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It pays to stay put
By AARON SHAROCKMAN
Published March 26, 2006
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[Times photo: Scott Keeler]
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Because Arthonia Godwin, 65, owner of Godwin Upholstering & Interiors in Clearwater, has lived in his home since the Save Our Homes cap took effect in 1995, he has realized the maximum savings - in his case, more than $6,500 in 2005.
Considering the tax hit he could take if he sold, "I don't know about moving any time soon," he said.
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Since 1995, Florida's Save Our Homes property tax cap has afforded longtime homeowners a tremendous tax savings by limiting the growth of the assessed value of their homes to 3 percent a year. It also has created a tremendous inequity in who pays how much in local property taxes. As a result, homeowners on the gulf front can pay less taxes than those far inland, a two-bedroom home can be taxed more than something bigger, and homeowners who once thought of moving are now happier staying put. Tax information from the Pinellas County Property Appraiser's Office shows some of the disparities in mid and North Pinellas.
A look at area houses:
TAX BILL: ABOUT $2,700
Cynthia Haggitt has lived in her home on Clearwater Beach, a block from the Gulf of Mexico, since 1981. Staying put has paid off. She pays the same amount of taxes as others who bought similar-sized 1,300-square-foot homes miles inland.
Cynthia Haggitt
717 Eldorado Ave.
Clearwater Beach
Home bought: August 1981 for $14,500.
Market value: $445,800
Taxable value: $118,100
2005 tax bill: $2,755.93
2005 tax savings: $7,603.21
Linda Frey and Terry Gruchow
136 Arlington Ave. W
Oldsmar
Home bought: July 2004 for $167,000
Market value: $149,300
Taxable value: $124,300
2005 tax bill: $2,751.28
2005 tax savings: $553.36
Dolores Gensure
720 15th Ave. SW
Largo
Home bought: April 2004 for $165,000
Market value: $148,100
Taxable value: $123,100
2005 tax bill: $2,678.66
2005 tax savings: $544
TAX BILL: ABOUT $5,900
Bill and Gloria Campbell of Dunedin know property values and tax bills have soared in recent years - their daughter is looking for a house. But for the Campbells, life is all right. According to the Pinellas Property Appraiser's Office, the couple saved $3,000 in taxes last year. "Somewhere down the road, we may look at something smaller as it looks to be the two of us," said Bill Campbell, 56, an insurance agent. "But for now, this is pretty good."
Bill and Gloria Campbell
1077 Weathersfield Drive
Dunedin
Home purchased: November 1992 for $200,000
Market value: $405,000
Taxable value: $268,300
2005 tax bill: $5,878.32
2005 tax savings: $2,995.03
Thomas and Rebecca Buchanan
1254 Druid Road S
Belleair
Home purchased: January 1998 for $260,000
Market value: $674,800
Taxable value: $266,600
2005 tax bill: $5,898.02
2005 tax savings: $9,030.65
Wesley Brooks and Kimiko Takezawa
1017 Chillum Court
Safety Harbor
Home purchased: June 2004 for $318,000
Market value: $314,400
Taxable value: $289,400
2005 tax bill: $5,852.62
2005 tax savings: $505.59
TAX BILL: FROM $7,300 TO $9,000
Orin and Nancy Pearson last year added a new pool, spa and patio to their 40-year-old home in the Ozona area of Palm Harbor. But they're paying for it. The Pearsons pay taxes almost equal to the Friesens of Belleair, who have a home that could sell for at least $250,000 more, according to the Pinellas County Property Appraiser's Office. It's all because the Pearsons moved in two years ago; the Friesens bought their home in 1995, as Save Our Homes took effect.
Orin and Nancy Pearson
312 Hillpoint Drive
Palm Harbor
Home bought: July 2003 in $565,000
Market value: $495,300
Taxable value: $403,400
2005 tax bill: $9,012.04
2005 tax savings: $2,053.06
Edwin and Lawayna Friesen
170 Willadel Drive
Belleair
Home purchased: January 1995 for $440,000
Market value: $763,500
Taxable value: $390,800
2005 tax bill: $8,645.71
2005 tax savings: $8,245.28
Arthonia Godwin
1895 McCauley Road
Clearwater
Home bought: January 1994 for $235,000
Market value: $608,9000
Taxable value: $323,000
2005 tax bill: $7,358.33
2005 tax savings: $6,513.14
[Last modified March 26, 2006, 13:45:57]
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