All Forum Posts by: Chris Suttman

I have duplex that has been converted to two condos and I own and live in one of them. After the conversion, we found out mortgage rates and insurance are higher for condos not to mention having to maintain a condo association. I really wish the building would have been converted to townhouses (villas) instead to simplify everything but we were told by the attorney that did the conversion that converting to to condos (instead of townhouses) was the only option. Any idea why?

@Melvin List

Thank you. 

@Carl Fischer

Thanks but I'm confused by your answer. Maybe I wasn't clear with my terminology. When I say "value" in my question... I mean "FMV". I still would like to know if my tax bill would be based on a FMV of sub $300k after the market drop.

I'm ultimately concerned with buying a property for what I consider high prices now and basically locking in high taxes or if taxes would go down (and stay down) when/if the market drops and FMV goes down.

Having a Florida Homestead Exemption limits your property value for tax purposes to +3% of previous year value. What if the property value decreases? For example... You buy a primary residence for $300k. The housing market crashes and the value decreases to $200k. Then the next year the value goes up again to $300k (exaggerated, obviously). Is your current tax based on a property value of $206k (previous year was $200k plus 3% allowed increase)?