Friday, August 12, 2011
How to pay less Property Tax than your neighbor.
Simple...even if you believe your Property Taxes are low, let an expert at the Property Tax Appeal Group look at it. Even if you think your Property Taxes are assessed properly, you might be wrong. Many of our clients are amazed by the reductions we are able to get them.
This year, with the state of the economy, it is so important (as a property owner) to lock in your lowest rate possible. In Florida, there are assessment caps such at the Homestead Exemption that is available to anyone in Florida as long as they are a U.S. citizen and legally own the home. This exemption also places an assessment cap on your property.
Assessment caps require that assessments not increase more than a set percentage each year. With an assessment cap, properties that are increasing in values more rapidly than others could be under assessed. This could be happen because the tax does not allow those properties to be assessed at their true value.
For example, let us say that there are homes in a high end neighborhood that are increasing in value more rapidly than older homes in a less desirable area. The high end homes may be increasing in value at a rate of 12% each year and the older homes may be increasing at 3% per year. Homestead properties caps limit any increases to a maximum of the cost of living or 3%.
This cap would prevent the high end homes from being assessed at their true market value, while the older homes would be assessed at full market value. This would leave the owners of the older homes holding the bag because the high end home owners would not be paying their fare share. Of course this is not always the case, but it is a possible flaw with assessment caps.
For Property Tax Appeal help: www.PTAGflorida.com