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Old 04-08-2008, 08:19 PM
 
541 posts, read 1,816,289 times
Reputation: 428

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Quote:
Originally Posted by sunrico90 View Post
What is the value of your property...the size is not the determining factor is the value....
Appraised at $130,000 with a $25,000 homestead exemp.
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Old 04-08-2008, 08:29 PM
 
541 posts, read 1,816,289 times
Reputation: 428
Quote:
Originally Posted by rich renter View Post
I can just see the property aparaiseres eyes light up thinking fresh meat when they find out your a first time buyer, 'better get him on a high rate now and help compensate long time residents tax deductions'

sorry for the little rant
Oh they love the transient nature of Florida here! It helps run the state. They love people coming here with a dream and not being able to make it. Please buy a house then move in two years. Get the next suckers in. Higher taxes! New car registrations! Over and over, etc..
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Old 04-08-2008, 10:54 PM
 
Location: Palm Beach County
6 posts, read 12,688 times
Reputation: 15
Exclamation Location, Location, Location!!!

When I moved from NJ over 10 yrs. ago, I paid over $4000 in taxes for a 3/3/2 townhouse, with no property to speak of and no view. In Vero Beach, I can live in a new 4/2/2 single family home with lake view and taxes about $2800. To me, that's a real bargain...I hate to see what the taxes on my old place are now! And let's not forget the difference in climate! Every year I've been in FL, NJ has had more 90+ days that I've had here, and I'm only miles, not hours from a public beach. And for those who complain about the increase in traffic in FL - most of the major roads in NJ are like parking lots 75% of the time. When I visited last year, it took me 2 hrs. to go 15 miles...every road I tried to avoid the traffic jams was just as bad or worse than the one I just left.
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Old 04-09-2008, 01:23 PM
 
Location: Heartland Florida
9,324 posts, read 23,794,610 times
Reputation: 4901
And how does the Florida salary compare to the New Jersey one? Its all relative.
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Old 04-09-2008, 01:36 PM
 
Location: Central Fl
2,903 posts, read 10,941,496 times
Reputation: 2860
Quote:
Originally Posted by tallrick View Post
And how does the Florida salary compare to the New Jersey one? Its all relative.
tallrick,
I see the point you are making here, and overall, I'm sure you may be right. The Average wage may be higher in NY, NJ, etc....but sadly, it is not that way for everyone.

We have people up here that are making minimum wage, and people who are making more then one would think they should. We have many people struggling, not making a great wage, but still paying for high heat costs and high taxes, etc. It is somewhat relative, but not 100% relative for everyone.

Frank D.
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Old 04-09-2008, 08:48 PM
 
Location: Pittsburgh, PA
1,303 posts, read 2,669,139 times
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Frank,

You and I, plus a whole lot of people from New York, New Jersey, Pennsylvania, etc. have the choices of where to spend our "lifetime wages" and our retirement pensions. I agree with you... it is tough all over economically. However, we will receive a great pension, decent savings, and a health plan when we retire. The number of Florida natives that will receive even a fraction of the perks that we do/did/will do is minimal, at best, in this right-to-work state. If I were a Florida longtime resident, I would resent this. There is no way that I retire at 55 if I had no pension, no health benefits, and was poorly paid... if I spent most of my life working in sunny Florida.

Comparing your economy in New York (or mine in PA) to the present economy in Florida, is truly comparing apples to oranges. The housing bubble is affecting the "average" Floridian probably more adversely than anyplace in the country. The family home is the family nest egg in Florida for many residents.... living pay check to pay check with no company pensions forces this.
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Old 04-09-2008, 09:40 PM
 
Location: Central Fl
2,903 posts, read 10,941,496 times
Reputation: 2860
Retiredcoach,

You are right that we are indeed blessed. Your posts are informative, and as I posted in the other thread I started recently, you have me thinking about the whole property tax vs. state tax thing.

If I understand you correctly, you are saying that because our retirement pension is lower then our wages when we are, (or were) working full time, the state tax impact is much lower, while property taxes impact us the same weather we are working or not, because they are based on property value, not income.

I do admit I still have much to learn about the whole retirement thing. I want to learn more about supplemental health insurance, taxes on pensions, taxes on my deferred comp account, etc,etc. It is hard to know if you have enough to "do it". I'll be doing quite a bit of number crunching the next few years.

One thing I see clearly is the benefit of being debt free.

As to lifelong Floridians being resentful, I could see that happening. But doesn't it help Florida if we move there, and spend our pension there? I would think we would be more of a cure then a problem.

Frank D.
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Old 04-10-2008, 01:03 PM
 
Location: Pittsburgh, PA
1,303 posts, read 2,669,139 times
Reputation: 1131
Wink The thought of being debt free...

Frank,

I am not sure what the tax reform situation is like in New York right now, but the politicians in PA are stumbling all over themselves in their attempts to legislate some type of property tax reform. As a soon-to-be retired person looking at areas outside of my state, I cannot tell you how strong of an issue this is (and will be) as I attempt to organize finances for my retirement years.

There has to be a reason, beyond the weather, why so many millionaire athletes, actors, and CEO's have Florida addresses. The lack of a state income tax will benefit them most. Throw in the fact that they are direct beneficiaries of portability and SOH, they represent a group of individuals that will pay a significantly lower percentage of their earned income to the state of Florida. The bulk of the taxes are garnered through property taxes, nuisance taxes, and sales taxes to support the Florida economy. The Florida tax infrastructure is sustained by those with the lowest incomes, paying the largest percentages of their earnings to the taxman.

As a retiree, on a fixed income, the property taxes (and back door increases) represent a potential limitation upon one's financial future. When I look at what it will cost my family today to move to Florida, it is truly cost prohibitive to consider such a move as being rational. There is just too much risk FOR ME to retire to Florida in the present economic climate... but there are the warm beaches!
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Old 03-16-2010, 06:25 PM
 
1 posts, read 1,666 times
Reputation: 10
I have a house worth $480,000 (low market) in Brooklyn and it's a dump... or close to it! My taxes are $1,800 per year... you might think that reasonable except that this reflects the the quasi-run down area where I live... much of Brooklyn is run down). Obviously, most housing costs are relative to the cost of living index where a person lives. The cost of living is high in Brooklyn and I don't think any house would go for less than $420,000, even in my area. I make $87,000 per year as a teacher, which is a higher salary percentage than most parts of the U.S. pay teachers, so at least I can afford a house here and it is easier to pay my $500 per month student loans. If I lived in Florida, I think I'd make under $30,000 and probably could not afford to buy a house at all.
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Old 03-16-2010, 06:40 PM
 
Location: Central Fl
2,903 posts, read 10,941,496 times
Reputation: 2860
Interesting. I agree that generally speaking the wages are much lower in Florida compared to NY.

My property taxes in NY are $6,000 per year. My property taxes for my Florida home are just under 2K......and after I become a full time resident, they will be around 1k. Now I know the houses are not similar, but still that is a big difference in property taxes.

Frank
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