Homeowner shocked as property taxes nearly double

In a recent government meeting, discussions centered around property tax assessments and the challenges faced by homeowners in Hernando County. A resident, Jack Ragstone, voiced his concerns regarding a significant increase in his property taxes, which nearly doubled since he purchased his home in January 2022. Ragstone expressed confusion over the sharp rise, noting that while he anticipated an increase, he did not expect it to be so drastic.

Officials explained that property taxes are based on the current market value of homes, which can fluctuate significantly. They clarified that the first year after purchasing a property, taxes are assessed at the new market value, leading to potential increases that may catch new homeowners off guard. Ragstone, who relocated from Pittsburgh, indicated that he was unaware of the implications of this assessment process when he bought his home.

The officials also mentioned the option for homeowners to appeal their property valuations through the value adjustment board, which could provide some relief. They highlighted that once a homestead exemption is established, future tax increases are capped at 3% annually, based on the Consumer Price Index (CPI). However, Ragstone noted that he had not received adequate information about these processes during his home purchase, which contributed to his frustration.

In response to concerns about transparency, officials acknowledged ongoing discussions at the state level aimed at requiring sellers to disclose potential tax implications based on the listing price of properties. This change could help future buyers better understand the financial responsibilities associated with homeownership in the area.