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Paul starts off by explaining how some people confuse their assessment with their actual market value. For example, if a home owned for 10 yrs is homestead exempted they are looking at their assessment as oppose to the market value. Over time, by virtue of having homestead exemption, the individual living in the home has realized some tax deferment. The new purchase price will markedly increase their assessment because the new purchaser will not have the benefit of the Homestead exemption of 10 years.
What is a good way to estimate their taxes
It's a function to Save Our Home Assessment cap, Bob explains. In the wake of the Save Our Homes constitutional amendment if you have a homestead property, your taxable value or tax assessment or highly regulated government value vs the market or just value can only go up at any given tax year 3% or inflation whichever is less. You are accruing tax savings over the course of those years. When the home is sold, it will reset the cap. The value of the home starts at the just value again or the purchase price.
It is also depends on the time of the year, and the time the home is sold because the market is fluid and dynamic during the year.
The market value/just value is based on a lot of different factors and not just the sale price. It's a compilation of sale prices of like homes within a similar neighborhood or similar subset of sales.
Appraisal value vs Assessment value
People often get confused when they get their appraisal done and they see the assessment and see those 2 numbers are different. A lot of people believe that the assessed value is the market value or the tax value is the market value. And when they get their appraisal back or a year or two down the line, they see those two numbers differ.
John shares that they see that more often from out of state buyers because a lot of them don't understand the Homestead and how exactly the assessments are done here.
For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.
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