The Tax Appraiser Doesn't Care What Your Paid For Your Home!
The Leon County Property Appraiser has a method for determining the taxable value of your home, and it is not always going to correlate to the price that you paid for your home. Many new homeowners are shocked to find that our Tax Appraiser thinks their home is worth more than they paid for it, but fortunately there are ways to ensure that you are not assessed for more than your property is worth.
Recently, I received some feedback from long-time reader "Jeremy" who wrote:
Joe, I realize this is an old post (How To Lower Your Property Taxes), but it does contain good information. It could make for a good update, especially for people considering purchasing a 'distressed sale' house, if you've not already posted on this. I've explained to many of my friends how the tax appraiser will not value a short sale or foreclosure based on the purchase price.
This problem actually got me when I purchased a house that the property appraiser deemed a distressed sale due to a divorce. It was not disclosed to me at all. I purchased my home for $219k and the market value they used was $295k! I had the appraiser come over and he got my market value down to $245k, but still above where I purchased it. - Jeremy
Jeremy had read a post I wrote over a year ago that included a video (see below) provided by the Leon County Property Appraiser's office that explains the process for challenging your home's assessed value. While Jeremy still is assessed for more than he paid for the home, he was able to lower his tax assessment and will now be paying about $1000 per year less than he would have been otherwise.
Video On How To Lower Your Property Taxes
Tallahassee homeowners have the power to lower their tax bill, all they have to do is follow the advice provided in the video. Across the board, home values have dropped roughly 30% since 2006, so many people are in a similar position as Jeremy found himself. I'd like to point out that all of the feedback I have received from past customers is positive towards working with the Leon County Property Appraiser's office. So know your rights, and make sure you're not over paying for the taxes on your home!