[EdFNJ]

Originally Posted by noslices1

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

I do not believe that is a correct statement. Not sure where you got that from. Closest thing I have found was that "furniture etc" sold with a home MAY BE taxable to the SELLER. Please provide further details unless that was just meant to be another "fake news" item? There is a relatively small "transfer tax" the seller pays which is the same up here in NJ.

Intangible tax on Florida home << The St Aug Blog

[EdFNJ]

Originally Posted by graciegirl

I am not in real estate but thought it was general knowledge that the first year taxes are on land only.

I believe that applies only for NEW CONSTRUCTION?

[petsetc]

Originally Posted by noslices1

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

This is "fake news". The ACA does provide for a 3.8% tax on higher incomes, so if you sell your house and have a profit after the 250K single / 500K married exemption, it may put you in a high enough bracket. Otherwise, no impact.

[aaffmom]

If you go to the property appraiser website of the. County you are buying in and input address of home like the one you are buying. Once in website click on tax collector button. This will help you see how taxes are figured. Remember taxes vary based on exemptions and cost of bond.

If you are a permanent resident (have a Florida drivers license and insure your auto in Florida, make sure you file homestead exemption.

Many resales do not have bonds because they have been paid off. Each county is different on how much they tax.

[petsetc]

Originally Posted by Susan Schonfeld

... 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,

Building was funded by tax-exempt bonds on which there is interest, not government loans.

[Boomer]

...........

[OhioBuckeye]

Thanks FrankieDee for that info. I just said things are getting more expensive in another article about, replacing AC & putting a new roof on. TV are going to price themselves right out of new residents. I was thinking about down sizing but now that you past this info out here, I'll probably move out of TV instead of staying. With property taxes & what you informed us about, I can't see where anyone can get ahead but the Morse's will keep getting richer & us poor working stiffs & the ones that live off of their savings or Pensions will keep getting poorer & poorer. Oh well, better than paying a nursing home 4 to $7,000. a month. Thanks for the info!

[EdFNJ]

Originally Posted by petsetc

This is "fake news". The ACA does provide for a 3.8% tax on higher incomes, so if you sell your house and have a profit after the 250K single / 500K married exemption, it may put you in a high enough bracket. Otherwise, no impact.

LOL., I WISH that applied to me!

[skip0358]

And that has been cleared & closed by the IRS.

[skip0358]

Originally Posted by 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,

The IRS ruled on this and case was closed. No wrong doing.

[Bogie Shooter]

Originally Posted by OhioBuckeye

Thanks FrankieDee for that info. I just said things are getting more expensive in another article about, replacing AC & putting a new roof on. TV are going to price themselves right out of new residents. I was thinking about down sizing but now that you past this info out here, I'll probably move out of TV instead of staying. With property taxes & what you informed us about, I can't see where anyone can get ahead but the Morse's will keep getting richer & us poor working stiffs & the ones that live off of their savings or Pensions will keep getting poorer & poorer. Oh well, better than paying a nursing home 4 to $7,000. a month. Thanks for the info!

Where you going that has lower tax rates? What is keeping you from getting ahead, and what does that have to do with the Morse's? If living off savings and pensions, why would you get poorer & poorer?

[genobambino]

Same thing happend to us. I checked the Lake county auditors site to see the estimated tax for 2017 which was considerably lower than the escrow dept estimated. I called the escrow dept and got them to lower the escrow amount of the payment, they weren't real happy about that claiming it's only an estimate and I might be short. So what I'll pay the difference, better than them refunding me a couple thousand dollars at the end of the year, and using my money interest free.

[fastboat]

Just a suggestion. Take out a home equity loan and pay off your bond if you plan on staying put. At least you will be able to write off the interest on that loan. You can't write off the bond payment which, if you go the whole 9 yards is really about twice the amount. Word of caution, if you're not sure about staying put, DON'T pay off your bond. You will NOT get that money back when you sell, no matter what anyone tells you.

[justjim]

Originally Posted by fastboat

Just a suggestion. Take out a home equity loan and pay off your bond if you plan on staying put. At least you will be able to write off the interest on that loan. You can't write off the bond payment which, if you go the whole 9 yards is really about twice the amount. Word of caution, if you're not sure about staying put, DON'T pay off your bond. You will NOT get that money back when you sell, no matter what anyone tells you.

Very good advice. Nobody said to me "living in The Villages is "cheap". However, the term "cheap" is relative. I had a good friend (passed a year ago) who used that term "everything is relative" all the time. We get a retirement lifestyle that is second to none for what we pay in taxes, bond and amenities here in The Villages. When I add it all up, it's still cheaper than my taxes in Illinois. Everything is relative!