Property taxes

[wfarnswo]

Can anyone give me an idea of what the property taxes would be on a new home in the 250 to 300 thousand dollar range? thanks in advance.

[F16 1UB]

Offline

Gender:
Posts: 96


Re: Counties of TV

--------------------------------------------------------------------------------
Quote from: SusanTom on November 22, 2007, 10:45:43 PM
What I am wondering is does it matter in any way...such as property taxes, restrictions of any sort, benefits... which county you live in, Marion, Lake, Sumter?
Thanks


Taxes in Lake and Marion counties tend to creep up each year. Lake county taxes depend on if you live inside the Lady Lake town limits or not. Since 2003, taxes in Sumter county (for homesteaded owners) have been going DOWN about 5-8% per year. Sounds hard to believe but because all of the new construction is in Sumter county (a less populous and poor county by Florida standards) the tax base is growing fast. Plus homesteaded owners get a ("Save Our Homes") cap of 3% increase on the assessed valuation creep. Also no new homes in TV have school age kids, so the new residents won't add to the number or size of schools needed in Sumter. Thus the "mill rate" has been going down. The decline in taxes will probably stop when TV is built out.

On a $200,000 residence in TV, not including "non-ad-valorem" assessments (bond, bond maintenance & fire district charges),
Lake Cty. taxes with Lady Lake would be $2628* or $3052^ per year...
Marion Cty. taxes would be $2585* or $2955^ per year...
but Sumter Cty. would be only $1970* or $2309^ per year.
* means with $25K homestead exemption and
^ means without homestead.

Here's the millage rates:
Lake: $16.9546
Marion: $14.7728
Sumter: $13.5843
So taxes are NOT the same across county lines!


When you buy a new home in TV, be sure to add the full BOND to the selling price when comparing it to the "negatiated" sale price of the resale plus the REMAINING bond (which might be zero!). That's why new homes look cheaper - buyers forget to add the high full bond to the cost.

TV sales agents always quote "about 2% of the selling price" for taxes and bond for BOTH new and resale properties. But figure it out for yourself for an accurate number. It's MUCH LESS than 2% for resales.

[Sidney Lanier]

At the risk of being repetitive, the issue of the BOND is a crucial one!!! New construction not only carries a bond, but generally a higher one than on a comparable existing home when that home was new. What looks like a great buy in new construction may not be when the bond is factored in. Of course, the bond can still exist on a resale; I would tend to think that many (most?) bonds have NOT been prepaid. But bonds on resales will necessarily be lower than on new construction, in some cases the previous owner may well HAVE paid off the bond, it's possible that paying off the bond at the closing or prior can be a negotiating point, and of course the previous owner has been making the annual payment on the bond (assuming it hasn't been paid off already). We were fortunate in that we bought a resale on which the bond had been paid off, on top of which our closing costs as the buyers were negligible (most of it paid by the seller) which I believe is NOT the case when buying new construction....