Myths, Facts, & ideas

Myths, Facts, & ideas

PROPERTY TAXES GOING DOWN?

Friday, 27 August 2010 09:49 | Author: Sylvia Hurst |

Because property taxes are based on a property's value, property taxes will be going down. Right? 　

Not so fast, especially if you've homesteaded that property and thus enjoyed the benefit of the Save Our Homes amendment to the state constitution.

To understand why, it's necessary to note that a property has two values - a "just" value (or market value) and an "assessed value."

Let's say you live in a home that had a　just　value　last year of $350,000. This year the　just value　has decreased to $325,000.

Yippee. Less taxes. Not necessarily.

Because you've lived in the home for a dozen years, the home's assessed value last year was, say, only $200,000 because of Save Our Homes. That amendment states the assessed value of homesteaded property can only increase by 3 percent a year or the rate of inflation, whichever is less.

Say, the rate of increase for this year has been set at 3 percent so your assessed value will increase to $206,000. That's the figure your property taxes will be based on, not the lower market value.

Voila, IF the millage rate stays the same, your property taxes will go up. That would change only if the market value dropped below the assessed value set by Save Our Homes.

ALSO NOTE:　 The "just" value or market value of a home as shown on a tax bill, does not necessarily reflect what a home could be sold for right now.　 For one thing, the Appraiser’s office could not possibly have enough employees to be　constantly reassessing property.　 A property might be sold for more or less or right on the number - the market is what sets the value a home can be sold for.　 All else is an approximation.　

For this market, a drop in just value might be somewhat of a two-edge sword.　　 If I want to sell my house, every buyer would have access to this information.　　That would　certainly affect the negotiations.

I was shocked when I opened my 2010 estimated tax info this week; my property's just value decreased 18%.　 That's a big chunk of change.　　 I've also had some homeowners call me when they received theirs to　ask if that's all they could get for their property. That's certainly never happened before.　

Last Updated (Wednesday, 01 September 2010 11:17)

New Driver License Rules

Author: Sylvia Hurst |

NEW DRIVER LICENSE RULES

The rules changed for 2010. And the changes are not just for obtaining a license for the first time either.

If you need to renew your license, or replace a lost license, or just need to make a name or address change, you’ll need more documentation.

Now, we have to prove our identity, social security number and residential address.

For proof of identification, you’ll need something like a certified United States birth certificate or a valid United States passport.

For proof of a Social Security number, you’ll need your original Social Security card, or a W-2 form.

For proof of your residential address, take along a deed, or mortgage or rental agreement, or a vehicle registration or title, or a Florida voter identification card, or even a current utility bill.

For all the details, go to www.gathergoget.com

"I can always come down"

Author: Sylvia Hurst |

Myths, Facts, & Ideas

"I can always come down." Sellers often express this thought when agreeing upon a listing price but it can be a myth, especially in today's market.

However, you see, you may not get the opportunity to come down.

When buyers have such a huge inventory to choose from, they are not often inclined to enter into negotiations to see IF you will come down, especially now when there are so many other similar houses that they KNOW they can buy for less money.