Thinking of retiring to Tampa area (short sales, foreclosures, car insurance)

[Restrain]

Getting towards hanging it up as far as full-time work. Will still have skills, and contacts, so we'll still work, just not need full time jobs so unemployment issues are not a problem.

What is the taxes, utilities, etc like in that area? Regulated or unregulated electric, income taxes, personal property taxes?

Any insight would be appreciated.

Thanks in advance.

[housingcrashsurvivor]

I picked Tampa to go back to school and start a third career at 53. Also I thought it a good place to retire should I ever decide on that as I've been retired for a few years now and don't care for it. I might feel differently later in life about it.

I like Tampa as a place to both work & retire because of the relatively good standard of living, especially considering the lower cost of living here. I'm relocating from south Florida which is about 20% more expensive overall. Though I haven't decided on selling my place there so I can always turn back if I do not take to Tampa.

Electric is the only thing I've found more expensive here. Trash is less but I've less service (Bulk only once a year as opposed to once a month. No big deal as I've already been enlisted by my neighbors to participate in their bulk pick up days if they can use mine). Water is also less and I'll be installing a well for irrigation. I can not judge as to sewer because I've septic tanks & fields here.

Insurance is generally much less than in south Florida. I pay less for my two houses here than I do for my one house down there. Though I don't need flood here, even with flood the price would still be much less on wind and liability. My car insurance is about the same. But my medical insurance has decreased by 20% (same company, same policy) just by relocating here.

Property tax is not dissimilar to many other Florida areas. Mil rates run from the low 19's to the mid 21s, depending on area. Home prices are amazing today, of course. I bought at about a 1993/1994 price and that not even a foreclosure. I'm sure others have done better.

When you buy, check first with the property appraiser's office to see how they value short sales and foreclosures. I believe the sale needs to be "arm's length" (I think that is the term) to be considered a qualified sale. Otherwise you might find yourself paying more in taxes than you'd counted on if the county appraisal is much higher than the sale price of what they could consider an unqualified sale. These rules can change over time so just check first so you know the current status of all that. Once you buy into Flroida, you are somewhat protected from rising taxes by our "save our home" amendment, which limits increases in appraisals upon which taxes are based to 3%/year, though mil rates of course can be increased. Also once you start enjoying SOH values, you can port (at least a portion of) those savings with you to other Florida homesteads should you relocate in the future.

There is no state income tax in Florida and the intangible personal property tax was repealed back in 2006/2007. Sales tax in Hillsborough County is currently 7%. I believe there is a proposal out to raise sales tax by 1% to pay for better bus service and a new light rail system, scheduled first to tie USF to downtown and later points west and east.