Holy Cow taxes going up 2k a year (Tampa, Orlando: for sale, real estate)

[Swimmom32]

Originally Posted by EngGuy

The 408k was for this year. You are right, they do not use purchase price. They usually don't go up much, and there might be another Florida law that caps the max an assessment can change. That is not something I am familiar with. Hopefully someone familiar with the local counties assessment ways can chime in.

Ok so I know this sounds stupid lol but for 2017 to nov 2018 I am on the sellers homestead as they are moving out of the state their taxes now are 3395 with homestead and SOH.They are assessed for ..so now hypothetically the assessed value goes to 410 for 2018 to 2019 what do you think the taxes would be..I was told that my homestead would kick in a year after I bought the house? but I am so confused we are supposed to close July 11th, they are giving us a Credit for taxes since they paid them and I am responsible for the remaining for this year I get that..We close I go to apply for my homestead after closing when does that kick in? 2018? and that would be for the assessed value?

Market Value $ 360,127 $ 360,127
Assessment
(Save Our Homes) $ 234,026 $ 236,089
Assessment
(Non-School) $ 234,026 $ 236,089
FS 196.031 Homestead
and Other Exemptions -$ 25,000 -$ 25,000
Non-School Additional
Homestead Exemption -$ 25,000 -$ 25,000
Non-School Taxable $ 184,026 $ 186,089
School District Taxable $ 209,026 $ 211,089

COUNTY COMMISSION - OPERATING (#05) 7.60760 $ 1,400.00 $ 1,415.69
COUNTY SCHOOL OPERATING ST LW (#01) * 5.27700 $ 1,103.03 $ 1,113.92
COUNTY MUN SERVICE FIRE DIST (#10) 1.80360 $ 331.91 $ 335.63
COUNTY SCHOOL CAPITAL OUTLAY (#02) * 1.50000 $ 313.54 $ 316.63
SW FLA WATER MANAGEMENT DIST (#09) .33170 $ 61.04 $ 61.73
PASCO COUNTY MOSQUITO CONTROL (#11) .22540 $ 41.48 $ 41.94
Estimated Total Ad Valorem Property Taxes-- 16.74530 $ 3,251.00 $ 3,285.54

Sellers info for taxes...

[Swimmom32]

[quote=Swimmom32;48519049]

Gotcha I actually went through the section I am in to see what everyone is paying and what they are/were assessed at so I have a pretty good idea I am praying the tax assessor's office was correct and I dont get a bill for over 6000k come Next November...

[Swimmom32]

Originally Posted by Swimmom32

Ok so my question is lets say that the above referenced Ivy Lake has all the exemptions how much would that be?
the gal at the appraisers office did say they will NOT assess the house for the purchase price but they do not know what it will be assessed at...so how much would the taxes be after it was sold if its assessed lets say at 410k?

Never Mind I get it

[NYmikef]

Originally Posted by EngGuy

Actually, if you stay long term, the taxes go down 300%, but then can only go up 3% max. This is Florida, so it will happen again. That is why you see so many low taxes on properties held longer than 10+ years. And if you see any with 20+ years of ownership, they are really low.

You mention something about taxes going down 300% - I only mention this because your posts seem to indicate you have a good grasp of numbers, but you do realize that nothing can go down 300%.

If something goes down 100% is has been reduced to 0. There is only 100% of anything.

[LKJ1988]

Originally Posted by NYmikef

You mention something about taxes going down 300% - I only mention this because your posts seem to indicate you have a good grasp of numbers, but you do realize that nothing can go down 300%.

If something goes down 100% is has been reduced to 0. There is only 100% of anything.

You take everything the wrong way. It was me that typed 300%. My taxes were 800 a year then went down to under 300 a year when my house was worth under 30k. Went from 150k in 06 to under 30k in 2009. So 800 to $275 would be the true %.

[NYmikef]

Originally Posted by LKJ1988

You take everything the wrong way. It was me that typed 300%. My taxes were 800 a year then went down to under 300 a year when my house was worth under 30k. Went from 150k in 06 to under 30k in 2009. So 800 to $275 would be the true %.

Ok, so if your taxes were $800 and went down to $275 that would be a decrease of $525. That's a decrease of about 66%. That is a big decrease but not 300% Cheers

[LKJ1988]

Originally Posted by NYmikef

Ok, so if your taxes were $800 and went down to $275 that would be a decrease of $525. That's a decrease of about 66%. That is a big decrease but not 300% Cheers

I know it's not a real 300%. Just goes to show how bad things got here in late 06 till now. Still no other area is as cheap as my area to buy homes for under 50k. All other areas have gone way up.

[MOforthewin]

Originally Posted by LKJ1988

I know it's not a real 300%. Just goes to show how bad things got here in late 06 till now. Still no other area is as cheap as my area to buy homes for under 50k. All other areas have gone way up.

Home for under 50 grand? Did it have the windows bordered up or walls crumbling or is it a manufactured home? Where the hell can I find this cheap housing? Is it a vacant property in a major city like Memphis, St. Louis or Detroit?

[a person]

Originally Posted by MOforthewin

Home for under 50 grand? Did it have the windows bordered up or walls crumbling or is it a manufactured home? Where the hell can I find this cheap housing? Is it a vacant property in a major city like Memphis, St. Louis or Detroit?

He lives in West Pasco, which is basically where all the crime in Pasco County occurs.

[LKJ1988]

Originally Posted by MOforthewin

Home for under 50 grand? Did it have the windows bordered up or walls crumbling or is it a manufactured home? Where the hell can I find this cheap housing? Is it a vacant property in a major city like Memphis, St. Louis or Detroit?

Been tons of homes for under 50k for many years from Holiday to Hudson. For a long time no one could get insured as no one would touch these homes west of US19. Many are now back at around 60 to 70k east of US19. Just do a search learch. Now with flood ins going up and up these small homes will again go back down in price. Who in the world will wanna pay 8k+ a year for flood ins on a house worth under 60k? You are getting a small home in rundown areas with all renters for so cheap. There is always a reason why homes are so cheap. Go east a few miles in newer hoods with bigger homes and the prices jump up past 200k.