Tuesday, August 25, 2009

Property Taxes - Investment vs. Homestead

In the last newsletter, I wrote about the City of Apopka proposing a tax hike. (You can read it here.) What’s more interesting is that TRIM (Truth in Millage) Notice that was just sent out shows this increase in both sections whether there is a proposed budget change or no budget change. So, I guess they’ll have their public hearings, but really do they mean anything?

Now I must admit that I’m thrilled with the several hundred dollar savings that I’m noting in investment properties. On the other hand, many people that have lived in their home for a while will note tax increases. This is partly due to the ‘recapture provision’ of Save Our Homes homestead. It’s interesting because the taxable value of my home rose $93, yet my taxes will rise a minimum of $63 to a maximum increase of $113. Huh!!

Here is some great information that the Seminole County Property Appraisers Office put together in regard to taxes, the millage rate, homestead exemption, portability, etc.

Till next time...Marc It Sold!

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