Here is how Florida property taxes rip off incoming suckers>>>
You just bought a house in Fl for $400,000
You next-door neighbor owns an identical house.
But he bought it in 2010 for $200,000
You will be paying almost double his property taxes
Because his tax rate is based on what he paid 14 years ago during a recession PLUS the yearly rise in rates (Florida law) that is capped at 2%.
Newbie you will also see your property taxes rise yearly, though capped at 2% yearly.
How is that ripping off anyone? California does something similar. The law is there to protect people who have owned their homes for a long time from losing them to rising property taxes due to inflation of property values. You’d rather have seniors on a fixed income lose their homes because they can no longer afford to pay taxes on a home that they paid $200k for but is now worth $600k?
“Here is how Florida property taxes rip off incoming suckers>>>”
Still, they insist on coming to Florida.
Do you know why they are coming and not staying in the states they formerly called home?
It gets even better!
Move from your FL homesteaded property and homestead at another FL location, you can apply much of your previous real estate tax reduction to your new property.
In a neighborhood of $600+ grand homes, we pay $750.
FL did a great job of protecting its long-term citizens from onerous real estate taxes.