Escrow for taxes doubles?
 

Don't know if this has happened to anyone else - just rec'd escrow analysis for next year & the home in Pine Hills, that we closed on in September is going to have their monthly escrow for taxes/bond doubled starting in Feb? Shocking!!! We bought a new already built home and taxes in Sept at the closing were comparable to a home we own in Labelle. Now, this smaller home is having their prop taxes/bond raised to almost double the Labelle home. Doesn't make sense.... Has this happened to anyone else? We've owned numerous homes and have never seen an increase like this:shocked:

Taxes
 

Yes Frankie, we also bought brand new in Pineridge and our taxes doubled. Mortgage payment went up 200 per month. I knew this was gonna happen. It is because the first year you are paying taxes in the land only. Make sure you get homestead. I'm hoping that eventually the taxes will go down as it is built out.

You should be able to go to your tax collectors web site for you county and look up any home. You will probably see that nnurse is correct. When the builder is building the home he has paid tax on Jan 1 of the building year based on the land value. Not the cost of the home. Starting Jan 1 of the year after you buy you pay taxes on the land and the building. I am surprised that the payments only doubled. Just guessing I could see $500 tax on the land and 3,000 on the land and building. The bond would then be on top of that. I do not think their is a bond cost until the new home is sold.

I bought my house in September 2013, in 2014 taxes went up quite a bit and my mortgage payment went up about $600, however, after that year and they assessed exactly how much they would actually need for taxes, bond and insurance, my payment went down over $300 the next year.

I bet you wish you were aware of that prior to now!
I find the property tax listed on pre-owned home listing sheets to be deceptive. The property tax is going to be based on sale price, it would be more informative to list a tax projection based on home being purchased at the "asking price".

Our rep warned us about the taxes, fell in love with a home with a beautiful pool and large cage. Glad we listened

We have built several homes so we know that the first year the taxes are on unimproved land.

We don't use escrow.

That's a given on land only taxes, we have built 7 homes, but the taxes in pine ridge were more than we wanted to pay. Can't remember in the last 40 years ever using escrow either. It's someone using your money for a year without any benefit to you.

I checked the Lake County Tax web site before we signed on the dotted line...in Pine Hills..
...home $249 with no homestead/ no over 65.... tax plus $24K bond and $700 yearly maintance fees $7200 a year. we passed....

Fruitland and lake county taxes are huge.....but i think I might of mentioned this before on TOTV.....

Having not moved in yet (or even found a place) is there a way to easily compute projected taxes based on (whatever you choose) price? Assuming NO bond payment.

Update-Escrow for taxes doubles?
 

well, after several back & forth with the bank, it appears that as several of you stated - the first couple of months of escrow represented taxes based on the land. And now we're being taxed for the house, which is still almost double what our larger Labelle home is. There was no indication anywhere on our closing paperwork that that amount was for unimproved land, which we really have an issue with the bank for not making that clear. And why the heck are the taxes so extremely high just because we changed counties, less than a mile from the other house and taxes are almost double. I'd expect this up in CT, where our summer home is, but thought the tax situation was better in Florida. Smaller home down here, in Lake county and taxes are even higher than a larger, lake front home in CT. How the heck is this a tax-friendly state??? Guess we have a lot to learn.....

Didn't realize so many (smart) people are retired with a mortgage. Glad I listened to my mother and saved all my nickels and dimes. Yikes ! [emoji15]

I think you did, and so did I. And William, Mark, Shelly, Pat etc. etc.

Escrow for taxes doubles?
 

You're a victim of double taxation thanks to the City of Fruitland Park and Lake County.

Sumter County villages residents are getting the temporary benefit of lower taxes . However that will end when they stop building houses in Sumter County. Watch them rise after that