Taxes on condos? (Riverview: sales, apartments, HOA fees)

[jimdc58]

I will be visiting in a couple of weeks to look at condos, as I understand there are some good prices. Can anyone tell me, however, what the property taxes are like? I'm seeing condos for $40,000, but with an annual tax of $3600! Can this be right? Are the taxes based on the property value before the market dipped? Do these numbers get re-evaluated?

[BucFan]

There's a lot to be known about these condos in addition to taxes - such as HOA as well.

[Jammie]

Originally Posted by BucFan

There's a lot to be known about these condos in addition to taxes - such as HOA as well.

Besides the HOA, taxes, and insurance~have you heard of many who have the special assessments? I understand those can be the rough spot in condo ownership.

[1cityview]

The tax rate is around 1% on the assesed tax value which could be current or outdated. Some HOA's are low and some are high ,but is all relative on what you make and what you want....

[nucat78]

I was wondering about this myself. It seems (and the Floridians here will correct me) that the first year you own a home, you are taxed at the market value as determined by your assessor. After a year, assuming you live in the home, you get a homeowners exemption which will lower you taxes somewhat.

The Pinellas County assessor has a great Web site that lists current taxes on homes by parcel number and what the tax would be without exemption(s). I suggest you have a look there. In some cases where people have lived in a home a long time, the tax would triple (for at least the first year) if you bought it. Not sure how often a reassessment is done.

I live in a pretty heavily taxed school district but in some cases, it looks like a smaller condo in Pinellas would actually cost me more in taxes than my townhouse here.

Take this with a grain of salt - this is just what I've been able to figure out so far from this board and browsing the assessor's site.

[Keeper]

Just beware there are some new condos that may appear to be a good deal because of the low cost but there are major construction problems.

The tax amount you listed is more than what is normal for 40K house

[SLCPUNK]

Originally Posted by jimdc58

I will be visiting in a couple of weeks to look at condos, as I understand there are some good prices. Can anyone tell me, however, what the property taxes are like? I'm seeing condos for $40,000, but with an annual tax of $3600! Can this be right? Are the taxes based on the property value before the market dipped? Do these numbers get re-evaluated?

I'm seeing this too and wondering what the deal is? I'm seeing some nice 1/1 some with garage for 29-40k. HOA anywhere from 110-300. Taxes should not be friggin 3k though. What gives?

[imguytpa]

Buyer beware....you get what you pay for. Taxes should be 1-2% of current market value. Watch those HOA fees. Some condos were apartments, not that greatest construction. Many filled with a mixture of owners who paid too much and renters. This situation may take 10 yrs to be resolved, imo. I looked at one here in Riverview for an out of state friend HOA was $435 for 2 br, 2 ba @ 85K, when I questioned the sales rep, he became impatient with me. C'est la vie. Caveat emptor!

[davery5872]

Originally Posted by SLCPUNK

I'm seeing this too and wondering what the deal is? I'm seeing some nice 1/1 some with garage for 29-40k. HOA anywhere from 110-300. Taxes should not be friggin 3k though. What gives?

Where are you getting this number from? Just to be sure, you may want to check the Pinellas County Tax Assessor's website. The just value of a property, in which the property taxes are calculated, in Floirda is adjusted every year. In some states, this is only done every 5 years. Just remember to check if there are any current exemptions. This will make the listed taxes as lower than what you may pay. For the first year, you will pay the existing taxes, regardless of any exemptions or not. During that first year you will need to apply for any exemptions you might be eligible for.