Tax Trim Notice

[2BNTV]

I received my tax trim notice yesterday and noticed my taxes are going down a few pennies for next year.

This is a foreign concept for someone who came from the northeast part of the US. :D

I was paying over $4400 a year for a postage stamp size condo in CT. I paid less than $1200 last year in taxes. Life is good in TV. :smiley:

I was wondering how much taxes people were paying before they moved to TV and what they are paying now!

Care to share?

[Nucky]

Last house in New Jersey on a 60' X 100' lot was $9000 a year. After the Homestead kicks in next year on a comparable lot in C.C. Hills we should be about $800 to $1000 a year. Is that amazing or what?

[Schaumburger]

Property taxes are one thing I will be looking closely at as they will be a major consideration in my golden years.

In suburban Chicago (Cook/Crook County) in 2013 I paid $2,625 for a 900 sq. ft. townhouse. Homes in Cook/Crook County get reassessed for property taxes every 3 years. Because of the housing bust, my taxes were reduced to a low of $1,516 for the past two years. A few days ago I received a notice from Cook/Crook County that my home has been reassessed. According to the local tax assessor, I can expect a property tax increase of between $250 and $300 next year as property values have increased over the past 3 years.

And some of my friends wonder why I want to eventually leave Chicagoland and head south? if I stay in this house in Chicagoland for another 10 years (not), I will be spending my golden years eating ramen noodles every night.

Villagers you have it made as far as property taxes go.

[rosygail]

As a former Indiana Tax Assessor, I can share the following.....As long as the total assessed value of your county increases every year through new construction....your taxes should go down (or at least remain the same if the county is increasing their budgets). When the new building stops in a given taxing district (county) the taxes tend to increase every year. Just remember that while we are in the increasing assessed value stage in most of the Villages, it won't last forever. When there is no building/improving happening in a county, the taxes will generally go up each year as the budgets needs of the county increase. Enjoy it while it lasts!!

[kcrazorbackfan]

$7800 in O'Fallon, Illinois 😡 to $3200 in Kansas City 😳 to $1,500 here 😄; it just keeps getting better!

[Chatbrat]

$19,000-Chester TWp NJ-house 4200 sq ft on 5 acres-that was in 95'

[Schaumburger]

$7800 in O'Fallon, Illinois 😡 to $3200 in Kansas City 😳 to $1,500 here 😄; it just keeps getting better!

I don't know how recently you lived in O'Fallon, but according to an article published several months ago in the Alton Telegraph "According to the U.S. Census Bureau, the population in Illinois fell by 105,200 — meaning that many more moved out than new people moved in — between July 2014 and July 2015."

I may be the last person left in Illinois if I stay here another 9 years (and if that happens I will be a very unhappy camper) :grumpy:. There is even a Facebook page called "Illinois S____, Let's Move Out of State."

[Chatbrat]

NJ has the highest % of any state in outbound migration--people are voting with feet & wallets

[kcrazorbackfan]

I don't know how recently you lived in O'Fallon, but according to an article published several months ago in the Alton Telegraph "According to the U.S. Census Bureau, the population in Illinois fell by 105,200 — meaning that many more moved out than new people moved in — between July 2014 and July 2015."

I may be the last person left in Illinois if I stay here another 9 years (and if that happens I will be a very unhappy camper) :grumpy:. There is even a Facebook page called "Illinois S____, Let's Move Out of State."

Moved out 2010; Illinois also has the reputation as one of the most litigious states; another reason we were happy to get out. That and living next to East St. Louis.......

[2BNTV]

CT voted the worst state to be retired in because of taxes.

They even consider your car as property and you taxed on that!

CT is a good state to be from! :D

[MikeV]

I often wonder what the counties do with the windfall of taxes from TV. Let's assume 100 new homes close each month with an average of say $2000 in tax revenue. Please don't worry about the accuracy of my numbers it's just for illustration. So what does the county do with the extra $2,000,000 or so in revenue they get every year?

[Schaumburger]

I often wonder what the counties do with the windfall of taxes from TV. Let's assume 100 new homes close each month with an average of say $2000 in tax revenue. Please don't worry about the accuracy of my numbers it's just for illustration. So what does the county do with the extra $2,000,000 or so in revenue they get every year?

Good question. Didn't I read on TOTV that Sumter County was at one time one of the poorest counties in Florida? With another 3,000 homes to be eventually built in The Village of Fenney, that will add more money to Sumter County's coffers.

[maryanna630]

Well, they are going to be building a multimillion county offices building near the library in Pinellas......

[ugotme]

Approximately $14,000/year on a (less than) quarter acre lot in Bethpage, LI, NY

Big difference to the $1,700 I will pay here!

[RickeyD]

Approximately $14,000/year on a (less than) quarter acre lot in Bethpage, LI, NY



Big difference to the $1,700 I will pay here!



And Nassau County says their broke ? [emoji35]

[Nucky]

Approximately $14,000/year on a (less than) quarter acre lot in Bethpage, LI, NY

Big difference to the $1,700 I will pay here!

Unbelievable! What a crime. :$:

[Fraugoofy]

I received my tax trim notice yesterday and noticed my taxes are going down a few pennies for next year.

This is a foreign concept for someone who came from the northeast part of the US. :D

I was paying over $4400 a year for a postage stamp size condo in CT. I paid less than $1200 last year in taxes. Life is good in TV. :smiley:

I was wondering how much taxes people were paying before they moved to TV and what they are paying now!

Care to share?
...

[capecoralbill]

Bought here year and a half ago, lost prior owners SOH, plus sumter raised my Market Value by 7660. which is UP 4.5 percent. I paid 230,000 for a 3 2 2 ranch 17 years old. my new proposed tax is 1709.00, not including non advorlem which is 374.00.
Wonder why Sumter says my market value went up , Zillow says it went DOWN approx 2 %. Then add in the annual Amenity fee of 1740. and i'm paying 3823 per year. Back in the Buffalo NY suburbs my taxes would have been approx 4800. So, it is a bit less expensive here, but really we pay a premium here in the Villages due to the amenity, which i believe is worth it.

[RickeyD]

Although my taxes are "only" $3,200 I consider that as only a portion of my "total" tax bill which includes the maintenance fee, bond, and if I wanted to stretch it, the amenity fee. Which comes to $6,800 per year or about a grand less then what I'm paying in NY. Although, only the $3,200 is tax deductible. Good thing Sumter is the third cheapest in the state.

[rjm1cc]

My taxes were about triple in NJ. for a home (not counting basement) of the same size.
However I do have a few expenses in Fl that were included in my NJ taxes.

What I do not understand is how the assessor computes the market value on a new home. It does not seem to relate to what was paid for the home in my neighborhood. The assessments are less that what was paid. Anyone know the answer?

[socrafty]

Back in Ohio we were paying $3800. When we moved to TV in 2012 our Ad-Valorem taxes were about $1200. When my husband applied for the $5000 Disabled Veterans exemption, we were told he could also get Disabled Veterans Homestead Property Tax Discount. Imagine our surprise when we received our trim notice saying our taxes this year would be $430.

[Fredster]

My taxes were about triple in NJ. for a home (not counting basement) of the same size.
However I do have a few expenses in Fl that were included in my NJ taxes.

What I do not understand is how the assessor computes the market value on a new home. It does not seem to relate to what was paid for the home in my neighborhood. The assessments are less that what was paid. Anyone know the answer?

If I remember correctly, my RE agent told me
tax assessments are based on 85% of market value.
This was for property in Sumter county.

[rjm1cc]

If I remember correctly, my RE agent told me
tax assessments are based on 85% of market value.
This was for property in Sumter county.

I'll test a few and see if they are all discounted by the same percent. Any idea why the discount?

[asianthree]

Michigan we are $3200.00 on half acre. Here $4900, with bond

[twoplanekid]

In Urbana, Ohio we pay $1955 on .86 acres. Here $6,076 combined taxes and assessments with Bond. Ouch. Once the Bond is paid in full and we live full time in Florida, the taxes should be about the same I hope.

[petsetc]

Think of bond as a second mortgage rather than a tax. It is paying for the infrastructure. In a typical new home, infrastructure cost is added to selling price.

[domino8678]

We are from NJ and pay almost $14,000 in property taxes for a 50' x 100' lot. We just purchased a home in TV and will pay approximately $2,800 in taxes, but it will be less when we move here full time, in addition to the $250.00 reduction in taxes because my husband is a veteran. We can't wait to sell our home and move here full time.

[Fredster]

I'll test a few and see if they are all discounted by the same percent. Any idea why the discount?

Generally properties are assessed at between 80-85%
of market value by taxing bodies.
Here is an explanation that I found.
"In summary an assessed value is the valuation placed on a property by a public tax assessor for purposes of taxation. Fair Market Value on the other hand is the agreed upon price between a willing and informed buyer and seller under usual and ordinary circumstances. It is the highest price which the property will bring when exposed for sale on the open market to a buyer who is purchasing with full knowledge of the properties highest and best use.
"In summary an assessed value is the valuation placed on a property by a public tax assessor for purposes of taxation. Fair Market Value on the other hand is the agreed upon price between a willing and informed buyer and seller under usual and ordinary circumstances. It is the highest price which the property will bring when exposed for sale on the open market to a buyer who is purchasing with full knowledge of the properties highest and best use."

[Topspinmo]

Evidently none of you live in Marion county?

[Topspinmo]

Think of bond as a second mortgage rather than a tax. It is paying for the infrastructure. In a typical new home, infrastructure cost is added to selling price.

I consider the interest rate on the bond if it's not paid for same as tax. Money out of my pocket.

[RickeyD]

I consider the interest rate on the bond if it's not paid for same as tax. Money out of my pocket.



But unlike a real tax, it can be paid off. There is a choice.

[Villageswimmer]

I consider the interest rate on the bond if it's not paid for same as tax. Money out of my pocket.


The same in that you have no choice but to pay it--one way or the other.

[asianthree]

Ours went up a few dollars

[Chatbrat]

You are also forgetting, coming from states that have income taxes & personal property/use taxes

In all reality-- with no mortgage, no bond--we're living for free when compared to NJ and semi-free when compared to NC

[RickeyD]

You are also forgetting, coming from states that have income taxes & personal property/use taxes

In all reality-- with no mortgage, no bond--we're living for free when compared to NJ and semi-free when compared to NC



NC very high income tax & my favorite, personal property tax. The reason we didn't want to retire there. Taxing my 53 year old Corvette I wouldn't tolerate.

[Chatbrat]

We had to pull our 49' Grand Banks away from the dock on Dec 31--and anchor out in order not to pay the use/personal property tax on the boat--it was a documented vessel and never titled or registered in NC

[rjm1cc]

Generally properties are assessed at between 80-85%
of market value by taxing bodies.
Here is an explanation that I found.
"In summary an assessed value is the valuation placed on a property by a public tax assessor for purposes of taxation. Fair Market Value on the other hand is the agreed upon price between a willing and informed buyer and seller under usual and ordinary circumstances. It is the highest price which the property will bring when exposed for sale on the open market to a buyer who is purchasing with full knowledge of the properties highest and best use.
"In summary an assessed value is the valuation placed on a property by a public tax assessor for purposes of taxation. Fair Market Value on the other hand is the agreed upon price between a willing and informed buyer and seller under usual and ordinary circumstances. It is the highest price which the property will bring when exposed for sale on the open market to a buyer who is purchasing with full knowledge of the properties highest and best use."
I do not disagree with what you said. But when I look at properties I know it seems that the difference between sale price and assessed value varies too much to have everyone fairly assessed. I am taking into consideration year of purchase. Seems that it would be better to use the sale price.