Talk of The Villages Florida - Help me to understand and predict taxes on a TV home in Sumter County

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- - Help me to understand and predict taxes on a TV home in Sumter County (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/help-me-understand-predict-taxes-tv-home-sumter-county-306345/)

Quote:

Originally Posted by Villageswimmer (Post 1763182)

Selling price definitely affects your taxes. However, the taxes/assessments do change over time even if the home is not sold again. To prove this, go to the website, select any random property and click on tax history. You’ll see several years of tax bills.

It’s to your advantage to get the lowest possible purchase price. If improvements are built into a higher price (worse yet, a turnkey) you’ll effectively be paying taxes on the add-ons as long as you own the property. This effect is exacerbated if one takes a mortgage; that is, you’re paying interest on furniture, etc.

Better to make improvements yourself than to have those already made improvements included in a higher purchase price which equates to higher taxes.

Not True...Turnkey items are personal property and can be deducted from the Real Estate sales price to keep property taxes accurate.

Taxes will be approximately 2% of the sale price less any homestead credit usually about $50,000 if the home you purchase is primary residence

Thought it was illegal to include furniture within mortgage?

9 new homes 🏡 n Florida

Quote:

Originally Posted by Mleeja (Post 1763387)

It was mentioned as a “throw-a-way” statement above, but if you are buying a house turnkey or with a golf cart, negotiate separate deals for the house and the other items. Pay for them separately! You do not want the assessment based on the additional furniture or golf cart.

I guess I’m pretty stupid I never asked what the taxes would be until someone mentioned it at closing

Quote:

Originally Posted by ValSetz (Post 1763725)

Thought it was illegal to include furniture within mortgage?

Depends on what the home is appraised at verses the
mortgage amount. Bottom line, for a traditional mortgage, if the mortgage is for 80% or less of the appraised value, the lender won’t care. Very few lenders actually keep home mortgages on their books, they sell them and the mortgages end up as collateral in mortgage backed securities. All lenders care about is that the mortgage meets the underwriting requirements that allows it to be sold in the secondary market.

I've been trying to figure out this assessment deal. Did Sumter Co reassess everyone in 2019? I bought in 2015, the assessment stayed stable for four years, then jumped in 2019. A higher assessment and a big tax rate increase was a double whammy for me. I'm thinking this is not news to anyone out there.

Quote:

Originally Posted by laker14 (Post 1763064)

dw and i are seriously considering leaving the ranks of the renters and purchasing a home in tv, probably when we are down next winter. We are already committed to renting dec '20- april '21, so that is probably when we'll do our house hunting

i'm trying to predict what the various property taxes would look like on varying purchase prices. Say, 250k, to 350k.

I've gone on the sumter co. Tax site, and looked at what properties are "assessed" at, and have a few questions.

Do they assess at what they consider "fair market value", or some percentage of that? If a property last sold 10 years ago, for 100k less than what it's likely to get today, is the assessed value likely to jump a lot with the sale, or have they inched up the assessed value over time, to at least approximate what a new sale might be? In other words, if the house hasn't sold in 10 years, is the latest tax bill likely to be a close approximation to what the new bill would look like?
I don't need to be exact, but i would like to get within a 10% margin with my approximation.

Thanks for helping.

you know that waiting will cost you a few thousand dollars. Village homes go up around $ 5,000 or more per year

Quote:

Originally Posted by VApeople (Post 1763392)

Our taxes are about 1% of the value of our house.

I forgot to add that we are in Sumter county but not in a city like Fruitland Park or Wildwood. I have heard the taxes are significantly higher for a house in those jurisdictions.

In TV, Pine Hills and Pine Ridge are in Fruitland Park. In the Southern area, I think some of the neighborhoods may be in Wildwood.

Quote:

Originally Posted by THUNDERCHIEF (Post 1763817)

you know that waiting will cost you a few thousand dollars. Village homes go up around $ 5,000 or more per year

except when they don't.

Sumter County didn't raise taxes for years. Last year 24% + other assessment increases went into effect.. Beware the raise in taxes was hinted to be first of 5 years. Also tax bill has bond and maintenance fees to consider. Besides homestead, look to see if you qualify for other tax credits like military, low income irs tax form total may be arranged depending on deductions. Check out other property tax credits. Also, as someone suggested, buy furniture. appliances, golf cart, anything else as a separate sale with cuurent owner and keep it off "house" sale price and mortgage loan.