Boca taxes/HOI ? (Boca Raton: insurance, assessor, house)

[lukeb321]

This house was listed at 230k.

If I bought today at that price, what can I expect to pay in taxes and HOI today?

Say its appraised at 250k today.



Here's stats from 07

Tax Year: 2007

Tax Amount: $2,045
Assessment Year: 2007
Assessor Bldg Market Value: $196,062
Assessor Land Market Value: $102,420
Assessor Total Market Value: $298,482
Assessed Bldg Value: N/A
Assessed Land Value: N/A
Assessed Total Value: $131,808

Home Owner Exempt Value: $25,000
Disabled Exempt Value: N/A
Senior Exempt Value: N/A
Veteran Exempt Value: N/A
Widow Exempt Value: N/A

[bale002]

Apparently this house is homesteaded at a base below $131,808: you can also check when it was last purchased, probably around ten years ago.

If you purchase it now, you will set a new base, let's say $230,000. If you apply for the homestead cap/exemption, then you will have an around $40,000 exemption and a 3% per year cap (useful if market value increases).

If you are within Boca Raton's city limits, your tax rate may be around 1.7%, it may be slightly different if outside the city limits.

Therefore, $230,000 - $40,000 * 0.017 = $3230, but this would not apply until 2010.

I'm not sure exactly how it would work for 2009, but it is prorated between the buyer and seller based on an estimate, then any difference based on the actual tax amount is reimbursed to the parties.

As for HOI, there are too many variables to give a reliable estimate, but as rough rule of thumb, also calculate 1.7% of purchase price, coming to $3910 to start.

One of the most important variables is type and age of roof. In addition to a general home inspection (cost around $400), you may wish to have a wind mitigation inspection (cost around $100).

On the basis of those reports you can seek a more reliable estimate/offer for HOI. Go through a reliable insurance agent for easy comparative shopping.

Hope this helps.

Good luck!

[t062544]

We are thinking to move to Boca raton area. Are in Boca any tax exemptions for senior or person with disabilities exist?