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In excess of one half of the property transactions which are
occurring in the state of Florida today, as of October 27,
2009, are either short sales, foreclosed properties or bank
owned houses. Nevertheless, the tax collector/assessor has
taken the posture that the transactions of those properties
do not meet the requirements for determination for value
purposes in assessing taxes. In other words, a home that may
perhaps have been worth $1,000,000.00 and assessed at that
rate 36 months ago, which has consequently sold at Three
Hundred Thousand dollars may still be appraised at the
million dollar rate. According to the tax appraiser houses
which are bought and sold by third parties without any
collusion or any connection to the seller which fall into
those categories do not meet the criteria for
reconsideration of the taxable value. I know the state of
Florida and our counties are desperately in need of cash.
However, is it fair for the property owners to be assessed
taxes on property which is worth 30% to 40% less than the
actual value? Please if anyone has any comments or
questions, speak out.
Since the tax assessor/collector is disinclined to consider
sales of properties which are bank owned or foreclosed in
order to reconsider the appraisal for tax, this possibly
might be one added cause why property owners might wish to
consider selling the estate to third party buyers for the
value they are able to obtain at present market rate rather
than to let those issues to happen. In other words, it may
well be an added motivation to do a private sale that would
allow the new buyer to get a new assessed value and might be
a potential bargaining chip. Please give this important
consideration.
Gregory P. Farrar, Esquire
Farrar Law Firm
Barrister Title Company
http://www.farrarlawfirm.com
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