Wednesday, August 01, 2007

Super Homestead Exemption Calculator

The Hillsborough County Property Appraiser site now has a calculator for the proposed "Super Exemption"to be on the ballot during January presidential primary. It gives a dramatic graph of the reductions in taxable values. However, there is in this writer's opinion a built in bias to keep the status quo. The default on the Property Appraiser's calculator assumes a 7% appreciation in values. Historic norms are more like 3% maybe 4%. The difference is significant when it comes to deciding which is better in the long term. The default setting at 7% negates the super exemption savings in less than 5 years. At the more likely historic norm of 3% appreciation, it would take 15 years to negate the super exemption savings.

Run it on your own property and see the result for yourself using the default 7% and a more realistic 3%.


Cara said...

Hmmm, the county site showing a biased slant on the tax proposition....that is truly shocking. I noticed that right off the bat.....right now there is NO appreciation.....we will start off with a low rate of appreciation sometime in the next year or two.....7% is ridiculous and meant to reflect negatively on the proposition. There are so many people who are scared to death of change; this type of biased representation is aimed at these people. Shame on the County. I ran it and it looks pretty good for at least ten years, at which point I will be ready to move on to a smaller house anyway. I wish the people who are happy with SOH would try to think about equality; why should I get penalized and pay a gazillion dollars in taxes because I just moved here while my neighbor pays less than my quarterly installment? I am ranting...sorry.

In The Heights said...

I think your missing another deceptive tactic in their calculator-

The new rollback law caps the amount of taxes to be raised a maximum of 4% a year plus growth.

This means that even if your taxable value increases 7% a year under the new law the max your taxes can go up is 4%. The taxing authorities will have to reduce milage rates to stay beneath the cap.