>>19649436

the assessed value can only go up a certain percentage per year unless some reason prompts a reassessment.

tax assessment on a property that was purchased many years prior will be less than market valuation.

this keeps people's property that has appreciated from being taxed at a rate they could no longer afford.

unfortunately, when an event (like a fire or hurricane) causes repairs to be needed that require a building permit, the property can be reassessed to the current market level.

this is why so many properties are sold after disasters. people will no longer be able to afford the property taxes.

>>19649480

a property appraisal for retail market is NOT the same as what the county assesses.

a property's value is statutorily restricted in FL not to exceed a certain millage per year, unless, an improvement is made that requires reassessment.

For example, a piece of unimproved land is purchased. Nothing is done to it for 10 years. The value of the property today will be the assessed value from 10 years ago plus the annual millage increase.

The owner then decides to build a house. The entire property (house and land) is then reassessed to the current market rate.

>>19649503

better wording.

the assessed values are capped.

>>19649516

agreed. same thing different way.

As for Mar-A-Lago, the taxable assessment has been capped each year based on that original purchase price. The market value could go up, but the county can only tax based on the assessed value which is restricted by statute.

If/when POTUS sells it, the new owner is going to face a much different taxable valuation and a significantly higher property tax.