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Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
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Old 12-22-2015, 02:26 PM
 
Location: SoCal, but itching to relocate
283 posts, read 186,200 times
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I'm hoping someone with experience can help me out here. I'm trying to budget for property taxes in Brevard County. If our potential move from Los Angeles County, CA to Brevard County, FL comes to fruition, we'll be shopping for a single-family home. I've done some research on how Florida property taxes are calculated, the homestead exemption, and the SOH exemption. Unfortunately, that research has left me with so many questions! Just to start...

When you buy a home, is the purchase price your first year's "just value"?

If properties are assessed in October through December of the prior year, but we purchase, say in March, is our first year's property tax based on that prior Oct-Dec assessment?

Is there a website where I can look up a property's millage rate by address for school and non-school taxes...and any other local taxes?

If I'm venturing off into the wilderness here , can someone please re-direct me??? Thanks!
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Old 12-22-2015, 02:41 PM
 
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The value as of January 1 determines the tax bill which comes in around September. Declining incentives are given for paying by November 30, December 31, etc.

A good estimate of what the tax bill be in the subsequent year is about 1.5% of the purchase price.

You can go to the tax collector's website and get the historic tax bills for particular properties you're interested in.


Brevard Tax Collector – Pay Taxes Online
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Old 12-22-2015, 05:23 PM
 
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The estimated value for the property from the county's standpoint ime has been around 85-90% of the purchase price, and then around 1.5% annually.

I imagine it should be much less here overall than socal
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Old 12-22-2015, 05:40 PM
 
Location: SoCal, but itching to relocate
283 posts, read 186,200 times
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Okay, so am I understanding this right?...

...The first (partial) year we own the property (let's assume we buy in March, 2016), we'd be responsible for our pro rata share of taxes based on the January 1, 2016 assessed value? Would that assessed value take into account the prior owner's homestead and SOH exemptions? Or would it be the assessed value without regard to the prior owner's exemptions?

Then, for the next year, the property would be re-assessed on January 1st (which should pretty much be our purchase price barring some disaster or huge run-up in value between when we purchase and when the assessment is made)?

I'm wary of simply relying on historical tax bills, especially on an older property where the current owners have taken advantage of the homestead and SOH exemptions. Just don't want any surprises!
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Old 12-22-2015, 06:34 PM
 
Location: Long Island
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Your first year would grandfather any incentives the previous owner had. You basically get a "free ride" for the balance of the first year. After that, you will be assessed based on purchase price. In my experience, the taxes go up but not to actual purchase price. I have not been lucky enough to get a homestead exemption (yet...) so my taxes have shoot up quite a bit that second year but never to purchase price value.
Us this web site as mentioned above to get an idea of the property you are researching:
Brevard Tax Collector – Pay Taxes Online
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Old 12-22-2015, 06:43 PM
 
Location: SoCal, but itching to relocate
283 posts, read 186,200 times
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Quote:
Originally Posted by chopchop0 View Post
I imagine it should be much less here overall than socal
Funny, people always say that. It's true, but only because the home prices (values) differ between CA and FL by so much. Our little SoCal starter home (2 beds, 1 bath, 1150 sq ft on a 6900 sq ft lot in an okay area) should sell for about $500K. Our property tax bill is about $3,600 per year, but that's because my husband bought the house for $190K many moons ago. Whoever buys our house would be looking at about $5K in property taxes (they say to figure about 1% of purchase price here).

If we were to take that $500K and purchase in Brevard County, we'd get much more for our money than here, but property taxes would be what? $500K x 90% x 1.5% = $6,750 per year?
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Old 12-22-2015, 11:09 PM
 
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Quote:
Originally Posted by ImmerLernen View Post
Funny, people always say that. It's true, but only because the home prices (values) differ between CA and FL by so much. Our little SoCal starter home (2 beds, 1 bath, 1150 sq ft on a 6900 sq ft lot in an okay area) should sell for about $500K. Our property tax bill is about $3,600 per year, but that's because my husband bought the house for $190K many moons ago. Whoever buys our house would be looking at about $5K in property taxes (they say to figure about 1% of purchase price here).

If we were to take that $500K and purchase in Brevard County, we'd get much more for our money than here, but property taxes would be what? $500K x 90% x 1.5% = $6,750 per year?
Correct, I think it is because you were grandfathered in so many years ago. For someone moving to either place de novo, fl wins. The other thing to keep in mind is the homestead exemption that would further reduce your assessed value by 25-50K on your primary home
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Old 12-23-2015, 10:16 AM
 
Location: SoCal, but itching to relocate
283 posts, read 186,200 times
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Quote:
Originally Posted by Nypafl4u View Post
Your first year would grandfather any incentives the previous owner had. You basically get a "free ride" for the balance of the first year. After that, you will be assessed based on purchase price. In my experience, the taxes go up but not to actual purchase price. I have not been lucky enough to get a homestead exemption (yet...) so my taxes have shoot up quite a bit that second year but never to purchase price value.
Us this web site as mentioned above to get an idea of the property you are researching:
Brevard Tax Collector – Pay Taxes Online
Thanks! I now feel like I have a better sense of what to expect. (I like the free ride thing-y for that first year, too!)
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Old 12-23-2015, 10:22 AM
 
Location: SoCal, but itching to relocate
283 posts, read 186,200 times
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Quote:
Originally Posted by chopchop0 View Post
Correct, I think it is because you were grandfathered in so many years ago. For someone moving to either place de novo, fl wins. The other thing to keep in mind is the homestead exemption that would further reduce your assessed value by 25-50K on your primary home
Yes, you're right about the grandfathering. That's part of why we've stayed put for so long!

Thank you for your replies -- very helpful. I think I get it now.
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Old 01-08-2016, 05:11 PM
 
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I also live in California (nor Cal, Sacramento area) and our taxes are about 1%. My husband and I are also thinking of making the move to Brevard Co and this has been a helpful thread. It sounds like without a homestead exemption the percentage of tax will be higher in Florida than in Cali. But if the Florida home is our primary residence how difficult is it to get the homestead exemption?
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