Property Tax - Homeowners Insurance - New Construction (Naples: new home, landscaping)

[NaplesBound18]

Hey everyone,

Thanks for all of the help earlier in the year about relocating to Naples. My wife and I finally bit the bullet and bought a spec home in Stonecreek! The expected move in date is Aug/Sept and we couldn’t be more excited.

Now that we’re in the process of figuring out the financials and pre-approvals and such, I wanted to see what people were paying for property taxes and home owners. We purchased a 3,000 sq ft, 2 story home, so if anyone has something similar in Naples I would appreciate any ideas of what to expect for taxes & insurance.

Thanks in advance.


We can’t wait to get down there!

[markjames68]

Property tax is 1.25% of assessed value. Make sure when you move in to apply for the homestead exemption, which takes effect the following full year. That will limit increases and exempt part of your property value.

Depending on coverage and policy, plan to budget between $2-3K for homeowner's insurance. Add $500 for flood insurance.

[Richard818]

We are moving into our Newcastle in Stonecreek tomorrow. Also 2 story 3000 sq ft. In 2017 this model was assessed by Collier County at 365k and lot (average size on lake) 100k totaling 465k. Purchase price is irrelevent. All like models are assessed the same then upgrades to the structure are added (extended patio, pool, etc.) Lot value will depend on size and location (lake, etc.) Our lot size not on lake would have been assessed around 55k for example. With no exemptions property taxes will be 1.1% in Stonecreek.

I insured my structure for 425K which should be sufficient to replace in case of total loss. Remember that your hurricane deductible is a percentage of structure coverage so over insuring structure will increase hurricane deductible and that could be a significant percentage of a partial loss, which is more likely than total loss. My insurance premium is 1k/year. Add 450 for flood insurance in Stonecreek.

Feel free to PM me for my insurance agent or any other questions.

[Jim1921]

Originally Posted by NaplesBound18

Hey everyone,

Thanks for all of the help earlier in the year about relocating to Naples. My wife and I finally bit the bullet and bought a spec home in Stonecreek! The expected move in date is Aug/Sept and we couldn’t be more excited.

Now that we’re in the process of figuring out the financials and pre-approvals and such, I wanted to see what people were paying for property taxes and home owners. We purchased a 3,000 sq ft, 2 story home, so if anyone has something similar in Naples I would appreciate any ideas of what to expect for taxes & insurance.

Thanks in advance.


We can’t wait to get down there!

Congrats on your purchase. We also decided to buy in Stonecreek. We came close to buying in Riverstone, but when you can buy a new home for a similar price, it just made sense to go that way instead.

[markjames68]

Originally Posted by Richard818

I insured my structure for 425K which should be sufficient to replace in case of total loss. Remember that your hurricane deductible is a percentage of structure coverage so over insuring structure will increase hurricane deductible and that could be a significant percentage of a partial loss, which is more likely than total loss. My insurance premium is 1k/year. Add 450 for flood insurance in Stonecreek.

Good rate, I take it you don’t have a pool or pool cage?

[relocatingtonaples]

Originally Posted by Richard818

We are moving into our Newcastle in Stonecreek tomorrow. Also 2 story 3000 sq ft. In 2017 this model was assessed by Collier County at 365k and lot (average size on lake) 100k totaling 465k. Purchase price is irrelevent. All like models are assessed the same then upgrades to the structure are added (extended patio, pool, etc.) Lot value will depend on size and location (lake, etc.) Our lot size not on lake would have been assessed around 55k for example. With no exemptions property taxes will be 1.1% in Stonecreek.

I insured my structure for 425K which should be sufficient to replace in case of total loss. Remember that your hurricane deductible is a percentage of structure coverage so over insuring structure will increase hurricane deductible and that could be a significant percentage of a partial loss, which is more likely than total loss. My insurance premium is 1k/year. Add 450 for flood insurance in Stonecreek.

Feel free to PM me for my insurance agent or any other questions.

Our premium is more than $1k. It's around $3k for a similar size house, including umbrella coverage.

A couple of thoughts. First, about hurricane damage. We live in Riverstone and the GL-built houses did great in Irma for the most part. We had very minor issues, primarily a few roof tiles moved costing $100 to fix, and some outlet covers ripped off. The biggest thing was about $1,500 in landscaping damage - but had we chosen to stake/replace damaged plantings ourselves it would have cost us less than $400 in materials. We decided to have a landscaping company do it for convenience.

My point is, the hurricane damage wasn't large enough for insurance to factor in.

But I would want to make sure I had 100% replacement cost coverage, including all upgrades, under my policy. And flood insurance, although optional in Riverstone, sure gave us peace of mind when we saw 2 feet of water accumulate in the culdesac.

[markjames68]

Originally Posted by relocatingtonaples

Our premium is more than $1k. It's around $3k for a similar size house, including umbrella coverage.

A couple of thoughts. First, about hurricane damage. We live in Riverstone and the GL-built houses did great in Irma for the most part. We had very minor issues, primarily a few roof tiles moved costing $100 to fix, and some outlet covers ripped off. The biggest thing was about $1,500 in landscaping damage - but had we chosen to stake/replace damaged plantings ourselves it would have cost us less than $400 in materials. We decided to have a landscaping company do it for convenience.

My point is, the hurricane damage wasn't large enough for insurance to factor in.

But I would want to make sure I had 100% replacement cost coverage, including all upgrades, under my policy. And flood insurance, although optional in Riverstone, sure gave us peace of mind when we saw 2 feet of water accumulate in the culdesac.

Similar experience for me. Agree on replacement coverage, including all upgrades. The challenge if you get major damage in the area is that replacement costs go up due to labor and material shortages.

[night0wl]

Make sure you file for homestead *asap*. I've noticed that Collier under-assesses new construction and if you qualify for homestead, then your assessments go up the lesser of market value or 3% max YoY. This is a *HUGE* way to reduce your property tax...even moreso than the two $25k deductions most people qualify for.

Also, if you were a Florida home owner before and were homesteaded up to 2 years in the past, make sure to apply for homestead portability. We were able to carry forward the value of our homestead gap (between assessed value and market value) as part of homestead portability....further reducing our tax burden. For people that suffered under the 2008 implosion and held on, this is a pretty big deal because market values bounced back pretty sharply in the last few years. So your homestead can be pretty big because market values downward were sharp...and increased assessments were only 3%.

Make sure you dont double homestead in Florida...that is fraud and they enforce it pretty tightly.

[E mccarthy]

Can anyoen tell me more about the homestead act - -what it entails and where to apply for it?

[markjames68]

Originally Posted by E mccarthy

Can anyoen tell me more about the homestead act - -what it entails and where to apply for it?

http://floridarevenue.com/property/Documents/pt107.pdf

Property Taxes

http://floridarevenue.com/property/P...xemptions.aspx