The muddy property tax waters

As far as property taxes are concerned we're in uncharted waters.

So said Manatee County Property Appraiser Charlie Hackney when he met with a group of us real estate agents and vendors recently.

He said you would have to go back to the Great Depression to find a similar situation for property taxes.

Basically there is a bunch of criteria but the message was the appraisers office base the assessment on homes at 85 percent of the market value.

The question becomes what is market value. With declining values, foreclosures, short sales, new tax legislation etc. the picture gets more than a bit fussy.

Let's say you get a great deal on a home. An agent at the meeting brought this up. A house that was worth $1 million was bought for $500k. The market value on it will not necessarily be $500k.

The message was just because you got a great deal doesn't mean that your taxes will be based on the purchase price. They are based on what the county determines the market value is.

Bottom line is that if anyone other than the property appraisers office is telling you what your taxes are going to be in the future after you purchase the home, take it with a big grain of salt. Even the property appraisers office may not be able to tell you that.

They can tell you what the current taxes are after that well there are a lot of factors that will go in to it.

If you would like to here Charlie Hackney discuss the property tax situation you can listen to it on our Web site at www.teamworksfla.com.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com