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We own the home we live in, and also own two lots with no structures on them. Both were bought as investments years ago when finances were better. The game plan was when we retire, we would sell the house we live in now and one of the lots, and then build a house on the other lot.
I am not grumbling about paying my fair share of taxes. The Palm Beach taxes will actually go down a very little bit this year. The millage rate is outrageously high, though. We'll never be able to afford to build there.
My real gripe is with Marion county. I own a small lot in a residential subdivision; it was purchased in part with wedding money 25 years ago, and I got it in the divorce settlement 15 years ago. The property is assessed at the very top end of what lots in that area were selling for about 8-10 months ago. The assessment nearly tripled from 2005 to 2006. But instead of assessing it truly reflect what's going on in the market, it increased by almost $8,000 this year. The millage rate is lower in Marion county. But in addition to seeing the taxes rise, we've been hit with two substantial assessments - one for roads, the other for fire protection - totaling over $2,000.
We're not convinced that we'll be able to hold onto both properties until we retire - in 7 years.
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