I recently read an article regarding taxes on short sale and bank foreclosure properties. I found it interesting, as the last several buyers that I have worked with have purchased homes that were either bank owned or getting ready to be bank owned.
New owners hope that their new home will be assessed based on the new lower price they purchase the property for at time of sale. But, we are hearing that may not be the case in Florida.
There are many things taken into consideration when assessed values are calculated. In Florida the tax assessors office compares prices of similar homes that have sold in an area to determine values. These comparisons will NOT include any foreclosure or short sale properties.
In some areas of Florida assessed value could be approximately 85% of market value.
Tax bills in Brevard County Florida were mailed out the first of November. The assessments are based on property values in January of this year.
NOTE: Please check with the tax assessors office in your area to determine how taxes are calculated in your area.
This article is authored by Sandy Shores, Melbourne FL REALTOR.
It is the exclusive property of, and may not be used without the written permission of Sandy Shores, Brevard County, Florida Space Coast. All information is believed to be accurate, but is not warranted. Copyright 2008.
Leave a comment