How to Reduce Your Real Estate Taxes in Jacksonville, FL

The real estate tax laws in Florida and through extension Jacksonville can be somewhat hard to understand for some. It is important to understand how taxes are calculated in Jacksonville if you are looking to buy property in the area. You have to also find more how you can do this In Florida investing Jacksonville. there is nothing against trying to get your property taxes reduced.

Contest the Valuation of the Home

In Jacksonville as with any other city the valuation of the home is a major factor in the tax bill that you pay. The higher the valuation of the home, the more tax you will pay on it. There are different ways to have the valuation decreased such as:

  • Compared to other homes which are similar, your home is in a worst condition.
  • Compared to similar homes, your home values more than theirs
  • There was an error with the taxing authority.
  • There has been a decrease in the value of your home.
  • The cost that you purchased the home for is less than the value that the tax authority gave you (for recent buyers).
  • The home’s finishes and construction is of mediocre standard compared to similar homes in the neighbourhood.

If using any of the above options documentation is vital especially for comparisons with other homes. Appraisals of the home or any other documents which support your case can also be useful. In the real estate Jacksonville market there are some companies who will contest the valuation for you at no cost unless you are

successful with the contest.

Property Tax Homestead Exemption

The Homestead Exemption dictates that legal residents of Florida can deduct up to $25,000 from the assessed value of their residence in the real estate Jacksonville market. Therefore this means that the taxable value will also be reduced. There are also additional exemptions for persons such as veterans, senior citizens or the blind. In order to be eligible for the exemption the homeowner must have taken possession of the property by December 31 and then apply no later than March 31 of the following year for the exemption. There are also several amendments to the exemption which allows for more deductions if the homeowner is eligible.

Limit the Curb Appeal

Essentially an assessor is comparing your home to your neighbour’s along with others in the vicinity of your real estate Jacksonville community.Even though the assessors have a strict guideline to go by when evaluating a home, there is room for partiality and this means that the more attractive a home the higher the value will be.Since the assessor’s visit to your home is usually a scheduled visit it is easy to know when to and when not to make any big adjustments to the home that could possible increase the value.

In Florida investing Jacksonville it is important to know that the process of contesting the valuation usually requires a few tries. Also you have to find more and consider things before investing in Florida Jacksonville. Is it also difficult to balance wanting to pay a lower estate tax bill with the need to have a beautiful home.


Category: Taxes

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