Friday, November 15, 2013

The Upside of the Real Estate Crash

I was on Zillow today, poking around looking at a home that was recently listed a couple of blocks away.

Of course, I had to look up our home as well.  As for the Zillow Zestimate, it has our home listed as worth $40,000 less than what we paid for it, almost 10 years ago now, which I would say is not too far off the mark.

More interesting to me, Zillow has property tax records listed going back to the year we bought the home.  And while I knew hour taxes had gone way down, whoo-hoo I was surprised by the actual numbers.  Our property taxes are down 54% from 2004.  And, since Florida has both a homestead law and a law called Save our Homes, our property taxes on our primary dwelling (does not apply to our investment properties) can only increase at the rate of inflation or 3% which ever is less.  As a result, it is going to take a very long time, assuming values continue to rise, to get back to that initial tax bill from 2004.


Mrs PoP @Planting Our Pennies said...

The downside is that some places increased millage rates when the assessed values dropped dramatically, and those millage rates aren't likely to drop back down when the property assessments are fully recovered and then some.

Sam said...

Too true Mrs. PoP. But, the biggest chunk of our taxes comes from our local city and they are already close to maxing out the millage rate (meaning they could not and cannot up it much more).