Tamra Ransom thought she was getting closer to her American dream when she purchased her home in Polk County, Florida in May 2023. But less than a year later, she had already listed her property for sale – in which she had invested all her savings. .
What caused this sad and sudden change of heart?
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A 174% property tax hike, which, combined with other rising homeownership costs, particularly the Sunshine State’s soaring homeowner’s insurance costs, means it can’t afford to keep his new home.
“I felt like I had been baited and switched,” she told WFLA-TV, implying that she purchased the property without expecting the future costs of maintaining it. the property are so different from what it was.
Here’s how Ransom’s annual property assessment surprised her — and what you should consider when your property is assessed for tax purposes for the first time.
TRIM notice
Ransom’s property tax difficulties began when she received a Truth in Millage Rate (TRIM) notice in the mail.
Florida homeowners receive a TRIM notice from their county property appraiser each year. These notices are required by state law and are typically mailed in mid-August.
The primary purpose of a TRIM notice is to inform homeowners of the “market value” (sometimes called “fair value”) of their properties as of January 1 of that year. Many factors are considered when assessing the market value of the property, such as size, location, and overall condition.
For new owners like Ransom, the first TRIM notice can come as a real shock.
When Ransom bought her home, the property tax was about $2,700, she told WFLA-TV, adding that she expected it to “vary a little bit, (maybe ) a few hundred (to) a thousand dollars,” but the 174 percent jump (which would bring her annual property tax to about $4,700) was way beyond what she imagined.
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“It’s very upsetting because I put most of my savings into the house – the down payment, the alarm systems and that sort of thing,” she said. “And I’m losing all of that because I have to sell the house – and I’m really not going to get anything back.”
Beyond the initial pain of having to sell his home, Ransom also faces the trials and tribulations of finding somewhere else to live – at a time when rental costs and mortgage rates are both terribly students.
“Buyer beware”
Ransom’s shocking opinion on TRIM came as no surprise to local St. Petersburg-based attorney Michael Finn.
He told WFLA-TV: “This is definitely a buyer beware type situation. (Property) values have skyrocketed, especially anywhere near water. Someone who bought a house five years ago may see its value increase two to three times.
According to Zillow, the average home value in Polk County, where Ransom is based, in March 2024 was $313,845, up 1.6% from the previous year, when the average home price was of $308,708 and up 39% from three years ago, when the average home price was $308,708. the average was $225,341.
Having knowledge of local property values is essential to understanding your TRIM notice. When you receive a TRIM notice, it is important to read it carefully and check for any incorrect or missing information, as any errors could lead to an inaccurate appraisal of your property, which could cause you to pay more in property taxes.
If you have any concerns, you should contact your local property appraiser’s office, usually within 30 days of receiving your letter. If, after consulting with your property appraiser, you still believe that the market value of your property is incorrect, you can file a petition or appeal with your county through its value adjustment commission.
“You can contest it, but you won’t get a significant reduction because the land assessor’s office is very competent in their assessments,” Finn added. He also advised homebuyers to contact their local property tax assessor to find out how much their tax bill will be before signing on the dotted line.
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This article provides information only and should not be considered advice. It is provided without warranty of any kind.
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