If I can help or answer any questions, let me know.
Tammy Hayes, Realtor
Re/Max Palm Realty
Ad Valorem property taxes are based on "Just Value", which is synonymous with Market Value.
The formula, simply put, is "Just or Market Value" of the unit multiplied by the millage rate equals Ad Valorem (according to value) Tax. On top of that, can be added flat fee taxes such road paving, garbage fees, etc. It really depends on the location of the taxing district for additional flat taxes and millage rates.
Also, Save our homes caps for homesteaded properties will create different taxable values than those condominium units without homestead exemptions and caps.
You should look at the "Just Value" of the unit, as arguing value is the only way generally to reduce the tax burden, which can be done at a Value Adjustment Board. Condominium units are based on the comparable sales or direct sales comparison approach. Amenities, maintenance fees, location and quality are major variables in just value estimates. The County Property Appraiser will estimate value of each unit as of January 1 of each year. This estimate of value will be generally based on the previous year of sales, and in a declining market, lag behind current sales and values, resulting in over assessments and an unfair tax burden. Due to this inherent time lag in the system, the Florida legislature this year removed the "presumption of correctness" from the County Property Appraiser at the Value Adjustment Board, making it a level field when contesting the estimated market or just value. It behooves the taxpayer to get an unbiased, third party opinion of value or appraisal by a qualified appraiser, especially if it is a high value unit. The difference in value estimates can more than pay for the appraisal, and in the case of homesteaded properties, reduce the the burden of taxes for more than one year due to the Save our homes caps.
Reference is made to our website listed below for a more definitive explanation, as well as ordering an appraisal and contracting for representation at the Value Adjustment Board. There is a whole section (page) on property tax assessment and the appeal process. You can also contact us for a more specific answer based on the actual unit or units in question.
Mike Goff, Harborside Appraisal
Currently, the taxes on condos in Punta Gorda are in a state of change due to the real estate market conditions. Taxes peaked in 2006 and have dropped since then due to declining market valuations. All properties are assessed each year and are based on the market valuations as determined by the government assessment.
It looks like some condos are taxed higher than others, if you look at the asking price. However, there is a wide range of asking prices for similar condos, again due to the decline in the real estate market. Another aspect is the homestead exemption which allows a homeowner to deduct $50,000 off the taxable valuation. Some MLS listings include a homestead exemption for taxes and some do not.
Hope this helps,
Real Estate Agent
Suncoasteam Realty, LLC
I. Real Estate Taxes
Ad Valorem Real Estate Taxes are based on the value of real property, and are paid in arrears. The tax year runs from January 1st to December 31st. The office of the Property Appraiser establishes the value of the property and the Board of County Commissioners, School Board, City Commissioners and other levying bodies set the millage rates. One mill equals $1.00 per $1,000.00 of property value.
Using these values and allowing for exemptions, the tax roll is completed by the Property Appraiser and approved by the Department of Revenue. The tax roll is then certified by the Property Appraiser to the Tax Collector who mails the tax notice/receipt to the owner's last address of record as it appears on the tax roll. (Note: The owner of record is the owner as of January 1st of the tax year.) It is the responsibility of each taxpayer to see that the taxes are paid and that a tax bill is received. F. S. 197.122 (1995) In cases where the property owner pays their Real Estate Taxes through an escrow account, the mortgage company should request and be sent the tax bill, and the owner will receive an Informational Notice.
I copied this directly from the website. Variations in specifics and exemptions will result in different taxes.
Hopes this helps.