2006 Proposed property taxes

There are limits in Walton too...if one has Homestead Exemption. Also, last year the millage rate was reduced--thanks to the good work of the Walton County Taxpayers Association.

Seems to me the county tax appraiser is getting mighty greedy. In many states there are limits to annual property tax increases.
Time to contest the valuation.

Since Florida had to redecorate the last two summers, we've got "no state taxes" and essentially canned the "intangible tax" the money has gotta come from somewhere. Florida is just makin' hay before the RE Boom fizzles completely.

Safe to say someone with a portfolio full of Florida investment RE is going to feel the sting more than the regular ole homesteaders.

Safe to say someone with a portfolio full of Florida investment RE is going to feel the sting more than the regular ole homesteaders.

Well..don't look at me.:roll: I'm down to just 2 holdings in Florida. And they are for my own consumption.
But that aside..Ad Valorem taxes are usually based on 5 or 10 year valuation averages to take the bumps and surprises out...Mr Pete Smith (Okaloosa assesor) seems to make his assesments almost monthly! Last year he upped it 125% and this year he hands me 140% (quater million $) increase.
Just because 2 to 3% of like properties are bought by investulator maniacs for exorbadant prices, does not necessarily make it true for the other 97%!
At no time was my property on the market at that valuation.
Let my property sell on the market and then fix its value at the selling price.
Thats what I say!!

I got my taxes (Okaloosa) $10,000. They claim my house (new, 2 story... destiny west) is worth $70,000 less than my neighbor who has less square footage, one story. no more upgrades than me.... I think they pull prices out of their asses. PLUS we would not be able to sell our homes at the price they claim. we are doing the petition thing.

Just because 2 to 3% of like properties are bought by investulator maniacs for exorbadant prices, does not necessarily make it true for the other 97%!

But during the "frenzy" a good number of the remaining 97 - 98% actually BELIEVED the price increases applied to their properties too--some even liberated equity based on the exorbitant prices....many gleefully related their stories of instant riches to anyone within earshot. The counties are taking full advantage of the RE frenzy to fatten the tax coffers --your case is just another example of "collateral damage" from the RE boom.

I got my taxes (Okaloosa) $10,000. They claim my house (new, 2 story... destiny west) is worth $70,000 less than my neighbor who has less square footage, one story. no more upgrades than me.... I think they pull prices out of their asses. PLUS we would not be able to sell our homes at the price they claim. we are doing the petition thing.

You're petitioning because they valued your home too low?

But during the "frenzy" a good number of the remaining 97 - 98% actually BELIEVED the price increases applied to their properties too--some even liberated equity based on the exorbitant prices....many gleefully related their stories of instant riches to anyone within earshot. The counties are taking full advantage of the RE frenzy to fatten the tax coffers

Maybe so..we were gleefull as values went up and now not so gleefull as prices come down and inventory goes up...but that does not give the county assessor the right to see only one side of the coin. If I put my lot on the market for what the assessor says its worth, I am sure it would languish on the "market" for years.
It aint right..I tell ya.

I got my taxes (Okaloosa) $10,000. They claim my house (new, 2 story... destiny west) is worth $70,000 less than my neighbor who has less square footage, one story. no more upgrades than me.... I think they pull prices out of their asses. PLUS we would not be able to sell our homes at the price they claim. we are doing the petition thing.

I know what you are saying......My lot is also in Destiny West. Here is another example of the assessors arbitrary valuation.
My neighbor (to the south) has a home on his lot. They have the market value of his home at $850K, but his assessed tax value at $395K and with his homestead exemption, his taxes are lower than mine...and I just have a vacant lot.
Go figure.

I know what you are saying......My lot is also in Destiny West. Here is another example of the assessors arbitrary valuation.
My neighbor (to the south) has a home on his lot. They have the market value of his home at $850K, but his assessed tax value at $395K and with his homestead exemption, his taxes are lower than mine...and I just have a vacant lot.
Go figure.

I believe his assessed tax value reflects the fact that he has it homestead... Look into the Florida Save our Homes tax law... http://www.qpublic.net/okaloosa/save-our-homes.html

Speculators and investors are going to get burned on these tax reassasements...

Primary homeowners just need to worry about insurance... Investors, Both!!!

I believe his assessed tax value reflects the fact that he has it homestead... Look into the Florida Save our Homes tax law... http://www.qpublic.net/okaloosa/save-our-homes.html

Speculators and investors are going to get burned on these tax reassasements...

Primary homeowners just need to worry about insurance... Investors, Both!!!

Homestead exemption is only $25000....not $400000!!!
Honest reassesments are welcome...just dont pull it out of your as*!!

Homestead exemption is only $25000....not $400000!!!
Honest reassesments are welcome...just dont pull it out of your as*!!

Quote:
Originally Posted by dsilvar
I know what you are saying......My lot is also in Destiny West. Here is another example of the assessors arbitrary valuation.
My neighbor (to the south) has a home on his lot. They have the market value of his home at $850K, but his assessed tax value at $395K and with his homestead exemption, his taxes are lower than mine...and I just have a vacant lot.
Go figure.

You must not have read the link... Yes the homestead exemption is only $25k...

But if your neighbor bought his place say oh many moons ago when prices were half of what they are today... (4 years ago!!!!)...

His assessed taxable value would have been capped at a 3% raise max, per year.... So as your market value has doubled in that time frame... his assessed value has gone up approximately 15% max from his purchasing point.........................

His assessed taxable value would have been capped at a 3% raise max, per year.... So as your market value has doubled in that time frame... his assessed value has gone up approximately 15% max from his purchasing point.........................

Your right..thanks.

I believe his assessed tax value reflects the fact that he has it homestead... Look into the Florida Save our Homes tax law... http://www.qpublic.net/okaloosa/save-our-homes.html

Speculators and investors are going to get burned on these tax reassasements...
Primary homeowners just need to worry about insurance... Investors, Both!!!

If they didn't know the law before they bought, that is their own fault. There is nothing secretive about Florida's Save-Our-Homes cap. It is what it is, and anyone who bought a second home or investment property with the idea or hope that the values would skyrocket theoretically should have known that their taxes would follow suit. The insurance crisis is something no one could have predicted, but property taxes are pretty clear-cut.

If they didn't know the law before they bought, that is their own fault. There is nothing secretive about Florida's Save-Our-Homes cap. It is what it is, and anyone who bought a second home or investment property with the idea or hope that the values would skyrocket theoretically should have known that their taxes would follow suit. The insurance crisis is something no one could have predicted, but property taxes are pretty clear-cut.

See above from Dsilvar... Not everyone is aware of the RE tax laws in FL.

See above from Dsilvar... Not everyone is aware of the RE tax laws in FL.

But they should be before they purchase in FL! Due diligence. Sorry.

Edit: Let me clarify by saying it sounds as if the assessments as a whole are too high based on current market values, and that IS unfair, and should be contested. Statewide, the unwritten but often referred to rule of thumb is that properties are usually assessed at about 80 percent of their actual market value. That has held true for us in Pinellas, Hillsborough and Walton counties. Whether you pay taxes on that full assessment then depends on whether you are homesteaded or not.

You're petitioning because they valued your home too low?

That is what I was thinking. Go ahead, tell them about your neighbor's higher assessed value. Surely, they will not increase yours.

Maybe so..we were gleefull as values went up and now not so gleefull as prices come down and inventory goes up...but that does not give the county assessor the right to see only one side of the coin. If I put my lot on the market for what the assessor says its worth, I am sure it would languish on the "market" for years.
It aint right..I tell ya.

It is my understanding that the Tax Assessor is to base the assessed value on properties sold in close proximity to your property. With sales being so slow, there may not be any other properties which have recently sold in your area, thereby leaving the assessed values at higher levels than actual values.

Perhaps there are other things which determine the County's assessed value. I guess you could always crowd the market with even more inventory by listing your property at a price much lower than your assessed value, showing the Property Appraiser that the assessed value in your case is way too high. You wouldn't actually have to sell your property, but you may still have to pay the brokerage fee if your agent brings you a full priced offer based.

That is what I was thinking. Go ahead, tell them about your neighbor's higher assessed value. Surely, they will not increase yours.

I'm betting the assessment irregularities have something to do with granite counter tops

I'm betting the assessment irregularities have something to do with granite counter tops

Whoa guys...I am fully aware of Fl's homestead rules and the 3% cap. Just didn?t read it into that particular example.
Nice to be protected by homestead rules..while its open season on non- homesteaders. Now that?s fair and equitable!!
No matter..that?s not the point..the point is that fair market value of any property can truly only be determined when it sells..otherwise its educated speculation...but speculation nonetheless.
In a falling value RE market the last person you want to be bullish about valuations is the local property assessor. He simply will not be able to make his case...look at SJ's recent RE sales.
You simply cannot take the 2% that sold at exorbitant prices and extrapolate fair market pricing for the 98% that are not on the market or for properties that havent sold as yet.
To raise my property valuation a half million in 2 years so that now on a postage size lot my taxes are one and a half times the taxes on my neighbors million dollar home is ludicrous.
And Shelly...you know what Hollibird meant to say..c'mon...

"I got my taxes (Okaloosa) $10,000. They claim my house (new, 2 story... destiny west) is worth $70,000 more than my neighbor who has more square footage, one story. no more upgrades than me.... I think they pull prices out of their asses. PLUS we would not be able to sell our homes at the price they claim. we are doing the petition thing."

I think

dsilva,
Shelly knows what hollibird is saying, and that is why he questioned it. Shelly is simply pointing out that sometimes we forget the big picture because we focus on the wrong thing. Forget about your neighbors house valuation, focus on your own. Otherwise, you may get into trouble, if not with the gov't, then maybe your neighbor. I know of a few houses which were built several years ago, that are still showing up on the tax rolls as vacant land. I say, lucky them.

And Shelly...you know what Hollibird meant to say..c'mon...

"I got my taxes (Okaloosa) $10,000. They claim my house (new, 2 story... destiny west) is worth $70,000 more than my neighbor who has more square footage, one story. no more upgrades than me.... I think they pull prices out of their asses. PLUS we would not be able to sell our homes at the price they claim. we are doing the petition thing."

I think

DS,

Someone is pulling something out of somewhere -- your reengineered version of Hollibird's statement makes even less sense than the original.

SJ is right on the money. If the tax guy is under-assessing...where do I sign up???

One of the tax assessor's flying monkeys showed up on my doorstep right after Hurricane Dennis; he was snooping around for a look-see at a new storage area I had built (apparently they've been viewing a lot of satellite images) and updated his records to increase my property value.

You questioned whether it is right for homesteaders to pay less than non-homesteaders? Damn straight it is! Especially since we're the folks who have the vote and have to suffer 24/7 with the lunatics running the asylum up in Talla. There are other states with a more "equitable" property tax system for residents and investulators alike--maybe it would be a better choice to buy somewhere else...there's certainly plenty to chose from since it's a buyer's market in those states too.

Taxes are supposed to be fair and equitable? Hell I didn't know. :funn:

DS,
You questioned whether it is right for homesteaders to pay less than non-homesteaders? Damn straight it is! Especially since we're the folks who have the vote and have to suffer 24/7 with the lunatics running the asylum up in Talla. There are other states with a more "equitable" property tax system for residents and investulators alike--maybe it would be a better choice to buy somewhere else...there's certainly plenty to chose from since it's a buyer's market in those states too.

Shelly,
I am invested in the states of Oregon and Washington.
Both these states have very fair and equitable property tax systems.
Fair to all property owners equally. Ergo: equitable.

There is inherently something discriminatory about your bias against non-homesteaders. OK for us to pay taxes to subsidize your life style and local goverment, but not good enough to be treated "equitably".

I don't quite get your rant on "suffering" state goverment or voting. But all that is academic. I have chosen Florida to be my home state..that is still permissible ya?

This afternoon, I recieved a call from the Okaloosa property assessor..He was sympathetic to my point of view and has agreed to relook at his assessment of lots in Destiny West.
I feel sure I will get a more equitable assesment. Don't get me wrong..I am glad to pay my due taxes on that lot..equitable or not, under homestead exemption or not...because in the end (10 years and $100,000 in taxes later) I will come out ahead..gauronteed!

On a personal note tho'..I really do like your take on things, Shelly, your dry sense of humor and width of knowledge. But there is something visceral about your reaction to "investulators in Florida" that eats at your soul. and that saddens me. Thats all bro'
Peace.

Taxes are supposed to be fair and equitable? Hell I didn't know. :funn:

Pirate..shutup dumbass.

Just wanted to point out that even if you are a Florida resident, it doesn't make the property taxes equitable, county-to-county. Our millage rate in Hillsborough is north of 28 where by comparison, in Walton it is under 10. The taxes in Walton County can end up being a bargain even for those who don't homestead. Depending on your perspective of course. Obviously there are many, many more services, schools, etc. here so a higher millage rate probably is justified, but one that is three times higher? C'mon. You can't blame investulators for that. Blame this one on the lunatics that SHELLY refers to.