Archive for August 23rd, 2007
23.08.07 » Why haven’t my property taxes gone down?
Homestead is no protection against tax increases this year… 
Florida homes have a market value (estimate of worth) and an assessed value (basis for property tax calculations). An owner’s assessed value, at first, should be market value minus $25,000, the homestead exemption and the local government applies its tax (millage) rate to that number. But Save Our Homes (SOH) (Homestead) also impacts assessed value by capping it at a maximum 3 percent yearly increase. However, that cap is a yearly tool and applies anytime assessed value is below market value (minus $25,000). And for many of the state’s long-time homeowners, assessed value is significantly less than market value (minus $25,000).
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