Wow! I couldn't believe the amount of homes for sale over there. The steel industry is going to flourish as they keep up with orders for new signs.
Every street has at least one house for sale. Okay maybe you will find a street without one but chances are there will be one. Why is that? I went to visit a realtor in New Port Richey which is in Pasco County. I asked him why so many homes for sale. He explained that it has a lot to do with the current market conditions but another major contributing factor is that the property taxes and insurance costs are the highest in the state.
There is one other thing that he explained to me that I thought was very different. When someone purchases a home, they will pay taxes on the home for as long as they own it based on the amount that they paid for it. When the home is sold, the new owner will pay taxes on what they paid for it. There are a few more calculations involved (save our homes deductions) but I don't understand that enough to want to get into that.
I was curious to know if anyone elses states operate like that. Do you pay property taxes based on the assessed value of your property or the price that you paid for it?
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