Tuesday, June 30, 2009

Killer property taxes?

via Time

Florida's Property Taxes Go Wacky in Housing Slump


In Palm Beach County, Fla., buyers who find fire-sale bargains at foreclosed home auctions — picking up, say, $400,000 houses for $100,000 or less — are also realizing they're required in many cases to pay the same property taxes, as if the homes were still valued at $400,000. ...

Welcome to Florida, the land of no income taxes — and killer property taxes. ...

...because of arcane provisions in the homestead law, government appraisers can tell a homeowner that although his house's current market value may be as depressed as a Florida sinkhole, its taxable value is still high or rising. More important, many of the state's county and local governments are raising their millage rates (the rate per thousand dollars of assessed value that determines the property tax bill) to make up for budget shortfalls. More...

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