While I agree with Wendy that the taxes are based on the assessed value minus the homestead and any other exemptions, the 85% "rule" no longer applies to our market.
It is up to the Manatee County Property Appraiser's office each year to provide a valuation for each property in Manatee County. Since our tax system is based on the year's prior sales, our values aren't necessarily in line with the current closings. Also, the appraisers must follow strict state guidelines as to what constitutes an arms-length or non-distressed transaction. With the high number of foreclosures and short sales in this market, the appraisers have a very difficult job placing accurate values on the parcels.
Many times a home will sell for less than the appraised value in extreme buyer's markets, as we are currently experiencing. And now we are experiencing a time where an owner may have to petition the County office to reduce their assessed value, whereas several years ago that was unheard of.
The exemption process is also complicated. One must produce certain documentation to qualify for the various deductions. The first $25,000 homestead about is for those who declare the home as their primary residence. There is also an additional $25,000 deduction that applies, yet it does not include the portion going to school taxes. Then you have widowers/widows exemption as well as exeptions for not-for-profit entities and more.
In Riviera Dunes, more specifically the Laguna condos, there have been three sales in the last three months; the lowest at $165,000 was a bank-owned foreclosure and the other two were at $675,000 and $942,006. There are currently 22 active units, from two at $179,000 all the way up to a penthouse at $1,490,000. Depending on the pricing of the unit, you will be in the $4,000-8,000 range once the new tax bill comes out.
for more information and explaination from the Property Appraiser.
Please let me know if there are any other questions I can answer for you.
Maryann Lawler, REALTOR
The Lawler Group
Keller Williams Realty of Greater Manatee
908 Riverside Drive, Suite 280
Palmetto, Florida 34221
Direct: (941) 586-8257