Woman reveals how she was forced to sell her beloved dream home within one year after this huge hidden cost
- Tamra Ransom bought her home in Polk County last May
- Less than a year later, she was forced to sell it after her property taxes soared
A Florida woman was left feeling like she had been ‘lured and switched’ after a property tax increase meant she had to sell her dream home just a year after purchasing it.
Tamra ransom told WFLA-TV that she bought the perfect house in Polk County last May.
Then her property taxes were increased by 174 percent, from $2,700 a year to $4,700, making it too expensive for her to continue living there and forcing her to put the house back on the market.
She told the outlet, “It’s very upsetting because I’ve put most of my savings into the house.”
Property taxes are assessed based on a home’s value and the city’s tax rates. As property values increase, property taxes also increase.
Tamra Ransom told WFLA-TV that she bought the perfect home in Polk County last May
Then property taxes were increased by 174 percent, making it too expensive for her to continue living there and forcing her to put the house back on the market.
Ransom said when she bought her house, property taxes were about $2,700.
She expected it “to vary a little, [maybe] a few hundred [to] a thousand dollars.”
But when she got her new appraisal, she was shocked to see that it had increased by 174 percent, meaning annual property taxes would be $4,700.
She told WFLA-TV, “I felt like I was being set up and switched.”
In Florida, homeowners are subject to property taxes annually on January 1, depending on the market value of the home.
They are assessed based on size, location and condition, as well as market conditions.
Real estate values have soared post-pandemic, which means property taxes have also risen. But with their money tied up in their homes, homeowners may struggle to pay the bills.
Ransom had no choice but to resell her house.
Attorney Michael Finn told WFLA-TV, “This is definitely a buyer beware situation.”
Ransom said when she bought her house (pictured), property taxes were about $2,700
She said: ‘It’s very worrying because I’ve put most of my savings into the house – the deposit, alarm systems and things like that.
‘And I lose all that because I have to sell the house – and I don’t really get anything back.’
Attorney Michael Finn told WFLA-TV, “This is definitely a buyer beware situation. [Property] values have skyrocketed, especially anywhere near the water.
‘Someone who bought a house five years ago can realize an increase in value of two to three times.’
Finn added, “You can contest it, but you won’t win a significant reduction because the appraiser’s office is very skilled in their appraisals.”