Surprise! News Reports Taxes are Higher
The lumbering associated press is catching on. The real estate runup is taxing homeowners beyond what they are able to pay. Even those who have not participated in the recent bubble are not immune. "Soaring property taxes are a top worry in state legislatures across the country...", since when did lawmakers worry about soaring taxes?
posted by Sunny @ 1:28 AM
2 comments
2 Comments:
I think this is particularly troublesome in Florida. Under Save Our Homes, we were assessed, in 2001 or whenever that started, at an amount such that our annual taxes currently are just under $1,800. That is very manageable. We wanted to sell this place and buy another in a different county that has essentially the same millage. Our taxes would have gone to $8-10,000/year. All for no reason other than this insane run-up in prices.
As a result, we decided to sit it out. We do not care if the value of our home goes down, because it will be matched by a decline in the one we want. When it gets back to a level that generates a reasonable annual tax, we'll do the deal.
Yes, the Save Our Homes cap on tax increases to 3% per year has the unintended effect of discouraging supply when property values climb. I know I want to stay put too.
Local governments are much, much slower in lowering their tax assessed values so be prepared to hunker down for some time.
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