Home Buying in Lehigh Acres>Question Details

Paul, Home Buyer in Florida

Property Tax Amounts When Markets Return?

Asked by Paul, Florida Mon Apr 30, 2012

When I look at the at the property tax amount from 5-7 years ago for homes that are now offered at a fifth of those previous prices will corresponding property tax amounts, I wonder how the property tax amount will be affected when (if) the housing markets returns someday.

If we buy at todays prices and the market returns, will our property tax amount go up right away or will the tax hold at a lower amount while we own it until we would sell, say, 30 years from now? Thanks!

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Hello Paul,
Property taxes are leveling off. Property's are selling higher than the assessed tax values. I also believe the bell curve for property taxes is on the rise. We have an opportunity this year to help our new non-homestead buyers by voting for the 5% cap on increases each year. It does not mean they will automatically increase every year but at least they wont have a dramatic increase. If you are a resident of Florida for 6 months and a day and have a florida drivers license you are eligible for a $25,000.00 homestead exemption off your assessed tax value. You can get an additional $25K off if you are a widower and another $25,000.00 if you are over 65 years old.

Once your homestead exemption status is in place your increase is capped at 3.5% per year.
Hope this helps you.

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2011" by Gulf Shore Life Magazine
Cell: 239-464-8620
Email: sarahgarrett@argfl.com
Web Access to MLS:
0 votes Thank Flag Link Mon Apr 30, 2012
Thanks for your replies. I appreciate your time. I was kind of hoping the value of the home would not raise as fast while we owned it, but "catch up" when we sold maybe 30 years from now. Doesn't work like that, huh? :-P

Paul
0 votes Thank Flag Link Tue May 1, 2012
If you are a non-homestead there currently is no cap. Amendment 4 is on the ballot this year and that would cap the increase to 5% a year if passed.

There are too many unknown factors to accurately guess what will happen with taxes in the next year let alone 10 years.
0 votes Thank Flag Link Mon Apr 30, 2012
If this is your homestead, the taxible value can only rise 3% a year by law. This was put into place to protect homeowners from spikes in their property values. Get all the info at http://www.LeePA.org That's our property appraiser's site and is loaded with great info.
0 votes Thank Flag Link Mon Apr 30, 2012
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