[DrMack]

Originally Posted by shaw8700@outlook.com

We’re planning to move there just as soon as we get this one sold. But that may take awhile as we wait to see what this market is going to do. Here in Arizona this is the time of year to sell but I don’t see one house selling.

But when this market gets moving again, we will buy with relish because we aren’t buying just a house, we’re buying everything that goes with it. I can hardly wait.

You seem to have it together Shaw. Like the original poster suggested, do some homework before buying, it could mean a lot of money. We looked at some pre owned homes and at new ones too. The pre owned homes in the South were way overpriced. Many seemed to think it was still 2022. Homes in the North were nice and we could have upgraded, but didn’t want that. Eventually we decided to buy new..

Things are changing as far as areas and prices are concerned. The dynamic can only be felt if you are in TV. Remember maps don’t always show undesirable things that would bother some!. Neighboring Villages, or even houses should be considered along with sight lines. Noise, power stations and busy traffic all come into play. We did, but it wasn’t near enough.

Try a rental or 2 out. All the squares are nice, but picture long term as well. We like the one story concept and community feelings of support. Enjoy retirement!

[Pballer]

Originally Posted by margaretmattson

I am not an expert but hope some of these points will help. These points are the same for all Floridians.


3. Once your tax is calculated the amount collected cannot be raised more than 3% each year.

Correction. Only if you are a Florida resident. If not, there is no limit to how much your taxes can be raised per year.

[4$ALE]

Folks please get your info. from the Sumter Co. site. There is a ton of misinformation here.

https://www.sumterpa.com/wp-content/...Homebuyers.pdf

Example:
"Save Our Homes Benefit"
After the first year a home receives the
homestead exemption, its assessed value for
each following year cannot increase more than 3
percent.

It's "assessed value" not "taxes" with a 3% limit.

[Bill14564]

Originally Posted by margaretmattson

I am not an expert but hope some of these points will help. These points are the same for all Floridians.

1.Property taxes are paid in the arrears. You will not see a decrease (or increase) immediately.

2. The amount of tax you pay is determined by the purchase price of the home minus the homestead exemption if your home is a personal residence.

3. Once your tax is calculated the amount collected cannot be raised more than 3% each year.

4. It is possible for your neighbor to be paying much less in taxes. It depends on how much they paid for the home as well as how long they lived in the home.

Here is where my thoughts differ from other posters. I believe the millage rate is the same for all homes in a particular county and city. i.e. People living in Sumter county pay the same millage rate. People living in Sumter and within the city of Wildwood pay the same millage rate. The amount charged to a homeowner cannot exceed 3% each year even if the home increases more in value. Maybe, others know something I do not? I have lived here 22 years and the points I have mentioned have been followed by the County consistently and accurately. The CDD assessment seems to vary.

2.) The initial tax is determined by purchase price. Following that, home values are increased or decreased by changes in market value, assessed values are reduced by any exemptions the owner is receiving, increases in assessed values are limited, and the amount of tax paid is determined by the millage rate.

3.) The assessed value is limited, not the amount of tax paid. After the first year when the home is assessed at full market value, the assessed value cannot increase by more than 10%. If the owner receives the homestead credit then the assessed value cannot increase by more than 3%. But, only the assessed value is limited. The taxing authority (county, schools, etc) has the ability to set the millage rate and there is no limit to what they can do to that. While my assessed value went up 3% and my property tax actually decreased, my school tax went up 12% due to a significant increase in the millage rate.

The millage rates set by the county, city, and school boards are the same for all homes in their areas. Everyone in Sumter county has a millage rate of 5.590 for property tax in 2023. Everyone within the incorporated area of Wildwood (or Leesburg or others) will pay an additional tax to them.

Again, there are limits on increases in the assessed value of the home but there are no limits on increases in millage rates so there are no limits on increases in taxes.

[eyc234]

Do not understand all the worry about the value of homes in The Villages. Paid our house off within 2 years and bond in first year. Never in our home ownership life has our home been thought of as an investment, it is our home, where we live, feel safe and comfortable. If all goes bad we have a place to live and not worry about. We will only leave our home when we can no longer maintain it or take care of ourselves. At that point the value of our home will not mean anything or we will die which means it goes in the trust and our heirs get something for nothing. More interested in cost of utility and insurance increases. Just our view and like everyone they say everyone has one.

[Velvet]

Originally Posted by margaretmattson

I am not an expert but hope some of these points will help. These points are the same for all Floridians.

1.Property taxes are paid in the arrears. You will not see a decrease (or increase) immediately.

2. The amount of tax you pay is determined by the purchase price of the home minus the homestead exemption if your home is a personal residence.

3. Once your tax is calculated the amount collected cannot be raised more than 3% each year.

4. It is possible for your neighbor to be paying much less in taxes. It depends on how much they paid for the home as well as how long they lived in the home.

Here is where my thoughts differ from other posters. I believe the millage rate is the same for all homes in a particular county and city. i.e. People living in Sumter county pay the same millage rate. People living in Sumter and within the city of Wildwood pay the same millage rate. The amount charged to a homeowner cannot exceed 3% each year even if the home increases more in value. Maybe, others know something I do not? I have lived here 22 years and the points I have mentioned have been followed by the County consistently and accurately. The CDD assessment seems to vary.

Thank you.

[Velvet]

Originally Posted by Bill14564

2.) The initial tax is determined by purchase price. Following that, home values are increased or decreased by changes in market value, assessed values are reduced by any exemptions the owner is receiving, increases in assessed values are limited, and the amount of tax paid is determined by the millage rate.

3.) The assessed value is limited, not the amount of tax paid. After the first year when the home is assessed at full market value, the assessed value cannot increase by more than 10%. If the owner receives the homestead credit then the assessed value cannot increase by more than 3%. But, only the assessed value is limited. The taxing authority (county, schools, etc) has the ability to set the millage rate and there is no limit to what they can do to that. While my assessed value went up 3% and my property tax actually decreased, my school tax went up 12% due to a significant increase in the millage rate.

The millage rates set by the county, city, and school boards are the same for all homes in their areas. Everyone in Sumter county has a millage rate of 5.590 for property tax in 2023. Everyone within the incorporated area of Wildwood (or Leesburg or others) will pay an additional tax to them.

Again, there are limits on increases in the assessed value of the home but there are no limits on increases in millage rates so there are no limits on increases in taxes.

Thank you.

[CDarfus]

No it is Lake County!

[CDarfus]

Yes, it has to have your homestead on it!

[margaretmattson]

I went to look at new homes with my daughter. There is a LARGE inventory of homes. Quite a bit have price reductions. The realtor said it was to close out some neighborhoods. If you are looking for a discounted home, this may be a good time to buy.

[Bogie Shooter]

Originally Posted by margaretmattson

I went to look at new homes with my daughter. There is a LARGE inventory of homes. Quite a bit have price reductions. The realtor said it was to close out some neighborhoods. If you are looking for a discounted home, this may be a good time to buy.

What is a LARGE inventory as compared to what?

[margaretmattson]

Originally Posted by Bogie Shooter

What is a LARGE inventory as compared to what?

Take a drive and see for yourself. I am not the first to notice and post that quite a bit of newly constructed homes have been sitting empty for months. My post was for new buyers. If they want a discounted home, now may be the time.

[Bogie Shooter]

Originally Posted by margaretmattson

Take a drive and see for yourself. I am not the first to notice and post that quite a bit of newly constructed homes have been sitting empty for months. My post was for new buyers. If they want a discounted home, now may be the time.

Driving around is a good way to gather information.........................

[Randall55]

Originally Posted by margaretmattson

Take a drive and see for yourself. I am not the first to notice and post that quite a bit of newly constructed homes have been sitting empty for months. My post was for new buyers. If they want a discounted home, now may be the time.

I looked at discounted homes on new construction about a month ago. I am not surprised more homes have been discounted. Many homes have been sitting for months. Lake Denham and Dabney are not a prime location. At the time, I thought buyers may be waiting to buy in a better location. However, I looked at ready-to-build lots in Moultrie Creek in the Eastport area. There is not much action there, either. Maybe it is the mortgage interest rates?

[margaretmattson]

Originally Posted by Bogie Shooter

Driving around is a good way to gather information.........................

Did you read my post? I stated I looked at new homes with my daughter. We spoke to a realtor who gave us a list of discounted homes. I suggested that YOU drive by instead of doubting posters' words.