Confused about Florida's Property Taxes?

Confused about Florida's Property Taxes?

Property owners in Florida have benefited from the considerable appreciation in real estate prices in the last few years, but this has proved to be a mixed blessing! Normally, property tax increases are capped at 3 percent a year, but the cap is no longer applicable if the property is sold. The problem with this is that it has been essentially handcuffing many homeowners to their existing home, as they could not afford the taxes on the new home they would like to purchase.

For example, if you are living in a home that you bought for $200,000, and you sell it for $500,000, the buyer will have to pay property taxes on a much higher base! And you yourself would have to pay taxes at the new higher rate on your new home.

These property taxes are proving to be unaffordable for many home owners, because they are already burdened with high hurricane insurance premiums, especially along the coast!

A way out for harried Florida property owners?

The Florida Legislature passed new legislation in June 2007, about property taxes, in two different sections. Home owners can choose how their homes will be taxed. They can choose to continue with the present "save our homes" exemption, or opt for the new exemption plan.

The legislation provides for a $25,000 exemption from the taxable value of the home, though this does not amount to much. However, if the new proposal comes into force, it will result in much bigger exemptions, due to which property owners may be able to reduce their property taxes to less than half of what they are presently paying!

For more information on Florida Property Taxes, contact us, or visit one of these great resources:

- Florida TaxWatch

- Florida Property Tax Reform Committee

- Tax Foundation

- Florida House of Representatives

- Seminole County Property Apprasier

- Orange County Property Appraiser

- Lake County Property Appraiser

- Seminole County Property Tax Estimator

- Orange County Property Tax Estimator

- Lake County Property Tax Estimator

- Volusia County Property Tax Estimator