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Old 05-02-2013, 04:52 PM
 
4 posts, read 17,772 times
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I am thinking about purchasing a home in FishHawk Ranch and would like to know a little more about the taxes. Also about the Homestead Exemption rules in Florida. If there are any current FishHawk residents that can offer first hand knowledge, I would appreciate. i am looking in the $300,000 range.
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Old 05-02-2013, 05:10 PM
 
Location: Tampa, FL
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Better ask about CDD and HOAs as well, as they can be pretty high in some communities.
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Old 05-02-2013, 06:52 PM
 
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Don't you have a realtor? You better check with listing or your as a buyer realtor for accurate info.

What subcommunity within FishHawk Ranch are you talking about? I am not sure but amont might vary from one subdivision to another. I looked up active listings and some say there is no CDD and $5K+ annual taxes (which incl. CDD), but their HOA fees are low - under $100 per year. Another listing shows 1200+ CDD and over 800 for HOA per year on top of 2500 taxes. So, looks like it really up to subdivision within FishHawk Ranch
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Old 05-03-2013, 03:39 AM
 
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In general Tax rate is around 2% for Fishawk Ranch. CDDs are vary widely and greatly, while HOAs tend to be low compare to other parts of this area. CDDS on the other hand from what I have seen are quite high for Fishawk Ranch. If you are buying a new home then there is an option to pay off CDDs upfront and greatly reduce your yearly tax bill.

Ive looked at a home which had a CDD of ~1200/year if I chose payoff then one time payment of of 4K would be required after that only 350 /year for operation and maintanence. Overall it would cost me 800 less per year.
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Old 05-03-2013, 07:04 AM
 
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Thanks for the information. What about the Homestead exemption?
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Old 05-03-2013, 07:30 AM
 
Location: Toledo, OH
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Do a quick Google or Bing search for Florida Property Tax Exemptions. Florida has multiple exemptions. 25K for Homestead, 25K for disabled Veterans, No property tax if 100% Disabled Veteran (I believe off the top of my head has to be for Service Connection - but could be wrong), age exemptions, etc...

Great to see you looking at all the fees though. I hate it when people are surprised what the monthly payment will be because all the information wasn't looked at.
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Old 05-03-2013, 08:30 AM
 
Location: Tampa, FL
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FL Dept Rev - Property Tax Exemptions and Discounts
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Old 05-03-2013, 08:34 AM
 
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Homestead exemption is 50K for all but schools, which is 25K.

Don't confuse taxes, which are similar per localities such as counties vs HOA and CDD that varies on a subdivision, or even lot size in a subdivision.

Also, the tax you pay is completely different from someone who is holding the house for some time. There is a cap for changes in tax annually. So, what someone selling you the house paying may not be what you are going to pay. A 300K house also may not be what the county assesses you. It may be up or down. If your family sold you a 1mil house for 300K, you are not going to pay a 300K tax. Similarly, if you pay 300K, a 100K home because you fell in love with it, taxes may not be over 300K. Just an extreme example to make the point.

There are lots of discussions about this on here. Use the search option and read some of the comments.

Good luck!
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Old 05-05-2013, 07:48 AM
 
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Thanks everyone who posted!
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Old 05-05-2013, 10:21 AM
 
Location: Not the end of the Earth, but I can see it from here
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Be careful with listings in Fishhawk, as in some cases the CDD fee is lumped in with taxes. On average I believe the CDD is around $2000/year for most properties, which is in addition to the HOA fees, which are significantly less in most areas.

Do be aware that Fishhawk is very, very stratified in the sense of social status relative to the value of the area you live in, that is, there is a caste system of sorts based on the value of your home and the area it's in. I'm not judging, just relating direct experience from working in the area.

While this won't be an issue for most adults, it's rampant in the social aspect of the kids and local schools. There are areas that are even referred to as "ghetto" by the locals, if you can believe it.

RM
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