Property Tax

[Scbang]

How is property tax amount decided? I just found out some of the more expensive houses have lower property tax than my humble house. Does property tax have any relationship with the bond amount?

Cheers!

[Bill14564]

Assessment value less any homestead credit times the millage rate.

The millage rate is likely different in different counties.

If a home is within Wildwood there is a city tax

The annual "tax" bill includes fees and assessments and bond in addition to property tax.

Take a look at your bill, this should all be spelled out

[villagetinker]

I believe the "assessed" rate is determined or adjusted when the property is sold, so there could be a difference if the sale dates are significantly far apart. Please feel free to confirm I am not an expert in this and this is just my understanding.

[Mleeja]

Assessment value less any homestead credit times the millage rate.

The millage rate is likely different in different counties.

If a home is within Wildwood there is a city tax

The annual "tax" bill includes fees and assessments in addition to property tax.

Take a look at your Bill this should all be spelled out

Also, your taxes are higher if you are considered to be in Fruitland Park. Your paying both city and Lake County property taxes.

[starflyte1]

Are your neighbors homesteaded? That can make a big difference.

[rjm1cc]

The annual increase in real estate tax is limited. So if you have a new home the tax could be higher than an older home of more value.
Go to your county assessors site and you should be able to learn how it is done and exemptions you might be entitled too.

[Villageswimmer]

Sale price has a significant impact on the assessed value.

IMHO, it’s better to buy a lower priced home and make improvements yourself as opposed to paying a higher sales price because improvements are already made. The sales price affects your taxes forever.

[champion6]

The annual increase in real estate tax is limited. <snip>No, the annual maximum increase on the assessed value of a Homestead property in Florida is limited.

[champion6]

How is property tax amount decided? I just found out some of the more expensive houses have lower property tax than my humble house. Does property tax have any relationship with the bond amount?There is no correlation between bond and property tax.

Here is a little more information.

[thevillages2013]

There is no correlation between bond and property tax.

Here is a little more information.

But if your bond is not paid the total of your tax bill is significantly more than a home with the bond paid off

[NY2TV]

[QUOTE=champion6;1915096]There is no correlation between bond and property tax.

The annual bond payment is included in the bill you pat for your property taxes. While it is broken down on the bill, there certainly is a correlation.

[dewilson58]

How is property tax amount decided? I just found out some of the more expensive houses have lower property tax than my humble house. Does property tax have any relationship with the bond amount?

Cheers!
:what:

[airdale2]

Obtaining outside improvements permits raises your taxes also.

[spinner1001]

How is property tax amount decided? I just found out some of the more expensive houses have lower property tax than my humble house. Does property tax have any relationship with the bond amount?

Cheers!

Much of the real estate property taxes on tax bills are ad valorem taxes based on: Taxable home value * Millage rate = Tax. Some of the items on tax bills are non-ad valorem taxes such as school and fire assessments. Most of these kinds of taxes are based on (1) a political process and (2) market prices of homes in the local area determined for an individual home by the local county government's property appraiser based on duty's established by Florida law. Annual increases in the property appraiser's assessed value of a home may be limited by law.

Millage tax rates on your tax bill are largely established by a political process and part of the overall local government budgeting process. The rates can vary a lot across tax jurisdictions based on multiple factors.

In most (I believe) tax jurisdictions, a home's assessed value is typically set initially from the sales transaction using the home's sales price recorded in the public records. Thereafter, property tax authorities have a computer model to estimate values of homes that have not sold using a 'mass appraisal' process. Local governments generally have a process for property owners to challenge their home's annual assessed value.

Florida Statutes and other laws often interact with what I have described making things even more complicated.

[birdawg]

Military Disability’s will lower your tax rate. Percentage of your disability will-lower your tax rate

[Goldwingnut]

But if your bond is not paid the total of your tax bill is significantly more than a home with the bond paid off

The "tax bill" remains unchanged, however the total of the assessments included in the tax notice provided by the county will change. Florida law allows for the collection of certain and specific fees levied by other local agencies by the county tax collectors. In the case of the bond, this is a debt you owe, as a part of the original improved property purchase, to the CDD for the initial community infrastructure development.

It is not a tax, it is a part of the initial cost of the home, some developments use the bond method, some simply roll the cost into the price of the home, either way, you are going to pay this.

The tax bill is affected by the assessed home value, the millage rate levied by the county and other local governments, state and local school taxation rates, and any exemptions you may be eligible for. As Airdale2 stated, permitted improvements raise your property taxes, the permits can trigger a property value reassessment.

[willbush]

Sale price has a significant impact on the assessed value.

IMHO, it’s better to buy a lower priced home and make improvements yourself as opposed to paying a higher sales price because improvements are already made. The sales price affects your taxes forever.
That's what we did, bought the basic model (Whispering Pine) then install tile throughout, new quartz counter tops throughout;none is on our tax bill. We have approximately 35K of improvements not being taxed if we had done when we purchased the home; also we got the time to research and select what WE wanted (diagonal tile), Quartz vs Granit etc...saving a lot on our taxes.

[Villagesgal]

I've been in my designer home 20 years, homesteaded. My tax bill is much much lower than my neighbors who just bought a ranch home. Increases over 20 years in assessed value are no where near the sale value of the home. Newly purchased equals higher assessed value, higher assessed value equals more property tax paid. Check the sale dates of your neighbors homes, that's probably why your property taxes are higher.

[Lottoguy]

Glad I'm in Marion County. Sounds like big problems down there.

[Coley]

[QUOTE=champion6;1915096]There is no correlation between bond and property tax.

The annual bond payment is included in the bill you pat for your property taxes. While it is broken down on the bill, there certainly is a correlation.
There is also a maintenance charge of about $600.00 on the back of your tax bill under the bond charge.

[Scbang]

What is Mileage Rate and why is my assessed value which is same as taxable value almost equal to the house sale price of 2013. Shouldn't the assessed value significantly less that the sale price?

Cheers!

[dewilson58]

What is Mileage Rate and why is my assessed value which is same as taxable value almost equal to the house sale price of 2013. Shouldn't the assessed value significantly less that the sale price?

Cheers!
Go to the county website..................all your questions will be answered.

[allenbccs]

So what should we do??

[dewilson58]

So what should we do??
Go to a Square and enjoy the music.

[Bogie Shooter]

So what should we do??

Go to a Square and enjoy the music.

And dance the night away.:wine:

[Stu from NYC]

And dance the night away.:wine:

And enjoy the buy one get one

[RealJudy]

Correct. I use that statement frequently in sales.

[dewilson58]

Correct. I use that statement frequently in sales.
+20 statements ahead of you..................which one??..........use "reply with quote"

[Jean G]

Make sure you file a Homestead Exemption with the Property Appraiser’s office for a big deductible on your taxes. This is only for primary residence.

[dave from deland]

Military Disability’s will lower your tax rate. Percentage of your disability will-lower your tax rateIt must be a combat related disability.

[collie1228]

I have researched the property tax levies on all of the houses in my courtyard villa neighborhood in Sumter County, and one trend stands out. The people who have lived in their houses the longest have the lowest property tax bills (in actual dollars) regardless of their home size or actual value. That tells me that the Sumter County assessor has not kept up with values, and that, at least in my neighborhood, the newer residents pay more than their fair share in property taxes. Not really fair, but since my total tax bill is so much lower than my home was "up north", it's not worth making a stink about.