Does foreclosure prompt higher property taxes in Florida?

| Jul 3, 2018 | Foreclosure |

Many Florida residents understand what it is like to face financial difficulties. In fact, some have been unable to rise above their money problems and have filed bankruptcy or surrendered their homes to their lenders. When a large percentage of homes in a particular area are lost to foreclosure, real estate analysts label the region as a “foreclosure cluster.” 

A man in another state says he is continuing to suffer because his and other homes were inaccurately assessed after filed foreclosures, leading to higher property taxes. The man’s home wound up not being foreclosed because he secured an alternate payment plan for his mortgage. However, an assessor wrote that his home was now worth more than $70,000.  

An attorney acting on the man’s behalf says a more accurate assessment would be $35,000. She also said that foreclosure clusters are often reassessed at incorrect values. This creates additional financial problems because property taxes are assigned in conjunction with current market values of the homes. A difference of $35,000 would certainly impact property tax.  

The man who spoke said he needs the money for other things and wishes officials would reassess his home again, in order to come up with a correct assessment. Florida homeowners worried about foreclosure issues can be proactive in seeking solutions by researching state laws and discussing their financial situations with those well-versed in real estate and debt relief options. In fact, any homeowner who believes his or her home has been inaccurately assessed may take steps to rectify their situations.  

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