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Old 08-12-2009, 06:37 PM
 
2 posts, read 7,263 times
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I have been considering moving to Fla. and my husband and I like the Lakeland/Tampa area. But it seems like recently the property taxes on homes for sale has increased dramatically. Does anyone know why, and if they are going to keep going up? We have a home assessed at 450k in Maryland, and our taxes are about $2400 per year. It looks like a home in Fla. with a sale price of 300k could have annual taxes over 7k per year. This could prevent us from moving to Fla. Any input will be appreciated.
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Old 08-12-2009, 07:04 PM
 
Location: tampa fl-Soddy Daisy Tn
187 posts, read 576,992 times
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We have rental home so not homesteaded and during the boom went from 1599 to 4300 and it's market value for taxes 108k so you might be low. Can't tell you why other than greedy govs getting everything they can. HOI is a killer too so you want to check that as well, both could easily add 400 to 900 or more a month to your house payment. Fl has not been cheap for awhile now, cheaper than some for sure, but it's low cost state has lost it's luster for many.
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Old 08-12-2009, 07:14 PM
 
Location: Taylors, SC
8,889 posts, read 14,845,439 times
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Quote:
Originally Posted by hsabroker View Post
I have been considering moving to Fla. and my husband and I like the Lakeland/Tampa area. But it seems like recently the property taxes on homes for sale has increased dramatically. Does anyone know why, and if they are going to keep going up? We have a home assessed at 450k in Maryland, and our taxes are about $2400 per year. It looks like a home in Fla. with a sale price of 300k could have annual taxes over 7k per year. This could prevent us from moving to Fla. Any input will be appreciated.
It depends where you live too. It is higher here in FL than other places. The way they assess the taxes here is screwed up. My neighbor pays $700 and I pay $1800. The longer you live in your home, the less the taxes are. They can only increase them by 3% per year. Also, if it's your primary residence, you get a homestead exemption which is a decent amount.
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Old 08-12-2009, 07:17 PM
 
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And there's no state income tax.
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Old 08-12-2009, 07:20 PM
 
193 posts, read 366,795 times
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Florida does not have a state income tax so monies for all state and local community 'amenities', such as police, fire, schools, water management, some hospitals, etc are funded by property taxes and sales tax. Rate is dependent on County and then district within the county.
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Old 08-12-2009, 07:20 PM
 
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Property tax in the upper midwest is MUCH higher than here in Fl. I find it to be average here.
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Old 08-13-2009, 05:24 AM
 
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I'm hearing that they will lower tax property next year. Is that true?
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Old 08-13-2009, 08:30 AM
 
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Originally Posted by annerk View Post
And there's no state income tax.
That is the main reason. You pay income tax in Maryland.
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Old 08-13-2009, 11:18 AM
 
Location: Orlando FL
1,052 posts, read 2,779,508 times
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Taxes seem to be so much higher relative to values because property taxes are about a year behind on assessing value's. So the house may be worth 300K today, but last year it was worth 400K and so the tax bill currently shows the taxes due based on last year's value. Every January 1 the value's re-assess so most properties have falling property taxes.

I have a blog post here in this site on how to estimate property taxes on a new purchase in FL.
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Old 08-13-2009, 02:00 PM
 
3,428 posts, read 3,713,247 times
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Quote:
Originally Posted by hsabroker View Post
I have been considering moving to Fla. and my husband and I like the Lakeland/Tampa area. But it seems like recently the property taxes on homes for sale has increased dramatically. Does anyone know why, and if they are going to keep going up? We have a home assessed at 450k in Maryland, and our taxes are about $2400 per year. It looks like a home in Fla. with a sale price of 300k could have annual taxes over 7k per year. This could prevent us from moving to Fla. Any input will be appreciated.
Well first of all you must have lived in your Maryland home for a while because Maryland has some type of homestead law where they can't raise your property taxes more than 5% each year. So you could have identical 1 million dollar home in Maryland. However, owner 1 purchase in 1990 and pays $3000 in property taxes while owner 2 purchases in 2006 and now pays $13000. Same identical properties but one homeowner pays much much more.

Florida properties taxes (just by appraised value) charges roughly 1.5-1.8% of assessed values. Than they start giving discounts for homestead exemptions and "save our homes"

No state income taxes in Florida means they need to generate the tax revenue somewhere and homeowners are usually the target.
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