A new homeowner in Tampa, who purchased her Winter Haven home less than a year ago, has been forced to put it back on the market due to an unexpectedly high property tax bill.
The homeowner, referred to as Tampa Ransom, experienced a shocking 174% increase in her property taxes, far beyond what
Sticker Shock for New Homeowners
When Tampa Ransom bought her home last May, property taxes to be around $2,700, with a potential slight variation.
This dramatic increase has left her unable to afford her home, despite having invested most of her savings into the down payment and additional home expenses such as an alarm system.
Attorney Insights on Property Tax Increases
Michael Finn, an attorney based in St. Petersburg, explained that this situation is becoming more common, particularly in Florida and areas near water.
Property values in these regions have soared over the past five years, often doubling or tripling.
Finn mentioned that while homeowners can dispute their property tax assessments, it’s unlikely they will see a significant decrease due to the expertise of property assessor offices in valuing properties accurately.
Reasons Behind Property Tax Hikes
Several factors contribute to the sharp increase in property taxes for new homeowners.
One primary reason is the reassessment of home values upon sale. When a property changes hands, the assessed value is often updated to reflect the current market value, which can be significantly higher than the previous assessment.
This results in a higher property tax bill for the new owner.
Impact on Homeowners
The unexpected property tax hike has left Tampa Ransom in a difficult financial situation.
Having invested a substantial portion of her savings into her home, Legal Advice for Homebuyers
