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05-15-2008, 09:06 AM
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Member
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Join Date: May 2008
17 posts, read 20,672 times
Reputation: 17
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may be relocating to Sarasota -need info on insurance and taxes
We are thinking of relocating to Sarasota area, from NJ. I've been doing some research on this forum, and I'm a little confused about the real estate taxes, and house insurance. Are the taxes based on the purchase price of your house? I read the taxes are about 2% of the purchase price, so on a $250,000 house, the taxes would be $5,000 a year, and house insurance would be about another $4,000-5,000 a year. Is this about right? If so, that seems so high. Also, if you get house insurance, they can drop you at any time, if that happens, what do you do? Also, car insurance if very high. I thought NJ was the most expensive place to live, but now I'm wondering if FL is. Any help in understanding all this would be appreciated. We always wanted to move to FL, and now that we can, I don't know if we can afford to. Is there any places near Sarasota, that you definitely would not buy? Thank you in advance for any help anyone can give.
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05-15-2008, 09:40 AM
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Real Estate Agent
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Join Date: Dec 2007
Location: North Port
2,920 posts, read 2,005,779 times
Reputation: 498
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Taxes are based on the assessed value. The purchase price would be factored into that but so would the other comparable homes in the neighborhood. Taxes are generally around 1 1/2% of the purchase price. That's often what title companies use as an estimate. If you are buying in Sarasota county and have a particular property in mind you can go here to look up the taxes. They can be looked up by name or address.
Home owners insurance depends on many things like how close you are to a fire hydrant, what kind of roof you have, how old the home is, how close it is to the water, etc.
For example, I live in North Port (south Sarasota county), my home was built in 2003, 2200 sq ft under air, hip roof, not in a flood zone. I was with Edison Insurance last year at $1900+ and switched to Olympus Insurance (same policy) and now it's around $700 per year. If your home was built in 2002 or newer your insurance will be better due to the change in hurricane codes.
Yes, I have heard of many people being dropped. Mainly from State Farm and Allstate. I believe you can always get insurance through Citizens, the state insurance.
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05-15-2008, 11:00 AM
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The prelude to Terrapin
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Join Date: Nov 2006
Location: FL
2,571 posts, read 1,942,438 times
Reputation: 659
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Quote:
Originally Posted by jojo80
We are thinking of relocating to Sarasota area, from NJ. I've been doing some research on this forum, and I'm a little confused about the real estate taxes, and house insurance. Are the taxes based on the purchase price of your house? I read the taxes are about 2% of the purchase price, so on a $250,000 house, the taxes would be $5,000 a year, and house insurance would be about another $4,000-5,000 a year. Is this about right? If so, that seems so high. Also, if you get house insurance, they can drop you at any time, if that happens, what do you do? Also, car insurance if very high. I thought NJ was the most expensive place to live, but now I'm wondering if FL is. Any help in understanding all this would be appreciated. We always wanted to move to FL, and now that we can, I don't know if we can afford to. Is there any places near Sarasota, that you definitely would not buy? Thank you in advance for any help anyone can give.
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No....it's not like that....insurance depends on location/proximity to water as well as flood mapping...listen, you can get dropped anytime, anywhere these days...you can't play it that way...nothing is guaranteed any more...car insurance is what it is, again, depends on the city and it's rating in relation to accidents....you do not want to buy in Bradenton.
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05-15-2008, 11:52 AM
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Member
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Join Date: May 2008
17 posts, read 20,672 times
Reputation: 17
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thanks everyone for your quick responses
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05-15-2008, 12:45 PM
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Not a member
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Join Date: May 2008
7 posts, read 1,306 times
Reputation: 12
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Does anyone know what the different inurance companies charge as a comparision?
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05-15-2008, 03:40 PM
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The prelude to Terrapin
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Join Date: Nov 2006
Location: FL
2,571 posts, read 1,942,438 times
Reputation: 659
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Quote:
Originally Posted by Vmjm
Does anyone know what the different inurance companies charge as a comparision?
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That's WAY TOO VAGUE to guage, c'mon...and, when the big one does come, they'll be out of gas anyways.  |
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05-15-2008, 04:22 PM
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Real Estate Agent
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Join Date: Dec 2007
Location: North Port
2,920 posts, read 2,005,779 times
Reputation: 498
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Quote:
Originally Posted by Vmjm
Does anyone know what the different inurance companies charge as a comparision?
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Here's a link that you may find helpful:
Compare Homeowner's Insurance Rates |
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01-26-2009, 02:34 PM
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Junior Member
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Join Date: Jan 2009
4 posts, read 1,881 times
Reputation: 10
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Do you have any reductions on property taxes for age 65 and over? for exmpl AK state take off first $100,000 of you property value if you 65 and <.
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