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Tax Increase?

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30ashopper said:
Was that a response to my post? If so I'd be interested in hearing about it.
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The property appraiser's office issues two values: market value and assessed value.

If you have been under the SOH cap for awhile as a homesteader, the assessed value generally is well under what the appraiser deems as market value.

For example:
2007 $545000 market value 420,000 assessed value

Say market values decline 10 percent, down to $490,500.

Under state law, "assessed value" can still go UP up to 3 percent, which means taxes go up too -- despite the fact that values dropped. That is the recapture.

Those who don't homestead are not affected. In SoWal, many if not most non-homesteaders -- who had to ride the property taxes all the way up as values rose -- did end up receiving a tax cut. Ours was significant.
 
We received one on the bussiness property as the property value went down and the tax breaks helped.

I would have liked them to keep the tax breaks so the schools would not be hurt and they could pave my roads.

In this county the tax rate was one of the lowest in the state. Look at Holmes county where the tax rate for the BCC is something like 9mills..
 
Holmes county isn't exactly home to "prime" property. What's the tax bill on a $10,000 lot and a $20,000 trailer at 9mills?
 
TooFarTampa said:
The property appraiser's office issues two values: market value and assessed value.

If you have been under the SOH cap for awhile as a homesteader, the assessed value generally is well under what the appraiser deems as market value.

For example:
2007 $545000 market value 420,000 assessed value

Say market values decline 10 percent, down to $490,500.

Under state law, "assessed value" can still go UP up to 3 percent, which means taxes go up too -- despite the fact that values dropped. That is the recapture.

Those who don't homestead are not affected. In SoWal, many if not most non-homesteaders -- who had to ride the property taxes all the way up as values rose -- did end up receiving a tax cut. Ours was significant.
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Does any of this negatively effect property taxes collections as they relate to education funding? Sounds like recapture actually help increase education funding at times when housing is in a downturn.
 
No impact on School funding. It was excluded from Amendment 1, but the impact on a taxpayer with a homestead on her property is significant when market values are in free fall.
 
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sowalgayboi said:
Holmes county isn't exactly home to "prime" property. What's the tax bill on a $10,000 lot and a $20,000 trailer at 9mills?
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What an elitist thing to say. These people probably pay more of a percentage of their income in taxes than those who own million dollar condos.:bang:
 
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