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Foreclosure or Short Sale: Reduced Tax Assessment not Guaranteed
Posted by: Marlyn Wiener
February 03, 2008
Topic: Foreclosure or Short Sale: Reduced Tax Assessment not Guaranteed
As a general rule, the county property appraisers in Florida disregard purchases from lenders after foreclosures or as part of a short sale in determining property values for real estate tax assessment purposes. Their position is that these are distress sales and are not third party arms length transactions that reflect actual value. They will consider these transactions when and if they see a pattern of declining values in an area or neighborhood. Most county property appraisers send out detailed questionaires after closing to gather information about the transaction including whether it follows a foreclosure or is part of a short sale or if there were other circumstances that should be considered when determining value (i.e. if sales price included personal property).
