Property Taxes - Miami Condo

1 Reply

Dear BP community, 

I've bought a condo last year in Downtown Miami, and this is my second year of property tax assessment. 

I bought it for $240K and the assessed value then for tax purposes was $163K. 

This year's assessed value is now $195K, a 20% increase over last year's. Zillow tells me that property prices in that zip code have moved up 0.5%, nowhere near 20%. How could this be? Any suggestions of how to appeal it, or if it's even worth the hassle?

All the best!

JS

Originally posted by @Jean Leite :

Dear BP community, 

I've bought a condo last year in Downtown Miami, and this is my second year of property tax assessment. 

I bought it for $240K and the assessed value then for tax purposes was $163K. 

This year's assessed value is now $195K, a 20% increase over last year's. Zillow tells me that property prices in that zip code have moved up 0.5%, nowhere near 20%. How could this be? Any suggestions of how to appeal it, or if it's even worth the hassle?

All the best!

JS

 They reassessed based upon updated values. this always happens unless you appeal.  They base off of a several year average in most states.  Be happy they didn't reassess it on your purchase price. 

Always appeal every year you get the chance.

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