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Old 05-20-2019, 07:37 AM
 
129 posts, read 128,493 times
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Quote:
Originally Posted by aridon View Post
6k is crazy talk on a 500k house in west palm. Try closer to 10k once it is all totaled up.
What do you mean all totaled up?

Is property tax different from town to town, or same across the county? Are Broward taxes any lower/higher?
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Old 05-20-2019, 07:45 AM
 
129 posts, read 128,493 times
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Quote:
Originally Posted by aridon View Post
6k is crazy talk on a 500k house in west palm. Try closer to 10k once it is all totaled up.
FYI, I looked up my brother in law's house in Lake Worth. Bought for $527,000 ten years ago. According to the county assessor website, 2018 appraisal is $565k, and 2018 assessed value is $451k. With homestead exemption, taxable value is $401k. Total tax is $7547.

I would say this qualifies as a "500k house in West Palm". And the taxes are nowhere near 10k. So what am I missing?
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Old 05-20-2019, 09:22 AM
 
Location: Davie, FL
2,747 posts, read 2,618,833 times
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Quote:
Originally Posted by Chardo1 View Post
FYI, I looked up my brother in law's house in Lake Worth. Bought for $527,000 ten years ago. According to the county assessor website, 2018 appraisal is $565k, and 2018 assessed value is $451k. With homestead exemption, taxable value is $401k. Total tax is $7547.

I would say this qualifies as a "500k house in West Palm". And the taxes are nowhere near 10k. So what am I missing?
It was bought 10 years ago and homesteaded. It's assessed value is only $451k because it's homesteaded - as your assessed value is limited in yearly increases. Over 10 years that's a big difference. $50k - $75k in value adds a lot of extra taxes which would push it much closer to $10k.
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Old 05-20-2019, 10:03 AM
 
129 posts, read 128,493 times
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Quote:
Originally Posted by BNBR View Post
It was bought 10 years ago and homesteaded. It's assessed value is only $451k because it's homesteaded - as your assessed value is limited in yearly increases. Over 10 years that's a big difference. $50k - $75k in value adds a lot of extra taxes which would push it much closer to $10k.
With a new purchase, does the purchase price become the assessed value? Or does the existing assessed value remain?
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Old 05-20-2019, 10:55 AM
 
Location: South Florida
623 posts, read 961,975 times
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Quote:
Originally Posted by BNBR View Post
It was bought 10 years ago and homesteaded. It's assessed value is only $451k because it's homesteaded - as your assessed value is limited in yearly increases. Over 10 years that's a big difference. $50k - $75k in value adds a lot of extra taxes which would push it much closer to $10k.
When we bought in Jupiter in 2014 we were assessed at full price 425000. Our taxes were $9500 with a $1750 Non Ad Valorem Now assessed at 482000 with a pool $9900 taxes
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Old 05-21-2019, 03:01 AM
 
2,956 posts, read 2,333,635 times
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Quote:
Originally Posted by Chardo1 View Post
With a new purchase, does the purchase price become the assessed value? Or does the existing assessed value remain?
More or less the purchase price is assumed to be assessed value or very close. They generally use a % under value as to avoid endless complaints on aggressive assessment but there are cases where the assessed value would be in excess of purchase price. The slate is wiped clean on purchase for the buyer. The seller, under certain circumstances, can bring part of the exemption with them to a new property. Nothing for the buyer.


When you homestead you get a cap on the increase of assessed value at 3% max per year due to save your homes amendment. Obviously this will significantly impact people's tax bills if they stay in their home from 10 years go vs buying at the current value today. 75,000 is around $1,400 in tax and depending on community more with ad valorem
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Old 05-21-2019, 09:59 AM
 
Location: Davie, FL
2,747 posts, read 2,618,833 times
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Quote:
Originally Posted by boston904 View Post
When we bought in Jupiter in 2014 we were assessed at full price 425000. Our taxes were $9500 with a $1750 Non Ad Valorem Now assessed at 482000 with a pool $9900 taxes
Sounds about right. My property taxes are substantial ($25k), but it works out with no State tax very much in our favor so I try not to complain.

Ultimately, tax/insurance cost has a big effect on real estate value. People can only afford what they can afford. So while property taxes may seem a bit higher to some people, the house values are lower to offset it. It balances out.
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Old 05-23-2019, 03:10 PM
 
69 posts, read 76,756 times
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Default Welcome

I am FL native and love it here. I've lived in several other parts of the country too. I love the warm sunshine and also because Florida can make a lot of sense financially. In addition to no state income tax, one of the best things is that our property taxes have a 3% cap if your home is homesteaded (it is your primary residence). This is crucial because if in the future the homes around you sell at very high prices you will not be hit with a huge property tax bill. This allows people, especially those whose income is flat, to stay in their homes long-term which is a great thing. Also, your homesteaded home is protected from most creditors (with certain exceptions). These are 2 wonderful aspects of being a FL resident and homeowner and many other states do not offer these valuable protections. I do not know about different HOAs and their fees.
Some other tips: Look at the flood map and projected future flood map before buying. CBS homes are considered better than frame or frame and stucco due to termites and wood rot.
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