Quote:
Originally Posted by Altavia
LOL, the only thing I'm sure of is that I'm never sure of anything :-)
I said tax base.
4,000 homes @ $350K avg = $1.4 billion added to the tax base.
Make sense?
I'll let you do the math for the incremental tax revenue.
BTW - Who pays only $2K a year in property tax here?
These younger buyers likely will not qualify for any exemptions so may be paying more than their fair share compared to a home bought 10yrs ago.
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Yep, I read that wrong. Tax base and your 4,000 homes makes sense (I will correct my post shortly)
The proposed property tax rate for Sumter County in 2023-2024 is 5.194 mils. A home with a taxable value of $385K will pay $2,000 in property taxes. (If the home will be in one of the incorporated areas (likely) then the effective rate and taxes paid will be higher. I had to start somewhere) Even without my exemptions I would have paid less than $2,000 in property tax last year.
Don't confuse property taxes with the bottom line on the annual bill. The bottom line includes Sumter County property taxes plus other taxes and fees including school taxes, maintenance fees, fire protection fees, bond payment for some, and a water management district fee.