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Location: Finally the house is done and we are in Port St. Lucie!
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Quote:
Originally Posted by jackmichigan
You need to look at the tax assessment value for each house (not the market value of each) and look at the tax rate for each. In some areas there are primary residence, senior or veteran discounts so that might be a factor.
^^ what he said ^^
My mother in law pays minimal taxes. She's a senior citizen and has the homestead credit. She has almost an acre of property. Someone looking on realtor websites would only see how relatively cheap her taxes are. Reality is, if someone bought her property they would get shocked when the taxes they would pay go up by a Lot of $$ compared to what she pays currently.
My stepmom was a senior citizen and dad was career retired Army, with full disability. At the time of his death, I don't think they were paying any taxes (if I recall correctly). Since she was his widow (they'd been married well over 40 years) she also got her taxes deferred.
More things than just property value and size go into what the amount the taxes are levied at.
You need to look at the tax assessment value for each house (not the market value of each) and look at the tax rate for each. In some areas there are primary residence, senior or veteran discounts so that might be a factor.
Quote:
Originally Posted by SalamanderSmile
There are also, here at least, school district taxes. So when you look at the auditor's website you will see a breakdown and one identical house over might be in school district A the next in school district B and the taxes might be even DOUBLE for the "good" school district house.
Quote:
Originally Posted by Robino1
^^ what he said ^^
My mother in law pays minimal taxes. She's a senior citizen and has the homestead credit. She has almost an acre of property. Someone looking on realtor websites would only see how relatively cheap her taxes are. Reality is, if someone bought her property they would get shocked when the taxes they would pay go up by a Lot of $$ compared to what she pays currently.
My stepmom was a senior citizen and dad was career retired Army, with full disability. At the time of his death, I don't think they were paying any taxes (if I recall correctly). Since she was his widow (they'd been married well over 40 years) she also got her taxes deferred.
More things than just property value and size go into what the amount the taxes are levied at.
The city house/lower taxes has been empty. It is a investment property, and had been used as a rental but has not been occupied for the last year. Its tax rate is consistent with similarly sized properties in the area. I did a search on the street.
The community house has been sold 3 times since 2000. Could that be it? Other houses of a similar size and price point in this community run between 5400- 7k in taxes. Houses at that size and price point in the neighboring 'burb are about 4500-5000. Houses in the downtown area are 4000-6000.
Tax search is from records. Not from any listing sites. County property tax records.
The school district is better in the city house with elementary and high schools that are in the top 1% state wide. The community house has a good school in the top 25% but not the highest rated. There is no separate school tax.
Could it be taxed at a higher rate because its in a planned community and newer build? I have looked at a few houses in this community and they all seem to be about 10% higher than taxes elsewhere. City and planned community house are in the same zip.
No, being newer won't give it a higher tax rate. It could have a higher tax assessment, though.
If you examine both of the tax records you should be able to determine why there is a difference. Tell us what you find.
How long since the 'city' house has been sold? Sometimes there are caps in place to prevent large jumps in taxes. If this is the case, the tax rate could significantly rise once you purchase it.
The home I recently purchased was hasn't been sold in 25 years. They are estimating my taxes will go up by 30%.
You need to look at the tax rates. For example my city is served by two different school districts. So the same $350K house on one side of the creek has a different tax rate than other side. And the lower rated district has higher taxes because there are fewer homes contributing.
Last edited by MurphyPl1; 04-23-2017 at 11:07 AM..
In California it could be as simple as the value upon the last transfer...
The value sets the base going forward so if someone bought when the market crashed a few years back they could be paying much less property tax than someone the bought before property crashed.
I bought 2005 and my neighbor bought in 2012... I have a 1957 and 1725 square feet and he has 2002 and 3,000 square feet... we both pay about the same property tax based on the Fair Market Value at the time of transfer... otherwise known as Prop 13 in California.
One house we looked at has a very tiny lot. It barely extended beyond the house. My agent called it a"zero lot line" house. Taxes $5600. House was in a community with a pool etc and HOA. Newer build but not brand new. In fact taxes are about this for every house in the community.
House downtown in historic city where taxes are higher due to a both county and city tax with a bigger lot and similarly sized house is $5000. Cheaper than the no lot house.
What is the difference here? Is it just that the planned community house is newer?
Truth be known, property tax assessments are all over the place, and they often follow no rhyme or reason.
The house next door to my primary residence is identical to mine, but sits on a lot double the size of mine. His tax assessed value is less than half mine. Explain that one!
Also, different areas of most cities have different "per 1000" valuations.
Market value has some to do with it but it's basically the tax assessment and tax rate in that township. Lots of different factors go into it. House #1 might have had a referendum for schools or might not be getting all exemptions. Have you asked the realtor? They should be able to explain it.
City house could have tax abatement if owned by an older person
Taxes on either could go up, maybe by a great deal, after purchase
All of this is very very local.
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