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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: George8 who wrote (25965)	12/14/2004 12:29:34 PM
From: KyrosL	Respond to of 306849

Homestead assessments in Florida are capped at either 3% or CPI, whichever is LESS. This is in the state constitution. There is a $25,000 homestead exemption too. For newcomers this is not such a great deal because prices have increased considerably in the last few years. However, if you buy a homestead house now and can afford current taxes, you can be assured that they will not change much over the years. Mine have increased at considerably below the rate of inflation, because, since average assessments are growing much more than inflation (because of high housing turnover and new houses,) the millage is dropping. CA has even more stringent caps. I believe the cap there is 2% and you can transfer your tax cap to your heirs. No such thing in Florida. If the house changes hands, it is reassessed close to market value. Of course, Florida has no income tax and relatively modest sales taxes, so its overall tax burden is among the lowest in the country -- thanks to all the retirees and tourists.