I just received the new proposed property taxes for my investment property. This is my home which I downsized & rented out a couple of years ago & lost my homestead. Last year the taxes jumped from $3400 to $7500 due to loosing the homestead now I just received the new proposed which shows $9500! What are investors in these areas doing? How can we stay afloat? I thought of moving back but what good does it do if the house was already reassesed & the appraisals office stated these are my new taxes wether I live there or not. I wanted to keep the property as a retirement investment since I dont have a pension but how can I do this? What are the investors doing to help ease with these hight taxes & expenses.
Thanks, it's just getting harder & harder.

Wow, high price for 360 days of 80 degree weather....I read somewhere the Carolina's are becoming the new Florida due to the problems you are having. It's only going to get worse down there. Taxes, insurance, hurricanes with no end in sight.

The tax problem is due to local millage from the various taxing authorities. So few people ever voice objections to individual components that increase with out any significant reason... they jump ahead every year. With the significant appreciations from 1995 to 2005 this results in a calculated increase for each tax element. Next years tax bill should show the decreasing valuations but probably will not because they will only re-eval properties at sale or every 3 or 4 years.

Speak up about your taxes to the individual authorities that set millage. Too Late for final taxes this year... period ended on 12 Sept to contest rates.

Remember, Florida has no state income tax and better real estate laws than most other states. Still many reasons to invest particularly for those that reside in Florida.

Thanks, the assessed value for our property is $424k but the current home sale values are going down. For instance, there is a house similar to mine listed at that same price, shouldn't the market value be lower?

I just spoke to the property appraisers office, they are going to check the value for me but he says it is based on last years prices. I just think it's a bit high. I will have to cope with it but if any investors out there have any tips that can help me keep my investment please let me know.
It's sad that because of not knowing the laws I can't even afford going back to live in my home due to the taxes, so it will have to stay rented or sold.

Think you will find that in Florida, the county appraiser can not take the most recent sales into account. Nothing after 31 Dec 2005 is use for your 2006 appraised value determinations... remember this in not an appraisal for market purposes... it is a defined process for tax purposes. Works well in stable and appreciating markets for home owners but poorly win depreciating markets.

Good news! They were able to lower the market value. I thought it was a bit high even from last years sales, so I got a break. The person that helped me was very nice so good deal! Thanks, Realty Check, it does pay off to speak up.