How are the property taxes assesed on condos in punta gorda?
Pat, Ad Valorem property taxes are based on “Just Value”, which is synonymous with Market Value. The formula, simply put, is “Just or Market Value” of the unit multiplied by the millage rate equals Ad Valorem (according to value) Tax. On top of that, can be added flat fee taxes such road paving, garbage fees, etc. It really depends on the location of the taxing district for additional flat taxes and millage rates. Also, Save our homes caps for homesteaded properties will create different taxable values than those condominium units without homestead exemptions and caps. You should look at the “Just Value” of the unit, as arguing value is the only way generally to reduce the tax burden, which can be done at a Value Adjustment Board. Condominium units are based on the comparable sales or direct sales comparison approach. Amenities, maintenance fees, location and quality are major variables in just value estimates. The County Property Appraiser will estimate value of each unit as of Januar
