Quote:
Originally Posted by Normal
"Let’s do the math on that tax amount for you. Living in Wildwood (an additional tax after Sumter County Taxes You) you purchase a home with a 500 k dollar value. So what will be added to your taxes for relocating into the annexed portion by the municipality? Well a 500 k home is surcharged 500 x $2.83. In other words, cough up an additional $ 1,415.00 every year for the rest of your life."
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Your example is incorrect.
"Let’s do the math on that tax amount for you. Living in Wildwood (an additional tax after Sumter County Taxes You) you purchase a home with a 500 k dollar value. So what will be added to your taxes for relocating into the annexed portion by the municipality? Well a 500 k home is surcharged 500 x $2.83. In other words, cough up an additional $ 1,415.00 every year for the rest of your life."
You buy a house for 500k. The house normally would not get assessed for 500k. Plus today you already have homestead exemptions maybe portability too. So maybe the house is taxed at 400,000 or 350,000.
Real example, house purchased recently for $325,000 .. Taxable value is only $88,000. Lucky for us who have homestead and portability. But if you don't have it, you will pay tax on close to the purchase price. Florida punishes those who are not homesteaded.