“The Supreme Court of Florida determined that “fair market value” and “just valuation” should be declared ‘legally synonymous.’ … in turn may be established by the classic formula that it is the amount a “purchaser willing but not obliged to buy, would pay to one willing but not obliged to sell.” (Walter v. Schuler, 176 So. 2d 81 (FL 1965)). On January 1 of each year, County Property Appraiser will determine value of property. From assessed value, applicable exemptions are subtracted in order to determine taxable value from which the current mill rate is applied to create the property’s tax bill.”

Now a couple observations:

1. A property currently assessed at $150,000 may be a property that has been owned for many years by same owner and subject to Amendment 10 (no more than 3% tax increase /year).
2. Assessed value is not market value. Throughout the years, we have compared many, many properties over the years – looking at assessed value versus sales price. In many instances, sales prices are 10-30% HIGHER than County’s assessed values. That’s significant, isn’t it?

I recently had this discussion with a customer who’d researched the County’s property records and was extremely irritated by stiff inconsistencies b/t assessed values and sales prices. On one property he showed me, he noted the following facts – he couldn’t understand the following numbers:

1. Property was listed at $1.3M.
2. County had property assessed at $699,000.
3. Property eventually sold for $924,900.

Seller had owned the property for many years years with homestead. Seller also had done lots of work without modifying the original footprint, increasing the value of the property.

Joanna, does this help?

If you have further questions on this topic, please give the property appraiser’s office a call. They’ve always been very helpful when I’ve called with questions.

Thank you for stopping by. If I can help with anything else, please ask.

Mike

1. You have 2 choices for tax information: A) you can ask me about tax information on any property or properties or B) you can search Sarasota County property tax information @ http://sarasotataxcollector.governmax.com/collectmax/collect30.asp

2. Regarding your 2nd question, almost ZERO properties in Sarasota have a CDD (aka Community Development District). CDD fees are included in property tax bill each November. During the big real estate development years, real estate developers found they could get their developments (communities) approved faster with the County if they transferred all development fees from municipalities to buyers of property in those neighborhoods. Heritage Harbour (north of Sarasota off SR 64 & I-75 in Bradenton) is one of the biggest and closest communities with a CDD.

Please email, comment here or call me if you have any other questions. Thanks for researching in advance of selling your home. I wish you all the best in selling & relocating to Sarasota. If you would like to work with a real estate when it’s time, please let me know – I’d like to help you.

Mike

1) Zillow doesn’t have tax information on every property, and I don’t know how accurate it is. Is there a web site or other means of finding out the accurate property taxes paid on a home last year (2010) AND/OR the expected property taxes to be paid this year?

2) Many homes in Sarasota have CDD taxes. Included in the description of one of the listings I saw was a statement that the CDDs were “already included in the taxes.” So, what does that mean? If I see a 2010 tax assessment on the property on Zillow (or someplace else) does that INCLUDE the CDD tax or not?

Thank you,
S Molnar

This post was mentioned on Twitter by sarasota4sale: New blog post: Sarasota Real Estate Property Tax Jargon Attacks 1st-Time Homebuyers http://bit.ly/9hq0l5...