How come if the property values in states such as FL have decreased, property taxes haven’t?

lasm97 asked:

in states such as FL where property values have greatly decreased in a range of 50K-100K, how come the property taxes haven’t? Would we see a decrease in this year’s tax bills at the end of the year?

Comments (4) Posted in United States

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4 Responses to 'How come if the property values in states such as FL have decreased, property taxes haven’t?'

Mandi - October 22nd, 2009 at 8:19 am
If you don’t see a decrease, and you really believe that the value of your land is being assessed too high, then you can ask for a review and they will do an appraisal on your land. This could lead to a reduction in property taxes.
Judy - October 23rd, 2009 at 4:58 am
They don’t adjust assessments for a general decrease in value. If they did, they’d just raise the rates to get the same amount of money so everything would be about the same
Gary - October 25th, 2009 at 9:28 am
You need to ask the same question to your local elected reprsentatives and your County Treasurer not here on Yahoo.
SG - October 25th, 2009 at 8:56 pm
The taxing districts have budgets to meet…the tax rates are set so they can have the funds to meet their budgets. If they lower the assessed value of all properties, they will raise the tax rates so they collect the same amount of money.

The assessed value of a property can be protested if it is high in relation to the similar properties in the area.