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Old 04-14-2010, 05:41 PM
 
3 posts, read 1,543 times
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Quote:
Originally Posted by annerk View Post
He's in for a HUGE shock when he gets his property tax bill. I hope he's not going by what the current owners are paying in taxes, because his tax bill is probably going to be about $78K A YEAR. The property tax thing down here is very strange and it really nails people who ahven't lived here since the state was a big old mosquito infested swamp.
SHOCK? Yes, that's so cheap (just $78,000 for a $5M house)! The two people I know with assesments at the $5M range pay well over $250,000 per year in Saratoga Springs. SE FL looks better by the minute!
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Old 04-15-2010, 04:56 AM
 
6,451 posts, read 14,229,170 times
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Originally Posted by FlushingTroylets View Post
SHOCK? Yes, that's so cheap (just $78,000 for a $5M house)! The two people I know with assesments at the $5M range pay well over $250,000 per year in Saratoga Springs. SE FL looks better by the minute!
They also will pay VERY high insurance costs i.e. hurricane and flood.
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Old 04-15-2010, 05:16 AM
 
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Originally Posted by Ellwood View Post
They also will pay VERY high insurance costs i.e. hurricane and flood.
Flood will only cover $250K, period. So if your $5M home floods, you are left holding the bag for everything above $250K. Insurance on a coastal $5M home will be in the $100K a year range, more if they are within a mile of the ocean. The hurricane deductible will be $100K. In other words if they lose the roof in a storm, don't bother to report it, because they'll have to pay the first $100K out of pocket.

It cracks me up how people think of Florida as an inexpensive place to live. It's not. I pay more here than I did in NJ and a lot more than when I lived in Saratoga County when you add it all up. And I have to pump my own gas.
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Old 04-15-2010, 06:44 AM
 
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Originally Posted by Ellwood View Post
They also will pay VERY high insurance costs i.e. hurricane and flood.
What about HOA costs too?
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Old 04-15-2010, 12:05 PM
 
6,451 posts, read 14,229,170 times
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Quote:
Originally Posted by FlushingTroylets View Post
SHOCK? Yes, that's so cheap (just $78,000 for a $5M house)! The two people I know with assesments at the $5M range pay well over $250,000 per year in Saratoga Springs. SE FL looks better by the minute!
If you can afford a $5M house, you can well afford the $250K or $78K in taxes. As the OP mentioned living in FL is as expensive as NJ or Saratoga. You seem to have made up your mind and want to get out of NY, so move to FL and best of luck.
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Old 04-15-2010, 07:22 PM
 
Location: Orlando, FL
275 posts, read 712,861 times
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Florida has something called "Save Our Homes" which favors long-time residents. It caps the property tax of those long-time residents to something like maximum 3%/yr increase. For those who move from out of state, they will pay full assessed value. For a $250K house, it can be in the $4K range depending on county. Not an insignificant amount compared to areas of NYS. In addition, a new resident will probably have to wait close to a year in order to homestead their house and knock off $25K off the assessed value of the property. And I am one of those who feel that eventually, Florida will have to impose an income tax. Who ever thought that we would be looking at a VAT ON TOP OF INCOME TAXES. In this environment, nothing seems to be off the table.
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