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Effect of Property Taxes on Tampa Home Prices
September 19th, 2006 categories: Real Estate Market Reports, Tampa Homes, Tampa Real Estate
“The tax assessments have entered an area where new buyers may be able to afford a home but cannot afford the taxes. The Save Our Homes Amendment while helping to keep taxes low for those of us living in a home long term, has in the past kept the number of listings low as there is no incentive to move when your taxes may triple or more. The large number of listings is now due to the number of late investors in the market who cannot sustain their mortgage and taxes.”
This is a recent quote from an unknown respondent to the University of Florida Center for Real Estate Studies’ 3rd quarter survey.
In recent years I wondered why there were not more complaints from homeowners about the rising taxes. As property values rose, local governments continued to accept the increase and adjusted their budgets upward to make sure the additional dollars were spent. Only recently was the Hillsborough County millage rate reduced by a couple of mills or so. Then The Tampa City Council voted to cut their budget by $3.3 million, a move that really won’t make much difference in our tax bills.
I’ve been in my homesteaded property for 10 years now so my annual property value assessment increases have been limited thanks to the Save Our Homes Ammendment. If I decided to move into a different home here in South Tampa, I’d pay more monthly in taxes than I ever paid in PITI on my current home!
The unknown respondent quoted above makes a good point in suggesting that much of the inventory of residential homes on the market is owned by investors, who recently got their tax bills.
The cost of home ownership in Florida specifically due to higher taxes and insurance rates threatens to push home prices downward so that more can afford these higher costs. Both need to be addressed sooner than later. Something has to be adjusted downward to keep Florida homes affordable. Either taxes and insurance or home prices.
Taxing Authority Budget Hearing Dates
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