[Chatbrat]

no mortgage, no bond, no condo fees, no state income tax, no personal property tax- I'm almost living for free

uh, o- forgot landscape maintenance, amenity fees-irrigation fees, house washing, cleaning person,window washing-very frequent car washes during love bug season

Still way ahead of the game $$ wise-

[asianthree]

Originally Posted by Chatbrat

no mortgage, no bond, no condo fees, no state income tax, no personal property tax- I'm almost living for free

uh, o- forgot landscape maintenance, amenity fees-irrigation fees, house washing, cleaning person,window washing-very frequent car washes during love bug season

Still way ahead of the game $$ wise-

Don't forget that sink hole insurance

[Chatbrat]

No sink hole insurance I'm self insured on that one, just like no life insurance--the company is betting nothing will go wrong, while you're betting something will--just like extended warranties

[asianthree]

Originally Posted by Chatbrat

No sink hole insurance I'm self insured on that one, just like no life insurance--the company is betting nothing will go wrong, while you're betting something will--just like extended warranties

No sinkhole insurance for us either, third house was preowned

[asianthree]

Originally Posted by RickeyD

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]

It depends, OPM (other people's money). If your mortgage interest rate is 2.15%, and your investments are at 6.78% then OPM can be a smart move. Of course your investment guy should be making sure your money is working for you.

[kstew43]

Originally Posted by EdFNJ

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.

Absolutly..

1-Go to the county of your choice, lake sumter or marion.
2-Look for the tax estimater on the site.
3-put in the price and the city....city is very important
4-it will ask if you are using a home stead exemption
5-it will give you the tax to the county

then you MUST add into that figure....

1-the bond payments, sales agent will tell you

2- the yearly maintance of the development, sales agent will tell you

3-the non-ad-valorem fire/waste, ect fees...this is the figure you pay....same as everyone....does not adjust with the cost of the home..tax site will tell that figure

and then......you have your tax....

[EdFNJ]

Originally Posted by kstew43

Absolutly..

1-Go to the county of your choice, lake sumter or marion.
2-Look for the tax estimater on the site.
3-put in the price and the city....city is very important
4-it will ask if you are using a home stead exemption
5-it will give you the tax to the county

then you MUST add into that figure....

1-the bond payments, sales agent will tell you

2- the yearly maintance of the development, sales agent will tell you

3-the non-ad-valorem fire/waste, ect fees...this is the figure you pay....same as everyone....does not adjust with the cost of the home..tax site will tell that figure

and then......you have your tax....

Excellent! Thanks.
Ed


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[kstew43]

for a resale home.....rules are a little different

once again go to the county site....put in the resale homes address....up pops all the information you ever wanted to see..

how much the seller paid for the house......when they bought it....

DO NOT use there county tax as a reference for yours.....it will more than likely be different. the bond and maintance will be the same but the county tax figure will not. once again use the Tax estimator using the price you will pay and you will know what your taxes will be...

The great feature of those sites is you can see that some people buy a home and sell it the next year and you can clearly see how much they are asking over the price they paid. helps for a good laugh sometimes....

[skip0358]

Explains why so many homes in that area are resales already. Think I'll stay in Sumter taxes down every year since 2009.
Checked all my figures before moving here and asked someone who was already here almost right on the DOT.

[EdFNJ]

Originally Posted by kstew43

for a resale home.....rules are a little different

once again go to the county site....put in the resale homes address....up pops all the information you ever wanted to see..

how much the seller paid for the house......when they bought it....

DO NOT use there county tax as a reference for yours.....it will more than likely be different. the bond and maintance will be the same but the county tax figure will not. once again use the Tax estimator using the price you will pay and you will know what your taxes will be...

The great feature of those sites is you can see that some people buy a home and sell it the next year and you can clearly see how much they are asking over the price they paid. helps for a good laugh sometimes....

Yea, I noticed the price delta and the specific property lookups. There was a large buy-sell delta on some.

I wasn't able to find the tax estimator for Sumter but did find the other 2.


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[perrjojo]

Originally Posted by asianthree

It depends, OPM (other people's money). If your mortgage interest rate is 2.15%, and your investments are at 6.78% then OPM can be a smart move. Of course your investment guy should be making sure your money is working for you.

Amen on that. We could pay off our small mortgage but investments yield more than the interest rate. Oh, and there is a tax deduction for mortgage interest, though that may not help everyone. However, some people feel more secure with a paid off mortgage. Everyone needs to make their own decisions. It's not a one size fits all.

[Zulu1950]

Recommend that you do not escrow taxes ever. Best to pay annual. Principal and interest is the mortgage. When they say "PITI". That means Principal,,Interest (now here is the big one) Taxes and Insurance. You can pay your taxes annually and I truly recommend that you also pay insurance separately. Makes your monthly payment much more less. The PITI way, if you think about it, you are paying tax on tax. I hope this helps you out. I've been in FL for $()@/ years.

[Susan Schonfeld]

Usually you figure taxes on a home about 1% so a $300,000 home would be about $3,000 a year plus if you only have 1 home in Florida and use the Homestead you deduct $25,000 off the price of the home which would make it about $2750 a year. We paid the bond off at closing because when we added the interest if we paid it out over 20 years was astronomical- like 30% if I remember. The Morse family received this government loan money to build interest free and that's why they have been in court fighting why they are charging interest to you,

[graciegirl]

Originally Posted by FrankieDee

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.....

I am not in real estate but thought it was general knowledge that the first year taxes are on land only. And reading THIS forum you hear of the different tax rates from different counties. You can go to sumterpa.com and read the tax assessments on homes the same size and property placement as the one you are thinking about. Or the tax appraiser site for Marion and Lake counties and find out the same info. You are the person spending your money. It isn't up to the bank.

[noslices1]

Don't forget, there is now a 3 1/2% sales tax on purchasing a home, due to Obamacare.