Questions about home ownership (HOA, car insurance, new house)

[Chardo1]

I intend to relocate from NY to south Florida (PB or possibly Broward) within the next few years. Financially it makes total sense for me. Wife works remotely and travels to clients, all she needs is internet and an airport. I have a business with partners, each of us work remotely sometimes, so the capability is there. The massive cash flow savings for me would easily cover the cost to fly back a couple times a month for meetings etc.

Not knowing much about Florida home ownership, I have some general questions.

How are property taxes determined? Will taxes listed on Zillow etc. change significantly after purchase? Is it common to challenge your tax assessment like it is in NY?

Are HOA dues generally stable, or are certain communities known for increases or poor value? Do they include all landscaping and cleanup or does it vary by community?

It seems like there are no houses with solar panels. I’m no tree hugger, but I would think the Sunshine State would be THE place for solar. Is there some law against it, or do communities just ban it?

Is the insurance market stable? I don’t intend to be near the coast, where I assume things are difficult, but what about inland? Have companies left the market or jacked up rates beyond rational? What are some typical premium ranges for medium size (~2500 SF) houses in the area? Is flood insurance a must?

I’m sure there are other considerations I should be aware of, so feel free to add whatever important info you can.

[BNBR]

Property taxes are based on the assessed value of the house. You can use the property tax calculator on the county appraisers page. I wouldn't just use zillow as there could be a ton of reasons why taxes are much lower for certain homeowners. We have homestead which gives you $50k reduction in appraised value and also protections against large yearly increases. That homestead is portable. So you could move to a new house and take much of the savings with you. Just use the calculator on the appraisers site.

If you are just looking for a general idea of property tax, a $500k house is usually around $6k/year.

Can't tell you much about HOA's, they vary wildly. In general my HOA dues have been stable, though.

Solar panels. It's because solar panels are a terrible investment. Electricity is cheap here. Solar also doesn't really add to the value of the house. So if you have a 15 - 20 year recovery on your "investment" in solar, and you have to sell earlier, then you could lose out big time. At the same time, what a terrible high risk investment for a 5% or so ROI.

Insurance for us has been very stable. Your rates can vary a lot based on how old the house is, among other things. But I would figure $3k or so for a 2,500 SF house inland. You need to definitely have an agent who can give you quotes on properties you are looking at, though. Flood insurance is usually not required. A few years ago the laws changed and most houses don't require it. Flood is usually about $400/year and probably worth getting, but normally not required. Depends on your specific house location.

[blueherons]

FP&L requires that if power goes out, you unhook from your grid.

There just really isn't a reason to have solar. However, FP&L are starting with the solar farms.

If you homestead, you deduct about $50,000 off the value of your home. It ends up being about 1.3% of the purchase price.

[Chardo1]

Originally Posted by blueherons

FP&L requires that if power goes out, you unhook from your grid.

There just really isn't a reason to have solar. However, FP&L are starting with the solar farms.

If you homestead, you deduct about $50,000 off the value of your home. It ends up being about 1.3% of the purchase price.

What is homestead?

[blueherons]

Originally Posted by Chardo1

What is homestead?

You are claiming your Florida residence as your primary residence and you get a chunk off your taxable assessment. I think all in, if you are a veteran and over 85 it is up to $52,000.

Someone please correct me if I'm wrong.

[City Guy997S]

Originally Posted by BNBR

Property taxes are based on the assessed value of the house. You can use the property tax calculator on the county appraisers page. I wouldn't just use zillow as there could be a ton of reasons why taxes are much lower for certain homeowners. We have homestead which gives you $50k reduction in appraised value and also protections against large yearly increases. That homestead is portable. So you could move to a new house and take much of the savings with you. Just use the calculator on the appraisers site.

If you are just looking for a general idea of property tax, a $500k house is usually around $6k/year.

Can't tell you much about HOA's, they vary wildly. In general my HOA dues have been stable, though.

Solar panels. It's because solar panels are a terrible investment. Electricity is cheap here. Solar also doesn't really add to the value of the house. So if you have a 15 - 20 year recovery on your "investment" in solar, and you have to sell earlier, then you could lose out big time. At the same time, what a terrible high risk investment for a 5% or so ROI.

Insurance for us has been very stable. Your rates can vary a lot based on how old the house is, among other things. But I would figure $3k or so for a 2,500 SF house inland. You need to definitely have an agent who can give you quotes on properties you are looking at, though. Flood insurance is usually not required. A few years ago the laws changed and most houses don't require it. Flood is usually about $400/year and probably worth getting, but normally not required. Depends on your specific house location.

I'd guess the tax guesstimate is a little low.....figure 2% of assessment and you will probably have money left over.

[newtovenice]

Originally Posted by blueherons

You are claiming your Florida residence as your primary residence and you get a chunk off your taxable assessment. I think all in, if you are a veteran and over 85 it is up to $52,000.

Someone please correct me if I'm wrong.

You can only file between Jan and March. So if you buy in April+ you have to pay full tax on purchase price of home.

[SoFlaLEO]

Hurricanes. They destroy solar panels even in a weak storm. Bad investment in most peoples opinions..



Insurance market is awful for homeowners.. There are very few companies who will touch FL.. most people get theirs through the government company, Citizens. The next 'big' storm in Florida is going to drive premiums through the roof by the way.



As an aside, its always funny seeing major insurance companies wasting advertising dollars in Florida when they won't touch our state. (State Farm, USAA, Nationwide, etc etc..)



Car Insurance is pretty bad too given the massive amount of stolen vehicle and rampant fraud involving it.. drives premiums up. My insurance doubled from when I lived in North Carolina.

[aridon]

Originally Posted by BNBR

P

If you are just looking for a general idea of property tax, a $500k house is usually around $6k/year.

.

6k is crazy talk on a 500k house in west palm. Try closer to 10k once it is all totaled up.

[ByeByeLW]

^ At least lol.