Values declines, assessments rise
For Floridians besieged by soaring home insurance and rising property taxes, this is the cruel twist no one saw coming. Even as the stagnant real estate market drags down their home values, property tax assessments for well more than 100,000 Tampa Bay area homeowners will actually increase this fall.
Why? The folks in Tallahassee decided that the same voters who approved the Save Our Homes amendment intended that when the values of homesteaded properties go down, tax assessments can still go up. More here.