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REAL ESTATE TAXES GOING DOWN...THINK AGAIN!
Posted by V.K. [Mel] Melhado P.A. on Sunday, October 26th, 2008 at 8:27am.
I read an interesting article about taxes in the State of Florida and people’s complaints that their taxes aren’t decreasing despite declining property values. I had assumed previously as a property owner in Naples, that if the property values decline, the property taxes would naturally follow. What I found out isn’t necessarily so and can be quite the opposite.
Since I homestead my primary residence in Florida, I’m covered by the ‘Save Our Homes’ Amendment which means that there is a 3% cap on the assessment of my property, not the amount of the tax increase. Within that law, there is a rule that I, as well as many others, never paid attention to called “the recapture rule”. The dichotomy is that the rule provides for increasing of property values in a declining market. The specific purpose of it was to offset any negative effects the the Save Our Homes Amendment would have regarding State and local budgets during such a declining real estate market.
Oh well… just another example of not having read the fine print before supporting something I felt would benefit me!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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