[nRitzy]

Could you explain the millage rate and also the homestead exemption. I came very close to moving to Ft.Myers back in June but after intense research I happened upon this forum and found that the homeowners insurance is sooooo high. I currently pay $500/yr for a house valued at @ $300,000 and property taxes around $3000. I also researched the shcools and found them to be iffy. If I wait 2 years when my son graduates, I'll be in a better position to buy without worrying about the schools. And hopefully by then the RE market will be more appealing.

[sbakun]

That is always a hard decision to make, especially with kids involved. I bounced back and forth from Tampa to Greece to Tampa to Greece to Tampa when I was growing up due to having a military father. While some kids deal very well with this by learning about different cultures and making friends easily, some don't. I did very well while my brother really suffered. Taking a job cut or pay cut would defintately make this decision one that doesn't need to be considered anymore, especially with the costs of raising a family today.

[Simon Says]

I think the best way to live in Florida is to get a job and work remotely. That's what I am currently doing and thus far, so long as my internet connection holds out and I don't get laid off, I should be fine. The cost of living in VA is far too high these days.

[sbakun]

I will give you the "formula" that I give my buyers (usually an over-estimate/worst case situation) for taxes. Take the purchase price of your home and multiply it by 90% (assessed value). Subtract the $25,000 from that amount to reduce the assessed value by the "homestead" amount if this is your primary residence. Then, multiply it by the millage rate (with is actually the rate 13 divided by 1000 ie .013). This would be an estimated yearly tax. So, 90% of your $300,000 = $270,000 - $25,000 = $245,000 x .013 = $3,185

[Simon Says]

Originally Posted by sbakun

I will give you the "formula" that I give my buyers (usually an over-estimate/worst case situation) for taxes. Take the purchase price of your home and multiply it by 90% (assessed value). Subtract the $25,000 from that amount to reduce the assessed value by the "homestead" amount if this is your primary residence. Then, multiply it by the millage rate (with is actually the rate 13 divided by 1000 ie .013). This would be an estimated yearly tax. So, 90% of your $300,000 = $270,000 - $25,000 = $245,000 x .013 = $3,185

That's similar to what I had calculated for my new home. It's always good to have a refined formula when it comes to buying a new home. Thank you.

Semper Fi

[sbakun]

My pleasure. Just make sure you pull up the tax records and see what the millage is for the house your looking to buy. It is usually expressed without the division of 1000 though so remember to do that too.

[nRitzy]

Originally Posted by sbakun

I will give you the "formula" that I give my buyers (usually an over-estimate/worst case situation) for taxes. Take the purchase price of your home and multiply it by 90% (assessed value). Subtract the $25,000 from that amount to reduce the assessed value by the "homestead" amount if this is your primary residence. Then, multiply it by the millage rate (with is actually the rate 13 divided by 1000 ie .013). This would be an estimated yearly tax. So, 90% of your $300,000 = $270,000 - $25,000 = $245,000 x .013 = $3,185

So compared to what I'm paying now it's comparable. Your quote above is my situation - a house valued at 300,000 and that's almost what we pay per year by about $500 difference. But now what about the homeowners insurance??? That's insane unless you can self insure - I'd be paying more for insurance each month than for my mortgage - figuring that I'd be able to put down a good amount for the downpayment. I certainly would hate to pay more for insurance than the mortgage.

[sbakun]

Well, not always true. I have two companies that I ask my client to get a quote from. They are:

Ameriprise Insurance: 1-800-535-2001
and
Fearnow Insurance: Ask for Joseph Boyle & tell him Sophia Bakun sent you. His number is 813-689-8878

Ameriprise is a direct insurance company while Fearnow is a 3rd party vendor, but tends to beat any other vendor I have contacted. I have my HOI through Ameriprise & my Flood Insurance through Fearnow. Now, if you buy the home under a Trust or under a business name, you are looking at much higher insurance rates. If not, you should be paying about $2000-$2300 max per year. I hope this information helps you get better insurance.

[nRitzy]

SBAKUN - thank you for all that information. It has really helped and i just made note of all that information so when we decide to make the move I most certainly will call those two companies - you've been very helpful

[sbakun]

My pleasure, it's always good to have information, especially when you are making such a financial risk. Best of luck to you.