Thursday, June 2, 2011

Some pay ZERO in property taxes

Tax bills of zero, they do exist. No, this isn't a real estate scam. Blame higher homestead exemptions and falling home prices that essentially removed houses from the tax rolls. 

This is possible
because for many of those with tax bills of zero, their properties are valued less by county property appraisers than their qualified homestead exemption, usually $25,000. For properties worth more, a $50,000 exemption brings the tax bill down to almost nothing.
 Most owners who don't owe property taxes live in poor neighborhoods where home values have plummeted.  Which is typically where it is needed most.
For example, a shotgun-style home at 2809 N. 10th St., in the Ybor City area north of Interstate 4, is valued at $23,569 by the county property appraiser. The owner has a $25,000 homestead exemption. Taxable value: zero.

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