How is real estate tax calculated?

[Harbor Hopper]

Originally Posted by jcswoop

Why you putting down us beer drinkers??? Lol

haha, now that's funny

[twowilldo]

Originally Posted by SeaRay35

Is it beer 30 yet

Ummmmmm. Beer.

Along with physically visiting real properties, we laboriously researched financial and tax implications in four different regions (several counties) of Florida for approximately 4 years before actually settling on Charlotte County. Using the CC website, we deciphered how the property taxes were calculated simply by looking at unrented homes that had been lived in for a long while, compared to recent sales. So, we knew when we signed the papers what to expect (save the almost $2K Buckley’s Cut assessment which was almost 4X higher than originally quoted by the city when we checked on it). They don’t have a calculator as far as we could find, so we just figured the math out for ourselves based on recent sales cases.

No state income tax here, as well as the Save Our Homes Act, Homestead and other exemptions working together mean that the money has to be made up somehow. Property values increase (that is definitely not a bad thing in our opinion), the population grows and the infrastructure carries a heavier load. The burden is simply higher for those just coming in, it isn’t punitive unless you choose to look at it that way. In addition, registering 4 vehicles (one isn't even here, it is still in CO) and an offshore boat (plus paying the sales tax on that boat, purchased here privately) for the first year. And the insurances, auto, home, wind/hurricane and flood (ours is private). We were lucky and were able to pay cash for our house but even so... OUCH!

We would have loved nothing more than to be assessed as we were in Jefferson County, CO, where we had acreage, a house double the size of the one we have now, etc. We pay over double the tax and assessments here, but still come out ahead tax-wise overall. Not by a whole lot, but we do.

[SeaRay35]

Unfortunately it is a misconception with Florida, no state income tax=lower cost of living. Well money has to be made up somewhere so Florida has a multitude of fees.

[twowilldo]

Originally Posted by SeaRay35

Unfortunately it is a misconception with Florida, no state income tax=lower cost of living. Well money has to be made up somewhere so Florida has a multitude of fees.

Exactly!

[Harbor Hopper]

Originally Posted by SeaRay35

Unfortunately it is a misconception with Florida, no state income tax=lower cost of living. Well money has to be made up somewhere so Florida has a multitude of fees.

Occasionally I get a seller that is upset when I tell them about the state tax on the deed when they sell their home ($700 per 100,000). This is the one closing cost that is not negotiable. It's a seller cost, just like when they bought it, the seller paid it. No income tax. So as mentioned, the state has to bring in revenue...

[JERSEY MAN]

Originally Posted by Harbor Hopper

Occasionally I get a seller that is upset when I tell them about the state tax on the deed when they sell their home ($700 per 100,000). This is the one closing cost that is not negotiable. It's a seller cost, just like when they bought it, the seller paid it. No income tax. So as mentioned, the state has to bring in revenue...

Yep, I just sold a home. 2 thousand plus to the state when at closing. But no state income tax is a big plus to us.