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A quirk in state law requires property appraisers to increase taxes on homes with a homestead exemption even though its value may have decreased. The increases have released an avalanche of criticism and as Mike Vasilinda tells us, prompted one lawmaker too seek a change in the law.

The market value of this home remained stable over the last two years, at right around 250 thousand dollars. But because the owners have lived here from more than two decades, the assessed value has been kept low by the Save Our Homes cap. That cap limits property tax increases to three percent a year, even when values skyrocketed.

Now the law requires appraisers to close the gap between the market value and the assessed value.  In this case, the assessed value went from 163 to 167 thousand, even though the home’s value didn’t increase.

Homeowners who have benefited from lower taxes are barking loudly.

Angry homeowners, whose values have gone down yet their taxes gone up, have bombarded property appraisers across the state with complaints.

State Senator Mike Fasano says no one ever expected property values to be going down. He’s filed legislation to stop the increases.

“The people who can least afford seeing their taxes go up on their properties are the ones who are being hit the most,” Fasano said.

Realtor Penny Herman calls the property tax system broken.

“It’s great to have homestead because it locks you in at three percent a year,” Herman said. “And so you know, you’re able to keep your taxes much lower than they would be if you were non-homesteaded.”

Property appraisers, who are powerless too stop the increases, have asked the law be changed two years running. So far with no success.