Property taxes in The Villages
 

Noticed that property taxes seem to to be applied at different rates within The Villages-wondering why that is.

The Villages is in 3 different counties and one city and various school districts. All have different rates. Thus the differences.

Lake nearly $4.50/K more than Sumter!

On a $150K assessed value that's about $675/yr. Might be offset by lower annual maintenance charge from TV (?).

Public Schools in Marion = Approx 60% of rate.

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Taxes in The Villages
 

That explains it, thanks

No bond in Lake County. Wonder if that's the reason for the difference.

Can someone explain how the assessed value is determined? The explanation I got from the Sumter County appraisers office did not make any sense. For example, the home behind me was purchased at 45k more than mine but the assessed value is 21k less than mine. I expect to pay my fair share where fair is the key word.

Why don't you schedule a meeting with the tax apprasier office and discuss your issues. Can't see how someone on TOTV is more knowledgeable than the Sumter County Tax appraiser.


How is property appraised?
At least once every three years, the property appraiser or a staff appraiser will visit and inspect each property. However, individual property values may be adjusted between visits in light of sales activity or other factors affecting real estate values in your neighborhood. Sales of similar properties are strong indicators of value in the real estate market.

To estimate the value of a property, the property appraiser must identify the properties that have sold, their sale prices and the terms and conditions of the each sale. Each transaction must be studied to make sure that it is an arms-length transaction.

An arm's length transaction is a sale involving a willing seller and a willing buyer without any undue pressure or special incentives (such as family relationships). An arm's length transaction also means that the property was on the market for neither an excessive nor short period of time.

Once this is determined, the property appraiser can base the value of a property on sales of comparable properties. That is why property appraisers maintain an accurate data base of real estate information, and this is the sale comparison approach to value.

The Florida Constitution has been amended effective January 1, 1995 to limit any annual increase in the assessed value of residential property with a homestead exemption to 3 percent or the rate of inflation, whichever is lower. This limitation does not include any change, addition or improvement to a homestead (excluding normal maintenance or substantially equivalent replacement). During subsequent years, any improvements will fall under the Constitutional limitation.

Two other methods are used to appraise property - the cost approach and the income approach. The cost approach is based on how much it would cost today to build an almost identical structure on the parcel. If your property is not new, the appraiser must also determine how much the building has lost value over time. The appraiser must also determine the value of the land itself - without buildings or any improvements. The income approach (usually performed on commercial property) requires a study of how much revenue your property would produce if it were rented as an apartment house, a store, an office building and so on. The appraiser must consider operating expenses, taxes, insurance, maintenance costs, and the return or profit most people would expect on the type of property you own.

Greg: 2013 railroad calenders will arrive next week, I will have one, sent to your home address.

Randy

I too noticed that when we were house-hunting. For awhile it was hard to figure out. But, whatever the rates are they are FAR easier to stomach than the rates for Baltimore. If we purchased the same house up here in Baltimore county as we did in Florida our combined property tax bill would approach 10-grand annually.