What is the process to get the county to adjust my property taxes if I bought a property below assesed value?

Question

I live in Florida and am picking up a property for a purchase price of less than the assessed value. How do I get the county to re-assess my taxes so I pay based on my purchase price. Please let me know any advice.

Answer 1

It takes 5 minutes at the Assessors Office.  They want you to "prove" it to them.   If you paid a low price but you add $50,000 to the house, then the old valuation is still good. /

Answer 2

It will make absolutely NO difference.

What you paid and what the county says the property is worth, is 100% not related.

Just because the seller sold the property, doesn't mean that the county also gets shorted the taxed assessed value on it.

Now you have learned why "buying at below assessed value" doesn't mean jack.

Answer 3

Set-up a meeting with your assessor and bring in your closing docs. that should be an open and shut case!

Answer 4

You do not pay taxes on your purchase price, you pay taxes according to the assessed property value.  Buying a distressed property below market value does not affect the assessed value.

  I don't know what the laws provide for in your specific jurisdiction, but many I am familiar with allow for an assessment appeal.  You will fill out a form and file it with the county assessor to request an assessment appeal hearing.  Check with your county assessors office for details.

Answer 5

Your property taxes are based on the assessed value, NOT what you paid.