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Old Today, 09:04 AM
 
32 posts, read 79,595 times
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We are preparing for retirement and in the process scoping out places to live. We are interested in the Sarasota or St Augustine area (children in both areas). I always thought that Florida was so much less expensive than MD; however, I am aghast at the property taxes compared to what I pay in MD (which I always thought was high this side of NY, NJ CA etc). We have a 2200 sq ft house (not counting the basement) on .25 acre lot and pay approx $3,500 annually. Properties I have been looking at are in the $5-$6K range not counting CDD fees which we do not have in MD. I have to be missing something. Is the perception that FL is less than MD just that?
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Old Today, 10:00 AM
 
Location: sarasota
987 posts, read 1,242,701 times
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i think you're missing a lot. what price range are these 5-6 k range houses are you looking at. don't forget you may be looking at taxes without the homestead exemption, that you get when you are a formal resident of fla.
i pay 2/3 of that 3500 on a larger sized home(not in a ccd area, but in an hoa.
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Old Today, 01:27 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
3,130 posts, read 4,449,549 times
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Property taxes can be confusing for buyers moving here from out of state. In FL we have the homestead exemption that reduces the assessed value of a qualifying, owner occupied residential property by up to $25,000 -- and if the property has an assessed value of more than $50,000 there is now an additional $25,000 exemption on all non-school ad valorem taxes.

In FL we also have the Save Our Homes cap. If you have qualified for the homestead exemption, the value of your home for tax purposes is capped at 3% per year, regardless of the appreciation of home values in the neighborhood.

Prospective buyers need to be aware that while you can look at homes in a specific price range to get an idea of what to expect for property taxes, a buyer should not rely on the seller's current property taxes as staying the same in the year following your purchase. A sale triggers a reassessment of the property -- if the new assessed value is higher, the taxes will go up. Property taxes will typically go up the most if the property has had a Homestead Exemption for a number of years under the current homeowner.

If you plan to owner occupy the home as your main residence you will have to file for your own Homestead Exemption for that property after the purchase as the old one expires at the end of the year after the sale.

Another great benefit: when an existing Florida homeowner establishes a new Florida homestead, they are entitled to "port" up to $500,000.00 of their "Save Our Homes" tax benefits to their new Florida homestead as long as they establish their new homestead within two years of leaving their prior Florida homestead property.
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Old Today, 02:16 PM
 
2,214 posts, read 691,290 times
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Quote:
Originally Posted by truzella View Post
We are preparing for retirement and in the process scoping out places to live. We are interested in the Sarasota or St Augustine area (children in both areas). I always thought that Florida was so much less expensive than MD; however, I am aghast at the property taxes compared to what I pay in MD (which I always thought was high this side of NY, NJ CA etc). We have a 2200 sq ft house (not counting the basement) on .25 acre lot and pay approx $3,500 annually. Properties I have been looking at are in the $5-$6K range not counting CDD fees which we do not have in MD. I have to be missing something. Is the perception that FL is less than MD just that?
According to this study published by wallethub, Florida's slightly cheaper than Maryland on property taxes.

If you owned your home in Maryland for a long time, (same address) that might explain why you perceive Florida to cost more....CDD's aside. Each time you move, the property is assessed, and property taxes go up (almost every time).

https://wallethub.com/edu/states-wit...y-taxes/11585/

This web site says Sarasota County has lower property taxes than St. Johns County where Saint Augustine is at:

https://smartasset.com/taxes/florida...tor#7nIqBF9XV8

Taxes aside, Florida is cheaper than Maryland as measured by the CPI consumer price index:

https://www.missourieconomy.org/indi...ost_of_living/

Generally speaking, Florida costs less than Maryland. Just choose a Florida County that has lower property taxes, file for homestead exemption, and choose a community that has no CDD, and stay put in the same home for a long time, and you'll be saving a lot of cash.
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Old Today, 04:38 PM
 
12,094 posts, read 3,252,350 times
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In the end there is no free lunch. Years ago people claimed Florida had "low taxes" and perhaps it did - BEFORE lots of people moved down year-round.

Also, what is often not mentioned are the combo of insurance and taxes.

Example - in New England, a high tax area, I pay 7K in prop. taxes and 1K in homeowners for full coverage for a 500K range house.

The same valued house here in SRQ might be 5K in property taxes and 4K in homeowners insurance (could be higher or lower depending on year of construction and location)....

In other words, you are correct. Low COL is more a perception than a reality, especially for those who are accustomed to the fairly nice things in life.
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Old Today, 05:25 PM
 
2,214 posts, read 691,290 times
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We have a newly built cinder block w/ flat cement tile hip roof home rated at 160 mph, and our homeowners + FEMA flood (high & dry zone) = <$2,000/year, but we have highest deductible. No pool. Value ~$550k. ~8 miles away from beach...20 minutes.

We have not gotten a full property tax bill because the 1st year you just get a tax bill on the lot if you build new. I'm guessing ours will be $6,500 + $1,200 CDD total $7,700. HOA ~$1,600/yr.

So, our total throw away cash is <$11,300/yr.

I'm saving >$12,000/yr in State income tax by living here vs. Georgia, so my throw away cash is provided by the State of Georgia! My car tags/taxes are also much less here. Our utilities are less. Food is a little more, but I shop at places that are cheaper than WalMart, so not much diff. Gas a little bit more, but we don't drive much as I work from home...when I want to work at all. Car insurance a few Hundred more/year. We have 1 car we drive, and 1 car I mostly just look at...a "garage queen". Restaurants are much cheaper here.

I have wifi but no cable tv ($60 month), and cell phone, but no data ($39.00 flip phone) $30/month w/ Metro PCS.

We can't find a cheaper place to live for our lifestyle than Florida. We love it here. I sleep better at night knowing I'm saving money because I'm frugal (on the mondane things in life). All in all, Florida's costing us less than Georgia.

I LOVE not paying that stink'n Georgia state income tax anymore. Bad move by Georgia. We'll spend our sizeable nestegg in Florida instead, so Georgia lost a lot of commerce.
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Old Today, 08:50 PM
 
32 posts, read 79,595 times
Reputation: 10
thanks everyone for your perspective. Yes, I've lived in my current house for 18 years, so if I were to buy another house the property tax could be a lot higher. Its one thing when your working and quite another when you think of retirement. There is a lot to consider and this forum is great for helping with that process.
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Old Today, 08:55 PM
 
2,131 posts, read 770,584 times
Reputation: 4088
'cause no income tax?
get you comin' or goin'.
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