{"id":10015,"date":"2008-08-26T22:43:09","date_gmt":"2008-08-27T02:43:09","guid":{"rendered":"https:\/\/www.ewmrealestate.com\/blog\/2008\/08\/26\/why-your-property-taxes-are-not-going-down\/"},"modified":"2019-04-23T20:57:13","modified_gmt":"2019-04-23T20:57:13","slug":"why-your-property-taxes-are-not-going-down","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/why-your-property-taxes-are-not-going-down\/","title":{"rendered":"Why Your Property Taxes Are Not Going Down"},"content":{"rendered":"<p><span style=\"font-size: 14pt\"><font face=\"Times New Roman\"><a href=\"https:\/\/www.ewmrealestate.com\/blog\/wp-content\/blogs.dir\/230\/files\/2008\/08\/fair-market-value.png\" title=\"FMV\"><img loading=\"lazy\" src=\"https:\/\/www.ewmrealestate.com\/blog\/wp-content\/blogs.dir\/230\/files\/2008\/08\/fair-market-value.png\" alt=\"FMV\" border=\"0\" height=\"200\" width=\"200\" \/><\/a>Like many we received our notice of proposed property taxes this week and noticed a few interesting \/ alarming figures.<span>\u00a0 <\/span>From 2007 to 2008 the assessed value of our home increased by the mandated 3% as per <a href=\"http:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;Search_String=&amp;URL=Ch0193\/Sec155.htm\" target=\"_blank\" rel=\"noopener noreferrer\">Section 193.155 of the Florida Statutes<\/a>.<span>\u00a0 <\/span>In a declining market the increase of 3% under this statue is know as the Recapture Rule and the 3% annual increase will continue until the assessed value and market value are the same.<span>\u00a0 <\/span><\/font><\/span><span style=\"font-size: 14pt\"><font face=\"Times New Roman\">\u00a0<\/font><\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size: 14pt\"><font face=\"Times New Roman\">Interestingly the market value indicated by the Property Appraisers office also\u00a0shows an increased of&#8230;.get this&#8230;..more than $51,000 from 2007 to 2008.<span>\u00a0 <\/span>Now it doesn\u2019t take a rocket scientist to tell you that the actual market value of my home did not increase by $51,000 over the past year and in all likelihood actually decreased.<span>\u00a0 <\/span>The indicated market value is actually immaterial in light of the fact that we have homestead exemption and our taxes are calculated on the assessed value which\u00a0is capped at an increase of 3% or the CPI index which ever is lower (as per the previously mentioned statute).\u00a0<span>\u00a0<\/span><\/font><\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size: 14pt\"><font face=\"Times New Roman\"><span><\/span>But what if we were to sell our home?<span>\u00a0 <\/span>Would the new owner pay a disproportionately high tax rate because of the inflated market value?<span>\u00a0 <\/span>Will the actuaries at the insurance carriers adjust premiums based on artificially inflated values county wide?\u00a0\u00a0 This\u00a0Pandora&#8217;s Box will cause many a home owner to lose sleep in the coming months.<\/font><\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size: 14pt\"><font face=\"Times New Roman\"><a href=\"https:\/\/www.ewmrealestate.com\/blog\/wp-content\/blogs.dir\/230\/files\/2008\/08\/pandoras-box.jpg\" title=\"Pandoras Box\"><img src=\"https:\/\/www.ewmrealestate.com\/blog\/wp-content\/blogs.dir\/230\/files\/2008\/08\/pandoras-box.jpg\" alt=\"Pandoras Box\" \/><\/a><\/font><\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size: 14pt\"><\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size: 14pt\"><font face=\"Times New Roman\">You can see how an inaccurate indication of market value by the Property appraiser\u2019s office can lead to a variety of inequities.<span>\u00a0 <\/span>Therefore, it is imperative that every home owner is aware that the appraisers office <strong><em>will not<\/em><\/strong> and <em><strong>is not<\/strong><\/em> required to pro-actively reduce the indicated market or assessed vale of your home just because we are in a declining market.<span>\u00a0 <\/span>It is up to the individual homeowner to challenge the indication of market or assessed value if it is artificially inflated.<span>\u00a0 <\/span><\/font><\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size: 14pt\"><font face=\"Times New Roman\"><span><\/span><\/font><\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size: 14pt\"><font face=\"Times New Roman\"><span><\/span>If you would like more information on how to appeal your property taxes please send me an email at <\/font><a href=\"mailto:james.r.venney@homesvclending.com\"><font face=\"Times New Roman\">james.r.venney@homesvclending.com<\/font><\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Like many we received our notice of proposed property taxes this week and noticed a few interesting \/ alarming figures.\u00a0 From 2007 to 2008 the assessed value of our home increased by the mandated 3% as per Section 193.155 of the Florida Statutes.\u00a0 In a declining market the increase of 3% under this statue is<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/why-your-property-taxes-are-not-going-down\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":5395,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Your Property Taxes Are Not Going Down - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/why-your-property-taxes-are-not-going-down\/\" 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