Current value, unless you have some exemption. Which is what stung these people.
Comment on ‘My Property Tax Went From $15K to a Life-Altering $91K a Year’
Railcar8095@lemm.ee 14 hours agoDon’t you pay tax also for the purchase itself? Might be anothe 10%
And the yearly tax, is it based on purchase cost or current value? The later would be harsh seeing how they increase.
Ilovethebomb@lemm.ee 13 hours ago
Horsey@lemmy.world 7 hours ago
There’s no tax on buying property, however, property taxes are a percentage of your property’s assessed value. In my locality, the assessed value has a lot of deductions whereby my 400K house is only taxable as 32K in value, so I pay 3K/year in taxes.
I can’t speak for Florida, but if it’s like Arizona, their property is worth a lot more than 4M if their total tax burden is 90K/year.