Just got my 2015 TRIM notice from Pam Dubov, Pinellas County Tax Collector. I found something interesting and thought I would “vent” here! The “Market Value” of one of my investment condos actually went DOWN by about 6% this year over 2014… but the “Taxable Value” or the “Assessed / Capped Value”of that same condo actually INCREASED by almost 10%!! The School District’s Taxable Value does mirror the Market Value but the other 2 components of my Tax Bill show an INCREASE in Taxable Value at the same time the Market Value decreased!!
WHY? Well the short answer is: “because they can”! Even though not a Homestead Property it has an “assessed / capped value” which is the result of a law passed “back in the day”, to not allow the Tax Collector to slam taxpayers when property values skyrocket! Tax bills cannot increase more than 10% per year even on NON-homesteaded (investment) properties….at least that was the THEORY….the “unintended consequence” of that was to give the Tax Collector a mechanism to RAISE my tax bill even when values DECLINE….You tell me: Is that fair??
THIS is an issue that needs debate and Pam Dubov should be made to answer the questions as well as should the County Commissioners….I WILL follow up on this…feel free to contact me if you have any questions about YOUR real estate!