Broward property taxes skyrocketing

Fort Lauderdale, Florida – The cost of properties in Broward County has been accelerating.

Some new homeowners are getting a sticker shock when they get their property tax bills.

“It’s a lot of money for sure,” says Robert Walsh.

Walsh downsized from a bigger Plantation home and moved to a Fort Lauderdale duplex two-and-a-half years ago.

“My taxes then were $5,000 and now they are $13,000,” he says. “It’s one reason I got a duplex to help pay my taxes, insurance, and utilities.”

“The single-family homes here are ones existing a long time and there is nowhere else to build,” says Broward County Property Appraiser Marty Kiar, explaining the factors leading to higher assessment and ultimately soaring tax bills.

According to Kiar, the surge of people wanting to relocate here spurred in part by no personal income tax is another reason why prices keep climbing.

“There are a lot of cash buyers. We are having the biggest rise in real estate since 2005, 2006, and 2007,” he said.

Also after your initial big jump in taxes, your rate will stabilize because under “Save Our Homes,” the tax rate can’t go more than 3% yearly. Still, Walsh is concerned about the future.

“It’s becoming unaffordable, but that’s the price we pay. When you see the beautiful weather, who wouldn’t want to live here,” he said.