Estimate cost of taxes + bond on new home?
 

We've been checking out open houses in TV for several years but only recently actually met with a salesperson.

We're considering building a new house in the 500K range. The salesperson said (or hopefully I misunderstood) that the annual cost of property taxes + bond is 2-2.5% of the home's value. So this would be up to about $12,500 per year.

We have lived in FL for decades. Our current home is worth about the same amount and our taxes are 4K per year. (I don't know how/if homestead exemptions, save our homes transfer).

So I was expecting taxes to be about 5K per year which would mean the bond could be 7K or more per year--- or about $600 per month.

Is the bond really about $600 per month? Does this seem about accurate? Are property taxes a lot more than 5K per year. Does the total amount seem pretty accurate?

I'm disappointed if it is as that is a large monthly expense.

Thank you!

Bonds: Depends on the amount. Here is the District website with amortization schedules.
NOT $600/mth

Amortization Schedules - Sumter

Property Taxes: Here is the County site. Search for a $500k house.

Sumter County Property Appraiser

I built in late 2018, my taxes plus bond are 1.8% of the purchase price each year. That is with homestead exemption.

I have a friend who thinks as an accountant. I am still teasing him about an e-mail he sent about how much toilet paper he uses compared to his wife.

The salespeople I'm sure will be able to give you reasonably accurate information. Remember, beware it is likely that inflation will exceed raises in social security and a pension.

You mention that you have another home in Florida. You do not say if you have sold it or plan on selling it. Likely the home you own is going up as well as rising in the villages.

The difference is well toilet tissue. Mortgages, a friend just put together a deal to buy an
apartment for with his unemployed son. I do not know much only what he has told me. Mortgage interest was 3% closing was $6000. I would guess at 6,000 in closing he paid for points to bring the quoted rate down.

The CPI, consumer price index just came out as 4.2%. Is this the right time to buy?
I DON'T KNOW. Chances of prices going down in the near future, not unless we have severe economic crisis.

4k taxes , bond 25k

The bond dropped from 30k?
When did that happen?

depends on when & where

OP, I think there may be some additional taxes depending on WHERE the house is located. As I understand it, if you are in another city (Wildwood, Fruitland Park, Leesburg) you may have an additional tax that we in Sumter county do not get. So the info you originally received from the sales agent may be correct. You should ask for a detailed breakdown for the taxes, bonds, etc., so you get a reliable number. IMHO, if this is a major concern, then be sure you get a listing of all over the other typical monthly costs, water, electricity, trash, Amenity fees, etc.

Correct. The new areas are in Sumter County and in the city of Wildwood, thus, I believe it's an extra $300 per $100K added to the tax bill. On the Sumter County tax site is a tax estimator tab that can give more accurate information for. The bonds vary from neighborhood to neighborhood, as in all areas. Mine is in the newer area and my bond is $15K something. I recall looking in Lake Deaton/Osceola Hills areas three years ago and bonds were well over 30K in various sections.

Get a new realtor/salesperson!!

We bought a house in early 2020 and we did not like The Villages so we sold the house in June 2020. On closing papers we were shocked to see that our taxes were going to be high $7,000 due to bond on $400,000 home.

All I know the interest on the bond is much higher then the mortgage. If you can pay the bond in full up front.

[QUOTE=EileenK;1946350]We bought a house in early 2020 and we did not like The Villages so we sold the house/QUOTE]

Any idea why someone who does not like TV is on here posting comments?

Sad people wanting to share their sadness.