[Broojita]

My husband and I are in our late 30's and reside in NJ. We are not looking to spend a lot of money, just a modest home under $130K (foreclosed) possibly in a gated community. We were considering Port Charlotte, Punta Gorda, North Port or any areas within an hour or less from the City of Tampa and/or beach. From our research it has been difficult and somewhat confusing deciphering what are considered to be good or desirable areas...We will be meeting our realtor in May to visit some properties, but would like some input/opinions on nice working class/low crime neighborhoods. We are not looking to be in the middle of everything, but we don't want to be in the middle of nowhere.

[annerk]

Just go in with your eyes wide open about the property taxes here in Florida. If you can't claim a homestead (which you won't be able to) you'll end up paying a small fortune in property taxes over the years.

[SoFLGal]

Originally Posted by Broojita

My husband and I are in our late 30's and reside in NJ. We are not looking to spend a lot of money, just a modest home under $130K (foreclosed) possibly in a gated community. We were considering Port Charlotte, Punta Gorda, North Port or any areas within an hour or less from the City of Tampa and/or beach. From our research it has been difficult and somewhat confusing deciphering what are considered to be good or desirable areas...We will be meeting our realtor in May to visit some properties, but would like some input/opinions on nice working class/low crime neighborhoods. We are not looking to be in the middle of everything, but we don't want to be in the middle of nowhere.

I think North Port would be a good place to start. I'm in my 30's as well, have three kids and live in North Port. The Sarasota county school system is one of the best in the state. You'd be about 25 minutes from the beaches. The home prices are very reasonable. You could easily get a newer home with a pool for around $130K, probably not in a gated community though. We have a brand new hospital going in and many other newly constructed commercial areas. I think you'll be pleasantly surprised with the North Port area.

Good luck with your search!

[gypsychic]

If that is your budget, SoFLGal has given you good advice. The only thing, however, is your commute to Tampa from those areas will be much more than one hour. We live on the very north end of Sarasota, and it is one hour from here to downtown Tampa, my hubby drives it every day.

Good luck to you!

[Broojita]

Me and my husband do not have children so we are not worried about the school system and since this will be a second home/vacation we are not worried about finding employment. SoFLGal from your experience, how negotiable has the initial selling price of homes been (20% to 30% off?) While I am looking at a home priced around $130K, I am not looking to pay $130K. Its been a long time since I bought a home. When I purchased my current home 11 years ago the market was starting to show signs of taking an upward turn.

[shony]

How do the taxes work? This will be my second home.

[RMD3819]

Originally Posted by shony

How do the taxes work? This will be my second home.

http://www.city-data.com/forum/miami...dade-city.html

Homestead exemption in Florida - Wikipedia, the free encyclopedia

[FLBob]

Originally Posted by shony

How do the taxes work? This will be my second home.

Property taxes are based on your homes appraised value and the government budget. The county property appraiser will determine the fair market value of a property. If the property is not homesteaded then the market value is the taxable value.

The county budget will determine the millage rate. For a simple example if you assume that a property has a taxable value of $100k and the millage rate is 15 mills then you would multiply $100 X 15 and the property tax would be $1500.

For a official word on property taxes, including the process for filing for homestead exemption as well as how to dispute the appraised value go to the Charlotte County Appraisers web site or in Sarasota take a look at the Sarasota county's tax collectors web site.

Most Florida county's have very informative websites.

[annerk]

Originally Posted by shony

How do the taxes work? This will be my second home.

You will pay taxes on the fully assessed value of the home. You will not get a homestead exemption, and will have no protection in regard to future increases. You will be paying more than double what your full time neighbors are paying on a home of the same value. Depending on how long they've lived there, you could end up paying more than five times what they are paying.

Depending on the age of the home and how close you live to teh water you could also end up paying over $5K a year in home owners insurance.

Be sure you are aware of all of those costs before signing on teh dotted line. And call the property tax assessor to find out what the taxes will be--do NOT trust the Realtor.

[FLBob]

I'd second what annerk says, perform complete due diligence before any purchase. Don't trust gossip, it can be misleading.

For instance I live in a 1952 built house that's 600 ft from the beach and pay less than $2100 in insurance, including flood, wind, and home owners. For $250k in coverage.

My tax bill was $3700 for 2008. That was with my Homestead exemption. Without a homestead exemption I would have paid about $5k or about 1.35% more in taxes.

Be aware that insurance for a second home is more difficult to obtain and will be sold at a premium to insurance on a primary home.