[kittyranger]

hi i noticed homes for $60,000 that have taxes of over $2000, without homestead should the taxes be reduced to under $1000 considering the florida tax rate is surpose to be 1.5%? will they be reasssseed.

[Broker Dave]

Taxes are not based on the sale price but on the appraised value by the Property Appraiser of each county and is based on a millage rate each being different, typically one for the county and a tad higher if located in a City. They are changed yearly, your Agent should be able to help.

The following formulas estimate ad valorem taxes only. Your tax bill may also reflect non ad valorem taxes.

1. Compute Taxable Value, Taxable Value Formula:
Assessed Value $100,000
Homestead Exemption (less) - 25,000 (starts first Jan 1 of ownership, must file to receive)
Taxable Value = $75,000

2. Calculate Total Ad valorem Taxes (use Taxable Value from step 1):

Formula: (Taxable Value/1000) x < apply total millage rate for county/city>

Example: ($75,000/1000) = $75 x <17.6379 (example)> = $1322.84


Hope this helps,

[doggiebus]

Dave just explained it correctly. What has happened with the foreclosures and short sales they have lowered the prices than the neighborhood as a whole. So what the counties have figured out to do to get their money, is to not go by the sale price of these foreclosures and short sales. They go by the value of the neighborhood which is typically higher than these cheaper sales. So you need to go by the assessed value of the home not the sale price anymore.

[beachmouse]

Also the property tax rate is going to vary hugely from county to county and municipality to municipality. It's easy to end up paying a property tax rate in the Tampa area that's three times higher than the millage rate in parts of rural north Florida.