""In Florida, the homestead exemption reduces the taxable value of homes and offers protections for longtime residents, but renovations can trigger full reassessment and skyrocketing taxes.""
""Walter and Debbie Priebe's home, once a cherished family asset, turned into an unaffordable financial burden post-renovation due to a dramatic property tax increase.""
Walter and Debbie Priebe renovated their Pompano Beach, FL home, anticipating minor tax increases. Instead, their property taxes soared from $15,000 to over $90,000, triggered by a full reassessment due to a significant rise in property value. The renovation, aimed at aging in place and preserving family memories, turned their home into an unaffordable burden as high demand in their neighborhood pushed valuations to over $4.4 million. This situation reflects a broader issue of property tax affordability impacting longtime homeowners across the U.S.
Read at New York Post
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