How does the Save Our Homes (SOH) law in Florida make any sense?

**curious1** · 11-06-2010, 11:19 AM

Hello all, I'm new to this forum, and am a new homeowner as of June 2009 in the state of Florida (zip 33009). I primarily reside in New York though and was previously unaware of Florida's laws and am taken back by this year's Property Tax because even though the value of my home decreased, my Property Taxes increased! This doesn't make sense to me!

Facts-

* My property is located in BROWARD county
* The official property appraisal states that the Assessed/SOH Value in 2010 is $165,820
* I bought the property for $160,000 on June 2010
* The 2009 Total Milage in Broward Country was 21.07590 which resulted in $835.36 in Ad Valorem Taxes
* According to bcpa.net/recaddr.asp the 2010-2011 value has decreased to $130,830

Overall, my property according to the county appraisal has lost value by $34,990 and is now worth $130,830.

Here is what I learned about SOH yet I am hoping someone can explain the logic of this law in plain english because I don't understand the point of it?

# The SOH amendment allows for your assessed value to not increase more than 3% or the Consumer Price Index whichever is less. SOH Difference is the difference between market value and assessed value.
# In years when property values are increasing, the SOH statute protects homeowners by limiting the amount of increase in their assessed value.
# However there is a downside to this amendment in a declining market.
# In most states, if property values deceased, then the property tax decrease by same %

**curious1** · 11-08-2010, 08:23 AM

48 views and no replies?

I'm just looking for a layman's explanation of WHY my property taxes went up even though the value of my property went down? Why is it inverted? Shouldn't taxes go down if value goes down?

**JLNorthOC** · 11-08-2010, 10:14 AM

I'm not sure about Florida but in California you can appeal your property tax if it is higher then the market value. There is a form you can fill out and send in with a Comparative market analysis prepared my a real estate agent/broker or an appraiser. If you can prove the value should be less with facts then they will make proper adjustments.