when should the new property taxes come in effect?

We bought a house in Orange County, FL in June 2010. We bought the house for 190K and the taxes we are paying is on the previous value of 350K. Also we applied for homestead exemption right away when we bought the house. Wanted to know when will my property taxes go down? And when will my homestead exemption come into play? I am still paying the same property taxes as to what I was paying last year when I bought the house.

4 responses for when should the new property taxes come in effect?

  1. Landlord says:

    It may have been homesteaded before.

    It will not drop dramatically.

  2. someone says:

    Sorry but NO guarantee your property tax will decline. Many municipalities are in dire need of money and are NOT adjusting for Market price. Their attitude is just because you got a bargain does not mean we acknowledge it. This is happening all over. Your best bet is to go visit the tax assessor and have a discussion

  3. Dave says:

    They may or may not "go down." Your county tax assessor’s office can explain the reassessment process – if there is one.

  4. brittnay19 says:

    first of all, the taxes dont just come down. You have to have the home appraised by a professional and then you have to submit the reassessed property value to the mortgage co and, county recorders office for review. At that point they will let you know if and when the taxes will come down. Thats the catch, If you dont assess the value and apply to reduce it and ask for the deduction. They arent just gonna give it to you. The county goes by appraisal value. If new appraisal is not filed, they have nothing to go by but the old one.Good luck you might want to consult a tax attorney Even H&R block can sometimes point you in the right direction but they are not legally permited to give info, so you may get an answer and you may not. Start with the re-appraisal of the current value per economic times. Im sure in June of 2011 they will want to know if value has stayed the same as its usually looked at on a yearly basis.

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