I think it is more of a time factor then a magic number or percentage. It is all based on when the seller bought the home and if they homesteaded the property. The length of time can distort the stated market value if the home was homesteaded. The Save Our Homes feature of the homestead caps the property appraisers ability to increase the assessed value no more than 3%. Three identical homes on the same street could all have different taxes based on when their owners bought them and if they are homesteaded.
As a buyer of real estate in Florida, it is important that you base your projected tax payments not on the current tax of the house but on the purchase price and if you will homestead it or not.
Hope that helps.
Mike Hastings, Realtor
Dawn Realty
352-538-1092
http://www.mhastings.com - Fri Sep 18 2009, 07:49