Many Members in our HOA wonder why their property taxes differ significantly from their neighbors here at Garden Patio Villas. There are numerous reasons to look at!
Assessed Value: Property taxes are calculated based on the assessed value of your property, which is an estimate of its market value. Through the last nearly 50 years, prices have gone from $27K – $300k!
Recent Property Sales: If a villa at Garden Patio Villas has recently sold for a higher price then what you purchased yours, it will influence the reassessment of your property, potentially leading to a higher tax bill.
Exemptions and Credits: Some Members may qualify for property tax exemptions or credits, such as the Homestead Exemption for primary residences or exemptions for seniors or veterans. These can significantly reduce property tax burdens.
If you live here at Garden Patio Villas you will want to sign up to get a Homestead Exception from the Broward Property Appraisers. This will greatly reduce taxes based off prices the year you sign up! (Members who signed up in previous years will see a greater Homestead Exception which in turn will result in lower property taxes.)
In 2024, Members’ property taxes differ from $200 – $5,700 in our HOA! Understanding these factors can help you better understand why property taxes vary so much!
Timing of Purchases: If you purchased your home recently within the last year, you are still paying the assessed value from the previous owner, Its assessed value won’t reflect current market conditions. After a year, the assessed value will make a huge increase because the assessed value will change to your current purchase and assessed value. This is the reason for the huge jump in higher property taxes.
We hope you can potentially identify ways to minimize your tax burdens next year and gain a better understanding of why property taxes differ in our HOA.
