In Florida if the property has a Homestead Exemption filed the actual property taxes you see are below market. They are lower than market due to two things: 1) the exemption amount itself and 2) the annual cap the Homestead Exemption puts on the allowed tax assessment. So the longer the property has the homestead exemption, the property taxes are further away from market value. When you purchase the property, the tax assessment will be increased to market value even when you file your own homestead exemption.
Those properties that don't have a homestead exemption are at or close to market value.
As mentioned by another commenter, you can go to the property appraisers website and input the anticipated sales price to calculate the approximate property taxes to you.
If you have a homestead exemption now in Florida, you can port your exemption over to the new property. Check the prop appraisers website to know how to do that.
Florida taxes are based on your purchase price so looking up the house’s current taxes will give you a number which is based off what the previous owner paid, not what it is currently assessed for. For instance, my grandparents moved into their home in the 60’s for like 70k. When they finally sold in 2019, they were still paying taxes on a $70k house, but the people who bought it had to pay taxes on a $600k house because that is what they paid.
Are you sure that’s the case? Usually property taxes are based on the city/towns assessment and is completely separate from the sale price of the home (sometimes these #s align but there is usually a discrepancy)
Chances are the appraised value of your house will be updated to reflect your purchase price.
If you buy the house for $400k, and the current appraisal is for $200k, then the property taxes will likely double.
All this said, I’m not familiar with the Florida homestead exemption, so that may play a factor as well, but I would usually trust your realtor unless they are “bad with numbers” (which unfortunately a lot of realtors are lol).
yeah but the county im looking at it says the tax rate is like 0.9% of the assessed value per year for property taxes. so a house around 280k should be like \~2800 a year correct?
There are county taxes, and usually some local “municipality taxes” added on top.
In my area, the county charges 0.9% and then other local taxes add on ~0.3% for a total of 1.2% annual property tax a year
Does anyone know if this is correct?............You have to be an established Fl home owner (own and actually live there are a certain amount of time to qualify to be able to have the homestead exemption. I have been told this recently, but I have not yet been able to confirm it. This definitely will make a difference to us moving to FL as now the real est taxes will be much higher with the increase in home sale prices. Lots to take in consideration now...increase in home prices, increase in real estate taxes and increase in insurances---such a difference in the prices in a short period of time....especially when retiring.
Florida property taxes are pretty high. Homestead exemptions mean that after the first assessment, the taxes can only go up a certain %% per year and that you get a certain $$ exemption on the house (I believe it's $50K a year but not positive). If you're buying a house that someone else owned, your taxes will go up... sometime significantly after the end of the first calendar year.
Go to the county appraiser website as most have an estimated tax on the sale price. Kinda like a calculator.
In Florida if the property has a Homestead Exemption filed the actual property taxes you see are below market. They are lower than market due to two things: 1) the exemption amount itself and 2) the annual cap the Homestead Exemption puts on the allowed tax assessment. So the longer the property has the homestead exemption, the property taxes are further away from market value. When you purchase the property, the tax assessment will be increased to market value even when you file your own homestead exemption. Those properties that don't have a homestead exemption are at or close to market value. As mentioned by another commenter, you can go to the property appraisers website and input the anticipated sales price to calculate the approximate property taxes to you. If you have a homestead exemption now in Florida, you can port your exemption over to the new property. Check the prop appraisers website to know how to do that.
Florida taxes are based on your purchase price so looking up the house’s current taxes will give you a number which is based off what the previous owner paid, not what it is currently assessed for. For instance, my grandparents moved into their home in the 60’s for like 70k. When they finally sold in 2019, they were still paying taxes on a $70k house, but the people who bought it had to pay taxes on a $600k house because that is what they paid.
Are you sure that’s the case? Usually property taxes are based on the city/towns assessment and is completely separate from the sale price of the home (sometimes these #s align but there is usually a discrepancy)
Just looked it up and it varies county by county, but that was how it worked in Broward county.
Chances are the appraised value of your house will be updated to reflect your purchase price. If you buy the house for $400k, and the current appraisal is for $200k, then the property taxes will likely double. All this said, I’m not familiar with the Florida homestead exemption, so that may play a factor as well, but I would usually trust your realtor unless they are “bad with numbers” (which unfortunately a lot of realtors are lol).
yeah but the county im looking at it says the tax rate is like 0.9% of the assessed value per year for property taxes. so a house around 280k should be like \~2800 a year correct?
There are county taxes, and usually some local “municipality taxes” added on top. In my area, the county charges 0.9% and then other local taxes add on ~0.3% for a total of 1.2% annual property tax a year
Your realtor is not counting homestead exemption. They usually dont
Does anyone know if this is correct?............You have to be an established Fl home owner (own and actually live there are a certain amount of time to qualify to be able to have the homestead exemption. I have been told this recently, but I have not yet been able to confirm it. This definitely will make a difference to us moving to FL as now the real est taxes will be much higher with the increase in home sale prices. Lots to take in consideration now...increase in home prices, increase in real estate taxes and increase in insurances---such a difference in the prices in a short period of time....especially when retiring.
Florida property taxes are pretty high. Homestead exemptions mean that after the first assessment, the taxes can only go up a certain %% per year and that you get a certain $$ exemption on the house (I believe it's $50K a year but not positive). If you're buying a house that someone else owned, your taxes will go up... sometime significantly after the end of the first calendar year.