For you "positive thinkers" with head in sand (University: mortgage, property taxes)

[Nomoresubways]

Well that is all we can do really, wait and see how it turns out.

There are a lot of positive economic indicators right now, and I being optimistic right now, hope that things turn around.

[JSR]

I don't feel as though I'm being "sold" on Florida. I have done my research and played with the numbers and we are moving to Florida fully aware of everything! Your taxes are low, your insurance is low, the house prices are extremely low, the salaries for some jobs are fabulous and the beaches and the weather are great except for the occassional hurricane and the heat during July and August, which is to be expected. Spend a winter in CT and then write to me about bad weather. We have hurricanes here too, plus we also have blizzards. Oh, and last summer we had two weeks of temps in the 100's and not everyone here has A/C. I am frustrated by the general perception on this board that all of us that are moving to Florida are naive yuppie yankees with pipe dreams and rose colored glasses. A yuppie yankee I might be but I can assure you that my dreams are realistic and well thought out.

[Nomoresubways]

JSR, I am 100% in agreement with you. I am also moving down there from NY and it's not a quick, irrational decision that brought me to move forward. Every area has its negatives and we, as intelligent people, have to weigh the pro's and con's to do what's best for us and our families. I'm not expecting to go to Florida and live the good life, making a ton of money with a very low cost of living. I expect to start out a new job a rung or two where I am now, and just as I have done all my career, I have to bust my butt to get where I want to go. My new motto is bust your butt, do what's right for your family, and ask questions later.

[firemed]

Originally Posted by JSR

I don't feel as though I'm being "sold" on Florida. I have done my research and played with the numbers and we are moving to Florida fully aware of everything! Your taxes are low, your insurance is low, the house prices are extremely low, the salaries for some jobs are fabulous and the beaches and the weather are great except for the occassional hurricane and the heat during July and August, which is to be expected. Spend a winter in CT and then write to me about bad weather. We have hurricanes here too, plus we also have blizzards. Oh, and last summer we had two weeks of temps in the 100's and not everyone here has A/C. I am frustrated by the general perception on this board that all of us that are moving to Florida are naive yuppie yankees with pipe dreams and rose colored glasses. A yuppie yankee I might be but I can assure you that my dreams are realistic and well thought out.

Yuppie yankee Thats funny, I'm called a dumb cracker, redneck, Trailer trash, I have a trailer but its a 2004 and used to move my horses. So don't feel bad. If you did your research your good to go. but I have to say a hurricane in CT is not like a hurricane in FL. A cat-1 is a puppy when you deal with a cat-4 or 5 and your only 10' above sea level. But Good luck anyway.

[Nomoresubways]

Well I will say this. I wouldn't go as far as saying taxes and insurance are low. I got a surprise when I bought my house down there with taxes. I was told it would be around 300/mo and I wasn't aware of how they assessed taxes down there. It wasn't until after I closed and I called the local county assessor that I found out what the millage rate was and how much I'd be looking at (considerably more than 300/mo). Still less than my property taxes in NY but certainly not as cheap as I was expecting. My home owner's insurance is about double what I pay in NY, although I included flood insurance simply because it sounded like a good idea.

Can someone please tell me how much the homestead will save me on property taxes? Just curious what I might be able to expect on that.

[scamutz]

Originally Posted by Nomoresubways

Can someone please tell me how much the homestead will save me on property taxes? Just curious what I might be able to expect on that.

Well, it depends on where you are (millage rate) but you won't get taxed on the first 25k of assessed value.

[firemed]

Originally Posted by Nomoresubways

Well I will say this. I wouldn't go as far as saying taxes and insurance are low. I got a surprise when I bought my house down there with taxes. I was told it would be around 300/mo and I wasn't aware of how they taxes down there. It wasn't until after I closed and I called the local county assessor that I found out what the millage rate was and how much I'd be looking at (considerably more than 300/mo). Still less than my property taxes in NY but certainly not as cheap as I was expecting. My home owner's insurance is about double what I pay in NY, although I included flood insurance simply because it sounded like a good idea.

Can someone please tell me how much the homestead will save me on property taxes? Just curious what I might be able to expect on that.

Homestead is 25k off the assessed value of you home and save our homes is a 3% cap per year.

[scamutz]

Originally Posted by JSR

I don't feel as though I'm being "sold" on Florida. I have done my research and played with the numbers and we are moving to Florida fully aware of everything! Your taxes are low, your insurance is low, the house prices are extremely low, the salaries for some jobs are fabulous and the beaches and the weather are great except for the occassional hurricane and the heat during July and August, which is to be expected. Spend a winter in CT and then write to me about bad weather. We have hurricanes here too, plus we also have blizzards. Oh, and last summer we had two weeks of temps in the 100's and not everyone here has A/C. I am frustrated by the general perception on this board that all of us that are moving to Florida are naive yuppie yankees with pipe dreams and rose colored glasses. A yuppie yankee I might be but I can assure you that my dreams are realistic and well thought out.

Good call JSR, coming in with that attitude....as we did from the NE 8 years ago, you're going to love it. You'll find many like-minded people that will make the transition even easier. I've found that most times, the negativity regarding FL comes from natives, or people that made the move 25 years ago. No doubt, the state has changed considerably in that time... But the weather is still gorgeous, the beaches are still beautiful, and it still doesn't snow!

[Nomoresubways]

ok so basically you take the millage rate, multiply that by 25k, divide by 12 and that's the savings? Sound about right?

What's the save our homes?

[pslOldTimer]

Originally Posted by Nomoresubways

Can someone please tell me how much the homestead will save me on property taxes? Just curious what I might be able to expect on that.

If you know the millage rate, just multiply that rate times $25,000 and that will be your savings. Sometimes the tax rate is given per $1,000, just multiply that times 25. For example, I think the current total rate in my area is 26 mills, or $26 per $1,000. Thus, homestead saves me about $650 per year. We don't have an escrow account, so I forget to figure it by the month.

Save Our Homes is a cap on increases in the tax assessment for people with homestead, who don't move and don't make any additions to their house. As long as you stay in the same house and the house stays the same, any increase in your assessment is capped at 3% per year. Your taxes could go up more than 3% if there is also an increase in the millage rate.

When a house changes owners, or when remodeling adds value to the house, the cap starts over. The house is assessed at present market value and the cap applies starting the following year. This means you and your neighbor could be paying vastly different tax rates for the identical house in the same location, using the same services.

It leads to situations like retirees not being able to afford to downsize, because the taxes on their new, smaller property would be higher than on their larger property. It leads to situations like mine, where the taxes on vacant, unimproved property I own are higher than the taxes on my residence, even though the market value on the land is much lower.