Sagging property values ease newer homeowners' tax burden

As residents get their annual tax notices, many of those with the highest property tax burden — newer homeowners who bought at top-dollar prices — are happy to see a sharply lower bill. At the same time, some longtime homeowners who enjoyed years of having tax bills capped thanks to the Save Our Homes constitutional amendment face rising taxes even though their property values plunged. "It's the flip side," said Jim Flateau of Land O'Lakes, who is one of about 290,000 taxpayers in the Tampa Bay area who are benefitting from lower tax bills. He owes more on his mortgage than his house is worth, but he stands to pay up to $500 less in taxes for 2009 after his home lost 20 percent of its value.

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