property taxes really this low? (Tampa, Palm Harbor: foreclosure, insurance, assessor)

[NJ2?]

Coming from NJ where property taxes can be insane, are the property taxes I see online for the Tampa area really that low? I'm talking 1k to 2k a year. I'm ready to move down there with property taxes so low.



Are there other areas in Tampa where they are higher?

[Mike1306]

Taxes as a % of home value average .82% in Pasco, .84% in Polk, .88% in Hernando and Pinellas and .97% in Hillsborough

On a $150,000 home after the homestead exemption you would be paying approximately between $820 and $970 a year. On a $250,000 home after homestead exemption you would pay approximately $1640 to $1940.

I pulled this from an old post of mine so it could be a little outdated but not by too much.

[bentlebee]

Home owners ins. Might be higher over here but welcome to Florida and let me know if you need help to find a nice house.

[Pragmaticus]

A total tax for me is about 2%. 1.5% advalorem and 0.5% non-advalorem of my assessed home value (not to be confused with market value that it would sell if it is in market).

[bavariantransplant]

Any tax in FL should be less then Tax Jersey, who is right up there with Taxachusetts, lol.

[chi_tino]

Originally Posted by Mike1306

Taxes as a % of home value average .82% in Pasco, .84% in Polk, .88% in Hernando and Pinellas and .97% in Hillsborough

On a $150,000 home after the homestead exemption you would be paying approximately between $820 and $970 a year. On a $250,000 home after homestead exemption you would pay approximately $1640 to $1940.

I pulled this from an old post of mine so it could be a little outdated but not by too much.

The person who posted this obviously does not own property. These numbers are absolutely wrong. It is irresponsible information like this that explains why so many people underestimate the costs of a home (and end up in foreclosure).

Average taxes as a % of home value within a community have absolutely nothing to do with what someone would pay if they purchased a house. The process goes like this:

- You buy a house and the assessor will change the new assessed value to the most recent market value estimate of the property (the assessed value is slightly less than market in a rising market)
- You get an average homestead exemption of about $50k (more or less in some instances) which you subtract off that value
- That value is multiplied by the millage rate. In St Petersburg, that rate was 2.30986% in 2012. NOT 0.88%. Tampa's rate also in the 2+% range.

For a $250k house, expect to pay about $4,600 in the first year. ($250k-50k)*2.3%

The assessed value of my home is $480k. My property taxes are over $10,000. I would love for Mike1306 to tell me why I'm getting ripped off so badly.

With the homestead exemption, old people that have been in their homes for years can see assessed values as a tiny percentage of the current market value, because they can only be adjusted upwards at the most of 3% or the rate of inflation. Also, the hot new trend is to give every "special class" of people additional exemptions and/or free property taxes. This drives up the millage rate for everyone else. New buyers will have an assessed value close to market value.

[gypsychic]

Originally Posted by chi_tino

The person who posted this obviously does not own property. These numbers are absolutely wrong. It is irresponsible information like this that explains why so many people underestimate the costs of a home (and end up in foreclosure).

Average taxes as a % of home value within a community have absolutely nothing to do with what someone would pay if they purchased a house. The process goes like this:

- You buy a house and the assessor will change the new assessed value to the most recent market value estimate of the property (the assessed value is slightly less than market in a rising market)
- You get an average homestead exemption of about $50k (more or less in some instances) which you subtract off that value
- That value is multiplied by the millage rate. In St Petersburg, that rate was 2.30986% in 2012. NOT 0.88%. Tampa's rate also in the 2+% range.

For a $250k house, expect to pay about $4,600 in the first year. ($250k-50k)*2.3%

The assessed value of my home is $480k. My property taxes are over $10,000. I would love for Mike1306 to tell me why I'm getting ripped off so badly.

With the homestead exemption, old people that have been in their homes for years can see assessed values as a tiny percentage of the current market value, because they can only be adjusted upwards at the most of 3% or the rate of inflation. Also, the hot new trend is to give every "special class" of people additional exemptions and/or free property taxes. This drives up the millage rate for everyone else. New buyers will have an assessed value close to market value.

Good info^^^ and I agree this is correct. I think most places in Florida are right around the 2+ % range. And for an example, we bought our little home 4 years ago (Manatee county) for $185,000, today it is assessed at about $135,000. First year taxes were $3,600, today after a lowered assessment and homestead deductions we pay roughly $1,500. However we pay over $3,000 for homeowners and flood insurance, so keep that in mind.

The only people paying super low taxes are those in really lowered value properties, or seniors with extra exemptions who have also lived in their homes for decades. Of course, I am sure this is still better than where the OP is coming from.

[Maggi07]

Originally Posted by chi_tino

The person who posted this obviously does not own property. These numbers are absolutely wrong. It is irresponsible information like this that explains why so many people underestimate the costs of a home (and end up in foreclosure).

Average taxes as a % of home value within a community have absolutely nothing to do with what someone would pay if they purchased a house. The process goes like this:

- You buy a house and the assessor will change the new assessed value to the most recent market value estimate of the property (the assessed value is slightly less than market in a rising market)
- You get an average homestead exemption of about $50k (more or less in some instances) which you subtract off that value
- That value is multiplied by the millage rate. In St Petersburg, that rate was 2.30986% in 2012. NOT 0.88%. Tampa's rate also in the 2+% range.

For a $250k house, expect to pay about $4,600 in the first year. ($250k-50k)*2.3%

The assessed value of my home is $480k. My property taxes are over $10,000. I would love for Mike1306 to tell me why I'm getting ripped off so badly.

With the homestead exemption, old people that have been in their homes for years can see assessed values as a tiny percentage of the current market value, because they can only be adjusted upwards at the most of 3% or the rate of inflation. Also, the hot new trend is to give every "special class" of people additional exemptions and/or free property taxes. This drives up the millage rate for everyone else. New buyers will have an assessed value close to market value.

Thank you. I have never heard of property taxes as low as what people are talking about upthread. The only way they are that low is if a home has been in the owner's possession for a very long time and as soon as the house sells, they go up dramatically for the new owner.

[HWTechGuy]

Before homestead I am paying $1600/year. I just bought in November and applied for homestead last month. I'll post the new amount after I get it.

[The Villages Guy]

Originally Posted by Mike1306

Taxes as a % of home value average.

On a $150,000 home after the homestead exemption you would be paying approximately between $820 and $970 a year. On a $250,000 home after homestead exemption you would pay approximately $1640 to $1940.

I pulled this from an old post of mine so it could be a little outdated but not by too much.

This is basically correct....understanding that it varies by location and the value average you are speaking of is basically fair market value as determined by the appraiser.....plus another very important caveat discussed below.

Here are our numbers.

We live in Palm Harbor (listed on the appraiser's website Pinellas County Property Appraiser ). We paid in the lower half of the $300's for our house. We homesteaded the house. After the homestead, our taxes on our Palm Harbor house are around $3,700.

Keep in mind, and you can verify this by going to the appraiser's site, there are multiple values depending on the taxing basis for our area. All this adds up to the "total" tax. For us, there is the "just/market value", "assessed value", "county taxable value", "school taxable value", and "municipal taxable value". All these get applied at different valuations and the total tax bill for us comes in at around $3,700,

So to the OP, yes....in many, if not all, places here....your taxes will be lower than many places in NJ. Some places here will be incredibly low, some moderate and some on the higher end....for here. For detailed info in Pinellas County, go to the appraiser's website Pinellas County Property Appraiser

PLUS NO STATE INCOME TAXES EITHER!

Thx for providing more quality info Mike.