@sdandrea1 Just curious. What’s the real estate tax situation in Virginia for buying a new house? As you probably know here in Florida it goes by when you bought your home.
Or as I call it the last guy in pays the most (in real estate taxes). They do have the Save Our Homes Act that keeps any increase no higher than 3%.
As opposed to Massachusetts where they passed Prop 2 1/2 ~ 40 years ago. In MA. it doesn’t matter when you bought your house. It just goes by the assessed value.
Prop 2 1/2 keeps cities and towns from increasing their budgets to a max of 2 1/2 percent a year. If a city or town wants to build a new school etc., they need to have a vote to override Prop 2 1/2.
So in other words in Florida there’s a disincentive to move to a new house. Because you’ll pay more in real estate taxes than your neighbor who bought his house 10, 15 or 25 years ago for example.
Summary: Florida real estate tax based on when and how much you paid. Massachusetts tax it doesn’t matter when or what you paid. You pay based on the current assessed value.
So here in Florida we ain’t moving. Unless we hit the lottery. Lol