Local property appraisers say recent surge of Tampa Bay real estate values could cause sticker shock when residents get their property tax notices later this summer. Pinellas County Property Appraiser Mike Twitty. stated increases are likely to exceed any in the past 10 years. Most property owners, particularly homestead property owners will be shielded from most of that increase because of the Same Our Homes Assessment Cap which limits tax increases to no more than 3% per year for Primary residents and 10% for investment properties and second homes. New homeowners are going to feel the brunt of the increase as these properties will be appraised just below full market value.
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Mortgage Rates Continue Climbing
Mortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994. The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20 percent from a year ago.
