By law, the condition of a property is the criterion for determining the value for the entire year. Each year’s worth is separate and based on market information, including comparable property sales from previous years. The deal reflects the market. When sales prices fall, values rise, and conversely, when sales prices rise, values rise.
Due to Save Our Homes and the 10% limit, it is impossible to compare taxes or estimated values with your neighbors. For example, if one of your neighbors has been exempt from the Homestead Exemption and has been limited for several years, its appraised value and, therefore, taxes may be less than yours, even if the home’s market value is less than yours. Your neighbor’s property is equal or more significant. than yours
Types Of Tax On Property
There are Three values used in the Volusia County Property Appraiser process:
Fair/Market Value: The first value determined each year is the fair/market value based on market information, including sales. Two truly identical properties would have the same fair market value.
Assessed Value: The second value, rating (also known as school rating), is the value that has been capped by a rating threshold, such as the B threshold. Save Our Homes is based on a one-year increase in property-exempt value of 3% or the Consumer Price Index (CPI), whichever is lower. It can also be affected by agricultural classification.
When the property is sold, the cap is removed, and the new owner sets a new base year to apply the cap. The 10% limit does not apply to school taxes. This resulted in the so-called non-academic assessed value.
Taxable Value: Finally, any tax exemption (for example, the $50,000 tax exemption) is subtracted from the assessed value to arrive at the third value, the tax amount. Due to the 10% cap and tax exemption for low-income seniors, the school, county, and county may have different tax amounts.