Home Buying in Tampa>Question Details

mark.griggs, Home Buyer in Tampa, FL

Why does property tax go up after buying a home?

Asked by mark.griggs, Tampa, FL Tue Mar 19, 2013

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Antonio Vega-Pacheco’s answer
It is not really going up...it is adjusting to the market price. Over the past few years most homes had drop in value, so after being purchased tax bills were going down significantly. But now prices have stabilized and going up in some areas, which means when a home sales the sales price becomes the new property value on which the taxable value will be determined. But after the first year adjustment it can only move up a small percentage every year....no more big jumps. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
La Rosa Realty
0 votes Thank Flag Link Tue Mar 19, 2013
In New York the tax assessment can't change unless the whole neighborhood is reassessed
Flag Fri Sep 11, 2015
Hi Mark,

The property appraiser's office determines the "market value". Once a property changes hands the "assessed value" may increase to the "market value". Also I've noticed the property appraiser's office has increased values for 2013 over 2012 on most properties.

If the previous owner of your property had a Homestead exemption or other senior or disabled veteran exemption then you may see your property tax increase substantially.

If you owned and occupied the property as your primary residence as of January 1st then you can apply for a Homestead exemption and get about a $700 discount. Investment properties cannot get this discount. The deadline to file has passed but you may be able to go into the office and ask for an exception so you can get the $700 savings.

Also the price you purchased the property for may be less than the Property Appraiser's office may give as a market value. There is a valuation dispute process but just be careful because they can also raise your market value on you! I had an investment property I bought at a bargain price and was shocked to see the appraiser's office had a much higher value. Normally the appraiser's office runs at about 80% of market value.

Hope this helps and congratulations at being successful at actually buying a house in this crazy Seller's market!

All the best,
Alma
Alma Rose Kee, PA
http://www.SoldOnTampa.com
0 votes Thank Flag Link Tue Mar 19, 2013
Prior to you purchasing the home, the county had a percentage limit on how much the tax can be raised per year. When you purchase a home the county is allowed to accept this new amount as the base and then begin building off the new base.
0 votes Thank Flag Link Tue Mar 19, 2013
Your taxes are assessed at the new purchase price, and current market value. Short sale and REO purchases, are usually sold somewhat , and very often very below what the actual market value is, so that is true especially in those circumstances. I can help you with the formula breakdown, and provide you with some resources via websites as well, just give me a call.
0 votes Thank Flag Link Tue Mar 19, 2013
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