Reassessment in Florida upon sale


#1

I’m looking at a Florida property assessed around $2mm, but feel the acquisition price will be closer to $8mm. What is Florida’s reassessment process? I need to make sure I properly model a potentially significant reassessment.


#2

I suggest you call the County Assessor and ask them - I’d also call the Treasurer… make friends with both. Ask if there are any tax increases planned and if there are discussions about tax increases. Also ask when the last tax increase happened. Tell them you are considering buying a mhp and want to understand the taxing policy - and learn how they calculate the taxes.


#3

I agree with tmperrault

Also, in my limited experience, tax assessors tend to be all over the place quality wise. Some run a really tight ship, and some are extremely sloppy and arbitrary.

With such a large purchase price increase, if I was super serious about the purchase, I would also reach out to a local tax attorney and ask for their take. You shouldn’t need more than a 5 minute consultation if you’re well organized and many attorney may not charge you.


#4

Id also talk to a tax appeal firm regarding this issue. They are well versed in these matters and you can bring them in on the front end.

I was told sometimes like non disclosure states, they might be non disclosure, but then you get a mortgage , they ball park it at 80% LTV and work backwards to figure your purchase price.

This is such a varied scenario on what can happen, you can be 3/10th the value or 2x of the value so you are wise to consider it ahead of time.