FL Property Taxes... How's this work?
Posted: Wed Mar 10, 2021 9:16 am
I'm reading and reading and getting the same FAQ answers list that doesn't answer my questions...
For a primary residence it seems that you're capped at a 3% annual assessment increase... Great. My question is how can you ruin that, and when you do what happens- does it trigger a new baseline for the whole property, just a value for the papered thing, or does nothing at all happen?
Assuming all of the following get permits:
If you were to get a new roof?
If you get a new shed/building- does it matter if it's on a slab?
If you do an addition?
Edit: I think Volusia County answered my question:
What about any changes, additions or improvements to the homestead property?
New construction or additions shall be assessed at full market value as of the first January 1 after the changes are substantially completed. In these circumstances, it is possible that the assessed value may exceed the amendment limitations. However, after the first year that the changes are assessed at full market value, they are also subject to the amendment limitations.
For example, if a pool is added to a property, the value can increase no more than the cap rate, plus the value of the pool.
For a primary residence it seems that you're capped at a 3% annual assessment increase... Great. My question is how can you ruin that, and when you do what happens- does it trigger a new baseline for the whole property, just a value for the papered thing, or does nothing at all happen?
Assuming all of the following get permits:
If you were to get a new roof?
If you get a new shed/building- does it matter if it's on a slab?
If you do an addition?
Edit: I think Volusia County answered my question:
What about any changes, additions or improvements to the homestead property?
New construction or additions shall be assessed at full market value as of the first January 1 after the changes are substantially completed. In these circumstances, it is possible that the assessed value may exceed the amendment limitations. However, after the first year that the changes are assessed at full market value, they are also subject to the amendment limitations.
For example, if a pool is added to a property, the value can increase no more than the cap rate, plus the value of the pool.