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Old 11-08-2018, 10:51 PM   #39
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Sometimes a property is owned by a family for many years.

High income folks from away often drive up real estate values as they compete for properties.

As the value of similar properties increases, so follow the taxes.

This can result in the family needing to sell because they can no longer afford to pay the taxes.

In Florida they have a system in place which mitigates this.

As long as your Florida home is your primary residence, your assessment and thus the annual tax bill, can only increase by a nominal rate which I believe to be 2%.

This protects the owner from the tax escalation that results from a very hot real estate market.

Once the property is sold the assessment and therefore taxes increase to what the current market reflects.

I believe this law was passed under the name "Save our homes."
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