5245.00 for taxes with homestead oh well!!
I linked to Pinellas county as it had a pretty detailed explanation, but all counties fall under the same act. A bit of a shocker I'm sure
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Old 06-15-2017, 11:38 AM
 
Location: Tampa
107 posts, read 110,603 times
Reputation: 93
With the Pasco property appraiser website, there is a link called 'estimate taxes', and when you put the purchase price, it will give you an estimate on the new taxes once you take the SOH ceiling. The good thing is that once you are here , and for any reason the assessment goes down, then it can only go 3% max from the new value, and the SOH is portable if you move within Florida.
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Old 06-15-2017, 11:45 AM
 
Location: South Florida
5,021 posts, read 7,450,618 times
Reputation: 5466
That is quite a hike Swim!
I'm so sorry - but thanks for sharing.
Congrats on the new house
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Old 06-15-2017, 01:52 PM
 
Location: Tampa Bay Area Florida
7,937 posts, read 20,381,405 times
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Quote:
Originally Posted by gypsychic View Post
Your homestead will kick in next year so your taxes should go down.
they told me that the 5245 included my homestead OUCH
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Old 06-15-2017, 01:53 PM
 
Location: Tampa Bay Area Florida
7,937 posts, read 20,381,405 times
Reputation: 2027
Quote:
Originally Posted by EngGuy View Post
With the Pasco property appraiser website, there is a link called 'estimate taxes', and when you put the purchase price, it will give you an estimate on the new taxes once you take the SOH ceiling. The good thing is that once you are here , and for any reason the assessment goes down, then it can only go 3% max from the new value, and the SOH is portable if you move within Florida.
That is what I was thinking and when I called the gal said well that 5245-5500 is WITH homestead, and then the year after that the SOH would kick in? but that might not be much...
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