What I didn't know about property taxes in Florida
When we bought in Northeast Florida, I figured the property taxes using what the seller was paying. That was the mistake.
After the sale, the county reassessed the property based on our purchase price. The taxes went from $5,198 a year to $7,169. Nothing about the property changed. Same house, same street. The only thing that changed was the owner.
In a lot of places, the assessment can reset when a property changes hands. That means the seller's tax bill may tell you very little about what yours will be.
What I do now, in every market:
Find out how and when the county reassesses. On sale? Every year? Every few years? Is there a cap, and does it go away when the property sells?
Estimate taxes on my purchase price, not the seller's bill.
Check whether the seller had an exemption that disappears when they sell.
Ask local owners and my property manager what actually happened to their taxes after they bought.
On a single house, a surprise like this stings. On an apartment building, it hits every year you own it. Understand how your market handles it before you buy, not after the first bill shows up.
