
05-11-2024, 09:52 PM
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Thanks..
Thanks, THIS I understand.
Quote:
Originally Posted by Ktots
Not sure if I can make it any clearer than others have, but I’ll give it a go…
First, you would not be paying double the taxes if you live within the borders of a municipality (Fruitland Park, Wildwood, Leesburg). It will certainly increase your tax bill, potentially by $1000 per year, more or less, depending on the value of your home and current tax rate in that municipality. The current millage rate in Wildwood is roughly 2.8, for reference.
Here is what will be on your tax bill:
County: You will pay the county where the home is, based on the millage rate in that county and your property’s assessed value. Yes, you receive a deduction for homestead if you are full time, in Jan of the year following your purchase… I think that’s accurate. It is $25,000 on the first… gosh, I don’t recall, but maybe the first $150,000 of your assessed value, then another $25,000 for the next $150,000 or whatever that number is, so $50,000 total deduction.
Municipality: as stated above. There are unincorporated areas within the villages that do not have municipal taxes. Those areas are only in Marion and parts of Sumter county as far as I know…
School assessment for state and county. You will only receive the first $25,000 homestead deduction for purposes of calculating school tax.
Water district assessment.
Fire assessment.
Maintenance assessment.
Bond. This can be $2000 or more yearly, depending on where you buy. If you buy in an older section, the bond may likely be paid off already, or be paid down significantly, so something to consider.
You can try the County Property Appraiser website for more info, or try calling one of the county appraiser’s offices.
Hope this helps. Anyone, please correct anything I have wrong!
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