Property Taxes in FL

[Ari Steinman]

Property Taxes is one of the highest recurring charges that we have to pay as landlords/investors.

I'm told that in FL even if the taxes were low were a long time due to an old outdated assessment, after you purchase the property the next year the taxes will correct to market rates which can be a big hit if its jumping from $1500 to $3800.

Correct or incorrect? (I'm specifically looking in lee, charlotte, Sarasota and Volusia county)

Additionally, as investors what is there to do to get property taxes lowered? I know there are attorneys/companies that say they will try to get your taxes lower but when do you in which situations its worth it to go down that route?

[Wayne Brooks]

@Ari Steinman Yes, taxes can go up greatly if a person has had the homestead exemption for a while….a3% max increase per year. You can look at the current Assessed Value, the suppressed value they are paying taxes on and compare that to the shown Market value…do the math, that’s what you will be paying tax on. Florida properties get a new tax value every year, based on comparable sales from the 4th quarter of the previous year.