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Old 06-10-2017, 01:21 PM
 
125 posts, read 159,046 times
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I looked on realtor.com, found 2 houses within 5k price. Fairly equal size and pool. 1 had property taxes of $319 a month and the other was $109. Any reason why the big difference? Age? one was built in 74 and the other more expensive one was built in 96
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Old 06-10-2017, 02:55 PM
 
Location: Lakewood Ranch, FL
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There are several possible reasons. Visit Home for info regarding how taxes are determined and how homestead exemptions and Save Our Homes works.
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Old 06-10-2017, 03:08 PM
 
2,407 posts, read 3,188,442 times
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Quote:
Originally Posted by gsc3zny View Post
I looked on realtor.com, found 2 houses within 5k price. Fairly equal size and pool. 1 had property taxes of $319 a month and the other was $109. Any reason why the big difference? Age? one was built in 74 and the other more expensive one was built in 96
As the previous poster said, one could be homesteaded the other could have been a second home. Even among homesteaded property there could be a big difference. If the homeowners have been there for 20 years vs. 3 years. The homestead designation limits the amount of annual increase, so the difference between a newly homestead property and one that's been homestead for many years can be significant.
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Old 06-10-2017, 06:25 PM
 
Location: Sarasota FL
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If you live in a homesteaded house for 20 years, the most the assessed value can be increased is 3% a year. If the house next door sold 3 or 4 times in the same 20 years, the value is reassessed at each resale. If the resident living in the house for 20 years sells, it will be reassessed to a much higher value to the new owners. The tax that people are currently paying as on a real estate sales listing is meaningless.
If you see what you think is a really low amount [compared to same type house], it only means that the current residents lived in the home for a really long time.
There are 14 homes on my block. All built about 18-19 years ago. Myself and two others are original residents and paying the least amount. Three are rentals and paying the most.
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Old 06-10-2017, 07:08 PM
 
Location: Coral Gables / Bonita Springs
2,128 posts, read 2,355,496 times
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Quote:
Originally Posted by gsc3zny View Post
I looked on realtor.com, found 2 houses within 5k price. Fairly equal size and pool. 1 had property taxes of $319 a month and the other was $109. Any reason why the big difference? Age? one was built in 74 and the other more expensive one was built in 96
Property taxes are assessed on the value plus the new sales price in Florida.

If you are going to homestead, figure about 1.5% in property taxes on whatever you buy. What the previous owner is paying is irrelevant to your cost. If you are upgrading and have a SOH (Save our Home) tax reduction, you can bring part of that with you to the new house so your taxes don't skyrocket. But you would have had to sell your primary residence that you occupied for the last 2+ years.
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