2006 Proposed property taxes

[dsilvar]

Anyone get their proposed property taxes as yet?
Okaloosa county has started mailing their proposed property taxes to property owners with valuations in excess of 125% of last years assesed values.
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.

 

[GoodWitch58]

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.

 

[SHELLY]

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.

 

[dsilvar]

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!!

 

[Hollibird]

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.

 

[SHELLY]

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.

 

[SHELLY]

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?

 

[dsilvar]

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.

 

[dsilvar]

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.

 

[destinsm]

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!!!