Florida property owners just received their tax bill in the mail and I got to see the panic first hand. As a property owner in Florida it’s important to be aware of how much your property taxes can change. As the owner, your taxes are based on the assessed value of the home, which cannot increase by more than 3% each year. HOWEVER, when the home is re-assessed after new homeownership the tax amount can increase drastically after the first year. 

A home that has been owned for several years without reassessment will have significantly lower taxes. 

For example, my home was owned for over 30 years. The previous owners payed $1,095 PER YEAR in property taxes. At the one year mark of owning the home, our property taxes came through at $9,850 due to the property being reassessed at a much greater value than the previous owners assessment 30 years ago.