As property values continue to drop, you still can get a tax hike. When homeowners open their tax notices this year, people who invested during 2003 to 2007 will have price increases. Market values have declined so much today that the assessed value can be higher than the deflated market value. The tax base has fallen 9.2% in Dade County and in Broward a little over 10.7%. This is because of a declining market. Due to a decrease in revenue, we can expect to see a rise in our millage. However, on the brighter side of things, this won’t affect new homeowners because they will be seeing their assessed values dropping.
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