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Old 09-12-2015, 07:56 AM
 
Location: Punta Gorda Fl
296 posts, read 231,993 times
Reputation: 155

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Been reading about the sky high property taxes and homeowners insurance/car insurance in fla. Of course much has to do with where you live in that state.

We pay about 700.00 year for homeowners on a 300k house. Our property taxes are about 3800 year. I think our property taxes are in line with Fla but homeowners is probable lower than average for florida I'm thinking.

I've read how expensive it is to transfer your car into florida, but you don't have to pay tax again if you've had them for over 6 months and if you've paid tax in the transfer from state? In Md its 6% sales tax. Not sure how crazy car insurance can be down there, ours is pretty high here.

Not sure if what I've read is accurate on the taxes/insurance in Fla?
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Old 09-12-2015, 08:39 AM
 
Location: western East Roman Empire
6,565 posts, read 10,633,679 times
Reputation: 5660
Quote:
Originally Posted by jetdoc3037 View Post
Been reading about the sky high property taxes and homeowners insurance/car insurance in fla. Of course much has to do with where you live in that state.

We pay about 700.00 year for homeowners on a 300k house. Our property taxes are about 3800 year. I think our property taxes are in line with Fla but homeowners is probable lower than average for florida I'm thinking.

Not sure how crazy car insurance can be down there, ours is pretty high here.

Not sure if what I've read is accurate on the taxes/insurance in Fla?

I read a recent report whereby Florida's property taxes are somewhere smack in the middle of the national average. Coupled with no state income tax, there is no legitimate complaint.

Naturally insurance rates are another matter.


For conservative budget estimate purposes, as a rule of thumb, calculate 2% of purchase price for property taxes plus the same for insurance. If you cannot comfortably afford that, then think twice about buying.

But some try to split hairs. Fair enough. If you want more precise budget parameters, perform local due diligence on each specific property under consideration.

Car insurance rates in Florida are indeed among the highest in the nation, especially in the more densely populated counties, but also to be expected and not the absolute highest.
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Old 09-12-2015, 09:16 AM
 
Location: Punta Gorda Fl
296 posts, read 231,993 times
Reputation: 155
Well thanks for the informative post.....yea we are looking at beween 200-300k so on the high side with 2% we are at 6k, down to 4k, for a 200k house, which is doable.

And so state tax? do they tax your 401k retirement?

I did a quick google on car insurance, from this year. Not sure how accurate;

Car insurance rates by state: Most and least expensive

Fla was 5th highest at 1742 yr and Md was 11th at almost 1600 a year. The Md one is pretty accurate for us.
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Old 09-12-2015, 09:56 AM
 
Location: Spring Hill Florida
12,135 posts, read 13,212,782 times
Reputation: 6009
Car and HOI are very dependent on who and where you live. My brother who lives in Pembroke Pines, Broward County, just switched carriers for auto. AAA got him Met Life. $800 a year, full coverage on a 2 year old SUV. I am paying $960 a year on two older vehicles here in Hernando County. Tampa would be a lot more I'd guess due to population density but only an agent can tell you for sure. My HOI is a little more than $1,000.00 a year. There are many variables to HOI.

There is a 1 time title transfer fee. Its $225 plus registration fees. Motor Vehicle Procedures Manual - Fees Table of Contents will tell u all u need to know on that.




Quote:
Originally Posted by jetdoc3037 View Post
Been reading about the sky high property taxes and homeowners insurance/car insurance in fla. Of course much has to do with where you live in that state.

We pay about 700.00 year for homeowners on a 300k house. Our property taxes are about 3800 year. I think our property taxes are in line with Fla but homeowners is probable lower than average for florida I'm thinking.

I've read how expensive it is to transfer your car into florida, but you don't have to pay tax again if you've had them for over 6 months and if you've paid tax in the transfer from state? In Md its 6% sales tax. Not sure how crazy car insurance can be down there, ours is pretty high here.

Not sure if what I've read is accurate on the taxes/insurance in Fla?
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Old 09-12-2015, 11:26 AM
 
Location: Punta Gorda Fl
296 posts, read 231,993 times
Reputation: 155
Thanks Spring...yea I read some of that on the MVA....I am retired military and they have some things for military but it looks mostly active duty.

Those car insurance numbers you gave are not bad at all really.

I didn't notice what you guys pay for car tags...here in Md cars are like 140 for 2 years and my truck is about a buck ninety for 2 years.
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Old 09-12-2015, 01:48 PM
 
1,284 posts, read 1,740,905 times
Reputation: 687
Quote:
Originally Posted by jetdoc3037 View Post
Thanks Spring...yea I read some of that on the MVA....I am retired military and they have some things for military but it looks mostly active duty.

Those car insurance numbers you gave are not bad at all really.

I didn't notice what you guys pay for car tags...here in Md cars are like 140 for 2 years and my truck is about a buck ninety for 2 years.
The first time getting new plates for your car is going to be about 400 ish per car... After the first year, you just pay a normal registration fee based on car weight I believe ...I have a 2014 Hyundai Sonata and the reg yearly is about 35 dollars
My car insurance here is Port St Lucie FL is actually a few dollars less than it was in western NY ..again depends on you, your cars and coverages
homeowners insurance will cost more than average ..we insure a 1600 sq ft townhouse CBS and we are about 2.5 miles from ocean and my coverage is 800 then add for flood insurance as well
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Old 09-12-2015, 02:18 PM
 
2,104 posts, read 2,073,291 times
Reputation: 3560
Quote:
Originally Posted by jetdoc3037 View Post
And so state tax? do they tax your 401k retirement?
There is no state income tax- there is nothing to file as far as I'm aware of. We'll be changing residence next month. You will of course have to pay federal tax.
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Old 09-12-2015, 02:22 PM
 
1,284 posts, read 1,740,905 times
Reputation: 687
Quote:
Originally Posted by macrodome2 View Post
There is no state income tax- there is nothing to file as far as I'm aware of. We'll be changing residence next month. You will of course have to pay federal tax.
Florida has no state income tax on anything, no forms , no taxes
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Old 09-12-2015, 04:52 PM
 
Location: Punta Gorda Fl
296 posts, read 231,993 times
Reputation: 155
Cool, thanks guys.
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Old 09-12-2015, 08:18 PM
 
Location: Palm Island and North Port
7,486 posts, read 19,887,001 times
Reputation: 2804
The values are reviewed each year and will change with market conditions, the assessed value may be more or less than the actual value of the property. The tax rolls will also show "just market value" and "taxable value." An owner who has owned homesteaded property for a number of years will have a taxable value that can be much less than the "just market value." The tax will also vary by location of the property, the millage rate on a property in the city limits of Sarasota will be higher than a property located outside the city limits. The actual city limits of the city of Sarasota are quite small, and many properties with Sarasota mailing addresses are actually in unincorporated parts of the county. A Buyer takes over the taxes on the property and will get a new evaluation the next year. The tax rate should be somewhere between 1.5% and 1.8% of the purchase price of the home. The greatest advantage of a homestead exemption is the cap - when you have your home homesteaded, you have a 3% cap on the tax. If you have a second home or an investment property, the tax goes up or down depending on what the market value is.

Property tax is based on the assessed value of the property and the millage rate. The millage rate for Sarasota county is around 13 mills. The millage rate is the rate of tax per thousand dollars of taxable value. To determine the ad Valorem taxes divide the taxable value by 1,000 and multiply the millage rate. For example, $100,000 in taxable value with a millage rate of 13 would generate $1300 in taxes. (100,000/1000 X 13)

There is non advalorem taxes which are based on just having a lot-everybody pays for example- for fire dept, solid waste, road and drainage is all included in that. The ad valorem taxes are based on the homes assessed value. You can't necessarily go on what the previous owner paid for taxes because if they had the home homesteaded, for example, for 10 years, they would get a substantial discount. Keep in mind that the state of FL does not have an income tax but the sales tax is 7%.
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