Property Tax Concerns

You should start by finding out what the properties assessed value is. Request to see a recent copy of the tax bill because this will give you an chance to calculate an approximate value. But remember, the assessed value in most cases will be less than what the market value of the property would be.

You should check to see if the sale of a home would trigger a tax increase. In Florida, for example, there is a Save Your Home provision that caps the increase at 3% per year for homeowners, but when the home is sold, the tax base is updated with current values and this can sometimes be drastically different.

Compare the tax assessment with other area properties to give you a better idea of where you stand. If you think the tax is too high then you may be able to make an appeal.

Check to see how often the assessments are performed because you generally see the biggest jump when a re-assessment is done.

Read the current tax bill to make sure of which exemptions are employed. Florida has the Homestead Exemption provision that would change the property tax for the new owner depending on their status.