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Old 03-26-2007, 01:38 PM
 
Location: Central Florida
800 posts, read 2,812,231 times
Reputation: 305

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When buying, be sure to call the County Tax Appraiser and get the updated taxes to avoid a shock later on.

Floridasunshine, your situation is not unusual. You bought and the taxes were based on vacant land. When the house was built, the property is reassessed and you'll back subsequent taxes on that assessment.

Those buying from a homesteaded property where the taxes are low should expect reassessment upon sale and possibly a significant increase in taxes.

Check first!
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Old 03-26-2007, 01:56 PM
 
Location: Central Florida
1,594 posts, read 4,877,191 times
Reputation: 1169
Quote:
Originally Posted by Angelrocks View Post
1,600 square foot home purchased in 1992. Near Boca Raton, Florida.

Community is in the high 300k to 400k range. Since I purchased my home 15 yrs. ago my property taxes are only $2,500. However, that's not the norm! If I purchased it in 2005 or 2006 property taxes would be about $8k.

My homeowners insurance is very questionable. I think they tried to scam me. They claim that all I needed was only $126,000 worth of coverage on a home that was just appraised for $419k. I told them that rate was not possible for a house of my size in this neighborhood. My husband originally got the insurance and took their word on how much coverage we needed.
When it comes to homeowner's insurance you have to keep in mind that the coverage is for the structure only - not the land its on or it contents. So although a current appraisal will probably raise this amount it might not be close to the 419K because you have to subtract the value of the land which is probably pretty valueable in Boca. Also, many insurance companies cover a home by 120% so the coverage can actually be 20% below actual replacement cost and still be completly covered.
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Old 03-26-2007, 02:33 PM
 
251 posts, read 807,896 times
Reputation: 122
Pasco County, New Port Richey HOI = $3,000 and property Taxes = $3100 3 br 2 bath 1.18 acres

Brother: Hudson HOI $8799 and Property Taxes = $1500 2br 1bath (980 sq ft) NOT on the water

Mother & Father Holiday HOI $3400 and property taxes $870 4br 2 bath (1800sq foot)
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Old 03-26-2007, 02:49 PM
 
2 posts, read 5,925 times
Reputation: 10
the republicans are proposing eliminating the property tax on homestead personal residences completely & replacing it with a 2.5% additional sales tax & reducing non-homestead real estate to 2000-2001 levels. home owners ask yourself, would you rather pay $3,5,8,10,15,20,25,30,000 a year property tax or $303 additional sales tax per year. non-home owner renters, would you rather pay $3,5,8,10,15, 20, 25,000 passed on property tax or $303 additional sales tax per year. this is a no brainer. the $303 additional sales tax comes from the average family of 4 which spends 12,000 a year which is sales taxable. the additional 2.5% times this 12,000 is 303. right now the tax burden is concentrated on home owners making home ownership very expensive & out of the reach of many. the additional sales tax would spread out the tax burden & make home ownership affordable.
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Old 03-26-2007, 03:15 PM
 
Location: Miami
6,853 posts, read 19,814,152 times
Reputation: 2907
Miami - 3/2, one car garage, 1800 sq. ft. property taxes $3,500 bought in 1999, but neighbors who bought in the last two years are paying $8,000+ for property taxes. Our HOI company closed last summer, so we had to get a new HOI policy, which is $6,000 with the only company writing policies in our area Citizens.

Last edited by doggiebus; 03-26-2007 at 04:13 PM..
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Old 03-26-2007, 03:26 PM
 
Location: Vero Beach, Fl
2,949 posts, read 12,183,823 times
Reputation: 2075
Moderator cut: link not allowed

We have a 4/2, 2800 sq. ft. on 1/3+ acre, on a lake, value $650,000+, purchased for $182,500, taxes $3800, Insurance: $8560. Live in Weston, FL (west of Fort Lauderdale).
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Old 03-26-2007, 08:48 PM
 
Location: Pennsylvania and Florida
142 posts, read 529,353 times
Reputation: 36
I'm in PSL.. I purchased for 68k (1700 sf) in '89 and could sell for 210ish.. Taxes are 1100 and HOI is 1200 but going down 23 % on next renewal if they don't cancel me.
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Old 03-26-2007, 09:54 PM
 
Location: Heartland Florida
9,324 posts, read 23,810,965 times
Reputation: 4901
Quote:
Originally Posted by ron rivera View Post
the republicans are proposing eliminating the property tax on homestead personal residences completely & replacing it with a 2.5% additional sales tax & reducing non-homestead real estate to 2000-2001 levels. home owners ask yourself, would you rather pay $3,5,8,10,15,20,25,30,000 a year property tax or $303 additional sales tax per year. non-home owner renters, would you rather pay $3,5,8,10,15, 20, 25,000 passed on property tax or $303 additional sales tax per year. this is a no brainer. the $303 additional sales tax comes from the average family of 4 which spends 12,000 a year which is sales taxable. the additional 2.5% times this 12,000 is 303. right now the tax burden is concentrated on home owners making home ownership very expensive & out of the reach of many. the additional sales tax would spread out the tax burden & make home ownership affordable.
Too bad this will never pass. I am facing a 10,000 or more tax bill on an 1800 sq foot home with homestead
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Old 03-27-2007, 11:44 AM
 
Location: The best country in the world: the USA
1,497 posts, read 4,447,534 times
Reputation: 728
Exclamation A total rip-off scheme

Oh my condo (1,100 sq ft), 2/2, 1 car garage.

Taxes: $2,808

Insurance (for my belongings and indoor walls): $1,100/year (and I have top-notch credit, never filed any claims)

HOA: A whooping $585/MONTH!! Please note that when they started this place, the HOA was a low $198/month.

Don't believe people when you see the HOA - it ALWAYS goes up... way up!
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Old 03-27-2007, 12:04 PM
 
Location: Central Florida
800 posts, read 2,812,231 times
Reputation: 305
Quote:
Originally Posted by Nirvana-Guy View Post
Oh my condo (1,100 sq ft), 2/2, 1 car garage.

Taxes: $2,808

Insurance (for my belongings and indoor walls): $1,100/year (and I have top-notch credit, never filed any claims)

HOA: A whooping $585/MONTH!! Please note that when they started this place, the HOA was a low $198/month.

Don't believe people when you see the HOA - it ALWAYS goes up... way up!

How long ago was your HOA $198? Does your new rate include a special assessment due to structural replacement or construction items, like restucco, new pool, new roofs, hurricane damage?

HOAs do go up but if that is a year without capital replenishment or structure replacement, there's something weird. However, if you've owned long time or if there are temporary assessments, it might not be as it sounds.
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