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Old 07-09-2009, 03:21 PM
 
9 posts, read 25,607 times
Reputation: 14

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Awesome Kyle,

That's exactly what I wanted to hear and it pretty much lines up with what I suspect.
I drove by last week Thursday after it had been raining for 3 days straight and there was no flooding - so I figured if it could take that much rain and be fine - everything would be okay.

I think the previous owner said hazard + flood = 3600.
I crunched some numbers and realized how ridiculous our property taxes and insurance are.
Nearly 30% of my monthly payment will be in taxes and insurance. That's f'in ridiculous.
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Old 07-09-2009, 03:28 PM
 
Location: Saint Petersburg, FL
5 posts, read 10,187 times
Reputation: 10
Taxes in Saint Petersburg tend to be high, but I can assure you that they are much better than some other areas around the USA.

Moderator cut: ..

Last edited by Keeper; 07-09-2009 at 04:21 PM.. Reason: join the realtor group so they will know you are a realtor
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Old 07-09-2009, 03:44 PM
 
15,114 posts, read 31,005,993 times
Reputation: 18209
Quote:
Originally Posted by gimplar View Post
Awesome Kyle,

That's exactly what I wanted to hear and it pretty much lines up with what I suspect.
I drove by last week Thursday after it had been raining for 3 days straight and there was no flooding - so I figured if it could take that much rain and be fine - everything would be okay.

I think the previous owner said hazard + flood = 3600.
I crunched some numbers and realized how ridiculous our property taxes and insurance are.
Nearly 30% of my monthly payment will be in taxes and insurance. That's f'in ridiculous.
Living near the water comes at a price. We are here in Sarasota, two blocks from the bay. For our little 1950's 2 BR ranch home we pay about $2800 a year for hazard plus mandatory flood. Age of the home plus elevation will determine how much flood you pay. Still, combined with our taxes it is about $5,000 total per year, which isn't that bad, really compared to what people pay in some other states.
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Old 07-10-2009, 07:50 AM
Nav
 
346 posts, read 1,300,987 times
Reputation: 254
Quote:
Originally Posted by gypsychic View Post
Living near the water comes at a price. We are here in Sarasota, two blocks from the bay. For our little 1950's 2 BR ranch home we pay about $2800 a year for hazard plus mandatory flood. Age of the home plus elevation will determine how much flood you pay. Still, combined with our taxes it is about $5,000 total per year, which isn't that bad, really compared to what people pay in some other states.
Insurance costs will vary greatly based on the age of the home as well. Houses built after 2003 are built to a more stringent set of building codes so they carry a substantially reduced rate for insurance. Flood insurance doesn't matter, it's just based on the amount you want to insure.

Make sure not to mislead anyone. Tax baseline will be reset when a home is bought or sold. If you bought your 1950's home 15 years ago, it will be baselined at the rate at the time. Homestead exemptions would have locked in a max 3% increase a year. Someone buying now will be appraised at todays rate which will be substantially higher than those of yesteryear. Figure $2,500 per every 100k in value. Value is the market value, NOT what you paid for it.
Property Tax is one of the biggest issues in the Bay area. 2 houses, side by side could have very different rates. One could by 2k a year while a recently sold smaller house next door could be 10k a year.

Nav
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Old 07-10-2009, 07:56 AM
 
Location: Saint Petersburg, FL
5 posts, read 10,187 times
Reputation: 10
Mind you a lot of that is based on "save our home cap" and where they stand with getting homestead or not. Amendment 1 changed a few things around. I agree that taxes in this area are whacky, but they're fair. I cam here from Buffalo, NY and I can tell you taxes are higher up there.

Considering the differences I think the Bay area has one heck of a deal.
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Old 07-10-2009, 08:02 AM
 
15,114 posts, read 31,005,993 times
Reputation: 18209
Quote:
Originally Posted by Nav View Post
Insurance costs will vary greatly based on the age of the home as well. Houses built after 2003 are built to a more stringent set of building codes so they carry a substantially reduced rate for insurance. Flood insurance doesn't matter, it's just based on the amount you want to insure.

Make sure not to mislead anyone. Tax baseline will be reset when a home is bought or sold. If you bought your 1950's home 15 years ago, it will be baselined at the rate at the time. Homestead exemptions would have locked in a max 3% increase a year. Someone buying now will be appraised at todays rate which will be substantially higher than those of yesteryear. Figure $2,500 per every 100k in value. Value is the market value, NOT what you paid for it.
Property Tax is one of the biggest issues in the Bay area. 2 houses, side by side could have very different rates. One could by 2k a year while a recently sold smaller house next door could be 10k a year.

Nav
Not misleading anyone, we just bought this house last year, my taxes are reasonable (to me) even WITHOUT any homestead exemptions. Our county assessed market value is a lot lower than what we paid. Yes, insurance is based on age of home, size, construction, etc. Flood ins. is based on the flood plain and how much you insure - it must match the amount of the HOI.

Last edited by gypsychic; 07-10-2009 at 08:15 AM..
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