Could you drastically reduce your property taxes?
FORT LAUDERDALE - Ann and Warren Whatley bought their Fort Lauderdale house near the New River in 2016.
Then they got the shock of their life when their tax bill arrived.
"The county reappraised our property so our taxes jumped 50 percent," said Ann Whatley.
They went from paying $20,000 a year to $30,000 a year in property taxes.
"It's crazy, ridiculous," she explained.
It's a feeling shared by a lot of Broward taxpayers.
Because although the county commission is holding the line on the millage rate in their proposed budget, property taxes are rising in proportion to escalating home values.
On Tuesday, the Broward County Commission will take public comment on the proposed budget and then vote. The new budget will determine the taxes property owners will pay in 2023.
Most commissioners support holding the line on the 'millage' rate. And there is little support for decreasing the millage rate.
Commissioner Steve Geller says the increased tax money will be saved for a rainy day.
"The majority of complaints are from people who say I bought the house and my taxes were one level, now I'm reassessed and I can't afford it," he says.
Geller points out that the county is only one portion of your tax bill.
You are taxed also on public schools and the 'debt' from a bond issue voters supported to give raises to teachers.
You also pay city taxes where you live and the county hospital district.
He says 54 percent of your tax money is going to public safety to fund BSO and the county fire department.
To reduce their tax bill, the Whatleys used little-known 'Homestead property tax deferral.''
"It keeps property taxes at 5 percent of your adjusted gross income," said Ann Whatley
To qualify you must meet stringent requirements, including but not limited to:
-The Homestead exemption
-The senior exemption
-Income requirements
-Yearly income tax return
-Pay the taxes you owe when the property sells
The Whatleys saw their taxes go from $30,000 per year to a little more than $6,000 per year.
"As we quit working, our property taxes will continue to go down," said Ann Whatley.
