Charlotte Co. Property Tax Calculation

[RexLan]

Originally Posted by MartyGras

It's because I have always made too much to qualify for the homeowners rebate.

Also I believe you can get two Florida homestead rebates if one house is in your name and the other is in your wife's name.

Gary

There is no homeowners rebate.

The homestead exemption is NOT a rebate .. it is an exemption. it is also important in many other ways beside taxes.

You get one $25K exemption for the primary residence that includes schools.
You can get a second $25K exemption for a spouse that does not include schools.

You must be a Florida resident AND - AND - the property must be your primary residence - you can't have two primary residences unless you don't live together. If you do and play the game you may end up in the free hotel.

I think there is an additional exemption for a Florida resident on the property if you are 65 and older and within a certain income limitation ... that has nothing to do with the original homestead exemption. It is also new in 2014.

[Harbor Hopper]

Originally Posted by RexLan

The assessed value is generally much less than selling price.

You are NOT going to buy property for assessed value .... forget it.

This is correct. I am very grateful that Charlotte Co greatly under-assesses property. My wallet thanks them. Assessed value and actual market value have absolutely nothing in common if you're house shopping.

[az99]

Originally Posted by Harbor Hopper

This is correct. I am very grateful that Charlotte Co greatly under-assesses property. My wallet thanks them. Assessed value and actual market value have absolutely nothing in common if you're house shopping.

So if you are in the market for a home, how do you know what your taxes will be?

[coastal chic]

Originally Posted by az99

So if you are in the market for a home, how do you know what your taxes will be?

A Fairly good GUESS would be 1.3% of sales price. There is no way to guess the exact amount. It will probably be less than that, but that is a safe guesstimate.

[HarborRat]

Originally Posted by RexLan

Yes, you are wrong again except for the tax.

The assessed value is generally much less than selling price.

You are NOT going to buy property for assessed value .... forget it.

I mostly agree with you there, I posted with a few too many drinks in me yesterday. But I did buy both my houses under assessed value from a bank. And so did a few friends. The market has come up since then however and it is not likely anymore. Maybe that is why my assessed value came down to meet the sale price. The AV has since gone lower than the sale price....thankfully.

[HarborRat]

Originally Posted by az99

So if you are in the market for a home, how do you know what your taxes will be?

Like I said above, 1% of assessed value is usually close with exemptions.

The people at the CC municipal office are very nice, knowledgeable and easy to get a hold of on the phone. Instead of asking buyers, sellers, builders, investors and real estate agents (all of them are here), whom may all give you different answers, give them a call and get the straight scoop on how things are calculated.

[71 road runner]

Originally Posted by HarborRat

Like I said above, 1% of assessed value is usually close with exemptions.

The people at the CC municipal office are very nice, knowledgeable and easy to get a hold of on the phone. Instead of asking buyers, sellers, builders, investors and real estate agents (all of them are here), whom may all give you different answers, give them a call and get the straight scoop on how things are calculated.

.

I think your 1% number (with exemptions) is somewhere in the neighborhood of what people could expect to pay.

You're right about the folks at the CC office. We've been in there a few times and they're very helpful friendly people.

.

[Harbor Hopper]

Originally Posted by az99

So if you are in the market for a home, how do you know what your taxes will be?

You don't know for sure. Every property is re-assessed after being sold. You don't know what the new assessment will be. All you can do is guess. And NEVER pay attention to what the current owner is paying. It has no bearing on what you'll pay, especially if it's homesteaded, meaning it is limited to the 3% annual "save our homes" increase cap (value cap, not actual tax cap). It's all spelled out here: Save Our Homes