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The Water Cooler
General Discussion
Housing Cost Increase and Taxes
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<blockquote data-quote="SlugSlinger" data-source="post: 3575934" data-attributes="member: 7248"><p>Luckily, there are limits to the allowable tax increases. This helps with temporary or artificial changes in property values. However, you must be diligent when property values drop to take advantage of the laws. I filed an appeal a couple years ago on my property value. I had my taxable market value decreased by $40,000 based on a couple houses that sold below the fair market value in my neighborhood.</p><p></p><p>The property value changes are based on arm's length transactions on comparable homes sold in your area.</p><p></p><p>There is an assessed market value and an assessed taxable market value. Market value can show unlimited changes. Taxable market value can only increase based on 3% or 5% as shown below.</p><p></p><p>If you have a homestead exemption, there is a 3% limit of an increase to the assessed value. Everyone should have a homestead exemption. It lowers the assessed value of your primary home by $1,000 and you benefit from the 3% limit.</p><p></p><p>If you don't have a homestead exemption, the limit for increases is 5%.</p><p></p><p>"Despite any provision to the contrary, on and after January 1, 2013, the fair cash value of any parcel of locally assessed real property shall not increase by more than 5% in any taxable year; provided, if such property qualified for a homestead exemption or is classified as agricultural land, any increase to the fair cash value of such locally assessed real property in a taxable year shall be limited to 3%."</p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3575934, member: 7248"] Luckily, there are limits to the allowable tax increases. This helps with temporary or artificial changes in property values. However, you must be diligent when property values drop to take advantage of the laws. I filed an appeal a couple years ago on my property value. I had my taxable market value decreased by $40,000 based on a couple houses that sold below the fair market value in my neighborhood. The property value changes are based on arm's length transactions on comparable homes sold in your area. There is an assessed market value and an assessed taxable market value. Market value can show unlimited changes. Taxable market value can only increase based on 3% or 5% as shown below. If you have a homestead exemption, there is a 3% limit of an increase to the assessed value. Everyone should have a homestead exemption. It lowers the assessed value of your primary home by $1,000 and you benefit from the 3% limit. If you don't have a homestead exemption, the limit for increases is 5%. "Despite any provision to the contrary, on and after January 1, 2013, the fair cash value of any parcel of locally assessed real property shall not increase by more than 5% in any taxable year; provided, if such property qualified for a homestead exemption or is classified as agricultural land, any increase to the fair cash value of such locally assessed real property in a taxable year shall be limited to 3%." [/QUOTE]
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Housing Cost Increase and Taxes
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