NBC 6 Miami highlights the plea from local Miami Springs resident, Mauriett Chayeb, who saw a whopping 30% increase in her property value and a commensurate jump up in her property taxes. Watch the NBC 6 report below:
The assessed value of homesteaded properties can only increase by 3% each year according to the Miami-Dade Property Appraiser’s website. However, when Mauriett Chayeb recently lost her father to cancer, she also lost her father’s cap on the increase. When the property was transferred to her after her father’s passing, the property was then re-assessed at market rates. And as you know, property values in Miami Springs have gone sky high.
Bottom line, as Chayeb highlighted in an online post, the 30% increase “may have me lose my home when I just lost my dad…Many families deal with this every year, wish someone could help!”
This is a tricky situation where the adult children of a recently deceased elder homeowner now has to handle the impact of the rise in property values. If you find yourself approaching a situation like this, experts say it’s important to work with an Estate Planning Attorney ahead of time to minimize tax burdens and probate expenses. Nevertheless, every situation is different.
Ultimately, we hope Ms. Chayeb is able to retain the Miami Springs property she’s called home for decades.
