New homeowners in Osceola County could see property taxes double
Osceola County’s property appraiser says homeowners should be on the lookout for big potential property tax increases.
The county is one of the fastest growing in the nation and saw $2 billion worth of new construction this year alone. Osceola County Property Appraiser Katrina Scarborough said property taxes could double for new homeowners.
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“The previous owner, if they had homestead, their value has been capped at no more than 3% a year,” Scarborough said. “And once that sale occurs, that cap goes away. So their value is going to go all the way up.”
Scarborough said overall Osceola County home values have increased 20% compared to last year.
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“I want people to not be so shocked when that bill comes out, because most likely, in the closing, their escrowed amount for the taxes in their payment is one thing. And once their new taxes come out, it could be a significant increase,” she said.
Homeowners should expect their trim notices in mid-August. It provides a property value assessment and tax estimates so people can better budget.
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