- Tamra Ransom bought her Polk County home last May
- She was forced to sell it less than a year after her property taxes skyrocketed.
A Florida woman felt like she had been “cheated and switched” after a property tax increase forced her to sell her dream home just a year after purchasing it.
Tamra Ransom told WFLA-TV who bought the perfect house in Polk County in May of last year.
Then her property tax increased by 174 percent, from $2,700 a year to $4,700, making it too expensive for her to continue living there and forcing her to put the house back on the market.
She told the outlet: “It’s very disturbing because I put most of my savings into the house.”
Property tax is assessed based on the value of a home and city tax rates; If the value of the property increases, the property tax also increases.
Tamra Ransom told WFLA-TV that she bought the perfect house in Polk County in May of last year.
Then the property tax increased by 174 percent, making it too expensive for her to continue living there and forcing her to put the house back on the market.
Ransom said when he bought his house, the property tax was around $2,700.
She expected it to vary a little, [maybe] a few hundred [to] One thousand dollars.
But when he got his new valuation he was surprised to see that it had increased by 174 percent, meaning his annual property tax would be $4,700.
She told WFLA-TV: “I felt like I had been tricked and changed.”
In Florida, homeowners are assessed property tax annually based on the market value of the home each January 1.
They are evaluated based on size, location and condition, as well as market conditions.
Property values have skyrocketed after the pandemic, meaning property taxes have also increased, but with cash locked up in the house, homeowners may struggle to pay the bills.
Ransom had no choice but to resell his house.
Attorney Michael Finn told WFLA-TV, “This is definitely a buyer beware type situation.”
Ransom said when he bought his house (pictured), the property tax was around $2,700.
She said: ‘It’s very disturbing because I invested most of my savings in the house – the down payment, the alarm systems and things like that.
“And I’m losing all that because I have to sell the house… and I’m not really going to get anything in return.”
Attorney Michael Finn told WFLA-TV, “This is definitely a buyer beware type situation.” [Property] Values have skyrocketed, especially anywhere near water.
“Someone who bought a home five years ago can get a two- to threefold increase in value.”
Finn added: “You can dispute it, but you won’t get a significant reduction because the property appraiser’s office is very skilled in their valuations.”
