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How Are Property Taxes Calculated | 5 Questions to Ask

Have you ever wondered that question? Well, if you ever have, stick around because I'm about to give you five property tax questions that you need to ask. And I'll be doing that right now.



Hey everybody. Welcome back. I am Jodie Cordell, The Savvy Agent with Spence Properties here in Crestview, Florida.


If this is your first time here on my channel. Well, first of all, welcome. Second of all, be sure to click that subscribe button down in the bottom corner of this video. And don't forget to click that little bell because that's how you're going to get notifications every time I put out a new video. I put out new videos every Wednesday.


All right, so let's get down to it.


Property taxes is one of those mysterious things that nobody seems to know where all of these numbers come from. Where do these taxes come from? How do people figure out what your property taxes are? So let's jump right into it.


Number one – the first question you need to ask is what is the assessed value of your home? When you pull your property's tax records, you'll notice that there's a lot of different things on there that may seem a little unfamiliar.


One of those things is the assessed value. And if you'll notice, it's less than the market value or however much you paid for your home. If you pull up the tax documents, you can actually see what the current assessed value of your home is.


And what the assessed value is, is what the property tax assessor has assessed as the value of your home for paying your taxes on. So you don't pay taxes on the full market value of your house. You only pay the taxes on the assessed value.


Number two – When was the last time an assessment was done and how often do they come out and do those? In general, most of the time your taxes will jump up whenever there's a new assessment of the home's value in your area.


Number three – Will the sale of your property or of the property that you're purchasing trigger a new assessment? A lot of times the assessed value of your home can increase depending on the market value that you pay for your home.


Although in some places, it actually is frozen until the resale. So depending on if you're the one that's buying or you're the one that's selling, there could be a new assessment after that sale.


Number four – Is the amount of tax that you're currently paying on your home about the same as everyone else's in your neighborhood? If it's not, and you're paying more then it might be a good idea to ask for a new assessment and try to get a lower rate.


Number five – Does the current bill reflect assessments that I may not qualify for? For example, many tax districts actually offer exemptions and tax breaks for folks who are over 65. If you don't qualify for that particular exemption, then you might need to count on having to pay a higher tax amount.


Also, in our area specifically, we do a lot of VA exemption. So you may need to add that back on if you don't qualify for that particular tax break.


I hope that helps to answer some questions or helps give you a little bit of ammunition to go and tackle your property tax issues.


If you have any other questions, feel free to reach out to me or contact your local tax assessor.


If you are thinking of moving to the Emerald Coast, feel free to reach out to me with any other questions you might have about our area specifically. And don't forget to grab your free Emerald Coast relocation guide. I'm going to leave a link down in the description right underneath this video. Just click that link and it'll take you right over to it.


As always, thank you so much for watching my video today. I always appreciate all the love and support. Again, my name is Jodie Cordell. I am The Savvy Agent here in Crestview, Florida with Spence Properties, and I'll see you on the next video.


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