why haven’t my property taxes decreased by 30% even though my house value has decreased by 30%?
my property taxes were about $2200 a year when i paid for my house which is only about 1500 sq ft. and it is in broward county florida. They have since tripled and went up to $6300 at the hieght of the market. And yes I have the worthless homestead exemption..like that makes any difference. My house value has declined since then by about 30%, so why havent my taxes decreased by 30%? Owning a house in florida is not even worth it any more.
Real estate taxes fund local governments and local services (including schools) and those costs have not declined. If anything, those costs are increasing. In addition to that, the way many of the tax rates are determined is to take the budget and divide by the sum of the assessed property values.
If property value decreases (across the board) by 25%, the tax rate will just increase by 33% to compensate for it. The local government will get their money one way or another.
Yes, you certainly can ask for a re-assessment, but the reality is that you are going to pay the same $ amount (if not a little more) when all is said and done.
Your biggest recourse is to move to a location with less local taxes.
good luck!
Latest Property Tax News in Broward County, FL (6/19/09) – Lubin & Lockwood, P.A.
