Florida woman must sell house after property taxes rise 174%

Tamra Ransom thought she was one step closer to her American Dream when she bought her home in Polk County, Florida, in May 2023. But less than a year later, she had already put her property – into which she had poured all her savings – up for sale. .

What caused that sad and sudden turnaround?

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A 174% increase in property taxes, which – combined with other rising costs of homeownership, particularly the rising cost of home insurance in the Sunshine State – means she can’t afford to keep her new home.

“I felt like I was being tricked and switched,” she told WFLA-TV, implying that she bought the property without expecting the future costs of maintaining the property to be so different it was.

Here’s how Ransom’s annual property appraisal stood out to her — and what to keep in mind if your property is being appraised for tax purposes for the first time.

TRIM message

Ransom’s property tax pain all started when she received a TRIM (Truth in Millage Rate) notice in the mail.

Florida homeowners receive a TRIM notice each year from their county property appraiser. These notices are required by state law and are typically mailed in mid-August.

The primary purpose of a TRIM notice is to inform homeowners of the estimated “market value” (also called “just value”) of their properties as of January 1 of that year. There are many factors that are taken into account when evaluating the market value of the property, such as its size, location and overall condition.

For new homeowners like Ransom, the first TRIM announcement can cause quite a bit of sticker shock.

When Ransom bought her home, the property tax was about $2,700, she told WFLA-TV, adding that she expected it to “range a little bit, (maybe) a few hundred (to) a thousand dollars,” but the jump from 174% (which would bring her annual property taxes to about $4,700) was far beyond what she imagined.

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“It’s very upsetting because I put most of my savings into the house – the down payment, alarm systems and things like that,” she said. ‘And I lose all that because I have to sell the house – and I don’t really get anything back.’

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In addition to the initial pain of having to sell her home, Ransom also faces the trials of finding another place to live – at a time when rental costs and mortgage rates are both painfully high.

‘Buyer beware’

Ransom’s shocking TRIM message came as no surprise to local St. Petersburg attorney Michael Finn.

He told WFLA-TV: “This is definitely a buyer beware situation. Real estate values ​​have risen enormously, especially near the water. Someone who bought a house five years ago can realize an increase in value of two to three times.”

According to Zillow, the median home value in Polk County, where Ransom is located, was $313,845 in March 2024, up 1.6% from a year earlier when the median home price was $308,708, and up 39% from three years ago, when the home price was $308,708. the average was $225,341.

Knowing local property values ​​is key to understanding your TRIM notice. When you receive a TRIM return, it is important to read it thoroughly and check for any incorrect or missing information. Any mistakes can lead to an inaccurate assessment of your property, which could result in you paying more property taxes.

If you have any concerns, you should generally contact your local real estate appraiser’s office within 30 days of receiving your letter. If, after consulting with your real estate appraiser, you still believe that the market value of your property is incorrect, you can file a petition or appeal to your county through their Value Adjustment Board.

“You can argue it, but you won’t win a significant reduction because the appraiser’s office is very skilled in their appraisals,” Finn added. He also advised homebuyers to contact their local property tax assessor to find out what their tax bill will be before signing on the dotted line.

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This article provides information only and should not be construed as advice. It comes without any form of warranty.