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Old 09-28-2006, 07:50 PM
 
Location: North Port, Florida
774 posts, read 2,206,710 times
Reputation: 855

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I noticed that North Port reduced their tax rate from 4.9mills per thousand to 3.3.mills.
The example given in the article was: "an owner of a $225,000 home with a homestead exemption will owe this city $1092 for the next fiscal year in property taxes".

This seems much lower than what people on this board are complaining about and is less than 1/4 of what I now pay on my home in Rhode Island (plus I pay 7% state tax and outragous oil bills).

Am I missing something here? Is the tax rate that much lower in North Port than in other communities?
Any help much appreciated.
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Old 09-28-2006, 08:41 PM
 
96 posts, read 442,086 times
Reputation: 51
Quote:
Originally Posted by mikey2 View Post
I noticed that North Port reduced their tax rate from 4.9mills per thousand to 3.3.mills.
The example given in the article was: "an owner of a $225,000 home with a homestead exemption will owe this city $1092 for the next fiscal year in property taxes".

This seems much lower than what people on this board are complaining about and is less than 1/4 of what I now pay on my home in Rhode Island (plus I pay 7% state tax and outragous oil bills).

Am I missing something here? Is the tax rate that much lower in North Port than in other communities?
Any help much appreciated.
There are several factors that could affect the taxes owed. I would guess that the example sited is a home that has been owned for a number of years by the same person and therefore falls under the "save our homes" program. Which roughly translates to no more than a 3% increase in taxes from the previous year. As for Rhode Island (and other northern states), they have incredibly high real estate taxes depending on the town/city where you are located. Just by coincidence I spoke with my sister today who lives in Dutchess County (rural) NY. Her tax bill this year is over $8000. I suppose it boils down to the cost of services provided to the community, the amount of households that contribute to pay for those services, and how well the money is spent.
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Old 09-28-2006, 10:43 PM
 
Location: Marion, IN
8,189 posts, read 30,219,953 times
Reputation: 7320
Also, that is only the city portion of the tax. There is still the Sarasota County portion of the tax.

I lived in North Port for 9 years. That is a lot of tax for what you get for living there.
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Old 09-29-2006, 06:13 AM
 
Location: central fl
467 posts, read 1,632,561 times
Reputation: 158
Quote:
Originally Posted by mikey2 View Post
I noticed that North Port reduced their tax rate from 4.9mills per thousand to 3.3.mills.
The example given in the article was: "an owner of a $225,000 home with a homestead exemption will owe this city $1092 for the next fiscal year in property taxes".

This seems much lower than what people on this board are complaining about and is less than 1/4 of what I now pay on my home in Rhode Island (plus I pay 7% state tax and outragous oil bills).

Am I missing something here? Is the tax rate that much lower in North Port than in other communities?
Any help much appreciated.
recalculate the numbers. if you purchase a home, the existing exemption will be removed. the tax will be based on an assessment without this. the exemption, after applied for will take effect the following year. I am currently benefiting from the exemption and pay 1800 per year in taxes. If I were to purchase my own house tomorrow I would be paying more like 5000.00 per year. My total county millage is around $20.00 per thousand assessed taxable value. city tax is around 4 or 5 bucks.
many people are paying between 5 and 10 k taxes.
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Old 09-29-2006, 06:31 AM
 
Location: Spring Hill, Florida
16 posts, read 124,205 times
Reputation: 17
Hi Mikey2,

That math doesn't add up. If you take the house valued at $225,000 and take away the Homestead Exemption ($25,000 on taxable value), then the taxable value of the home would be $200,000 multiplied times the millage rate of .0033, the taxes would come out to $660, not $1092. I'm not too sure how things work in North Port as I don't live there, but here in Hernando County, FL (about 45 minutes north of tampa) the millage rate is approximately 18 mills. So, if you had a home that you purchased for $225,000 (1,700 SF living, 3/2/2/pool in nice neighborhood), and you get it homesteaded (it has to be your primary residence to qualify for the homestead exemption), then your taxable value would again be $200,000 and your taxes would be APPROXIMATELY $200,000 multiplied times the millage rate of .018 = $3,600/year. Pasco County would be slightly less at 16.5 mills.

I'm originally from just outside RI in Southeastern, MA (went to school in Bristol - played in a band for years that played providence, bristol, newport, etc) I'm now a REALTOR in Florida and work mainly in Hernando & Pasco County. Compared to RI, things down here are MUCH less expensive. Many of the people who are upset about the costs of living in FL, are comparing it to how inexpensive it USED to be in FL...not comparing it to how much it would cost to live in New England.

If I can help at all, just let me know.

Josh
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Old 09-29-2006, 02:21 PM
 
Location: North Port, Florida
774 posts, read 2,206,710 times
Reputation: 855
Thanks for the replies,

Yup, the math doesn't add up because I forgot to add $209.00 for trash pickup, $103.00 for fire tax, plus $660.00 for property= $1079.00

The Sarasota County tax is $17.00+ mill per thousand, which adds up to another $3400.00 for a combined total of $4479.00 per year.

If you count RI state tax + property tax, I'm now paying almost $8000.00 per year and that doesn't count oil heat which could easily run $3000.00 more, if you try to keep the house warm.

Florida.... here I come.....
Mikey
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Old 09-29-2006, 03:02 PM
 
Location: Springfield, Missouri
2,815 posts, read 12,616,441 times
Reputation: 2000001474
I still love Rhode Island! If I had BIG bucks and the property taxes were just a nuisance, not a deal breaker, I'd love to own one of those early 20th century homes with the big front porches close to Newport and the Narragansett Bay.
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Old 09-29-2006, 05:34 PM
 
7,047 posts, read 8,179,500 times
Reputation: 7123
Quote:
Originally Posted by mikey2 View Post
Thanks for the replies,

Yup, the math doesn't add up because I forgot to add $209.00 for trash pickup, $103.00 for fire tax, plus $660.00 for property= $1079.00

The Sarasota County tax is $17.00+ mill per thousand, which adds up to another $3400.00 for a combined total of $4479.00 per year.

If you count RI state tax + property tax, I'm now paying almost $8000.00 per year and that doesn't count oil heat which could easily run $3000.00 more, if you try to keep the house warm.

Florida.... here I come.....
Mikey
You didn't go through the full equation yet Mikey. What will the homeowner's insurance be? (Many people are paying thousands of dollars per year). Florida is hot 9 months of the year, and if you do need to use your electric heat, watch the electric meter spin like mad! What will your electric bill be in a year? What will your salary be compared to RI?
Answer ALL these questions, then decide if Florida is a better choice for you. Far too many people aren't "doing their homework" before heading down.
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Old 09-29-2006, 06:30 PM
 
167 posts, read 944,764 times
Reputation: 89
Mikey:

You are making the right move to the Sunshine State. You will save a few thousand a year but getting out of your beautiful state, RI.....We reside in Central Florida and our insurances have dropped substantially than our previous dwelling, South Florida....I realize a lot of folks have sticker shock w/Florida and the taxes etc. however, ours went down when we moved from Ft. Lauderdale to Orlando....We have been residents of Florida since the 60's, so we do know this State...Anyhoo, good luck in your final decision and the weather that is upon us right now is totally what the Sunshine State is about!!!!
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