[Peazoup]

I'm wondering if someone could give me information on property taxes. I called the tax office in Sumter County and spoke with a young lady who just couldn't answer all my questions. She said that taxes are based on assessed value times a mill rate of 13.5843%. When I said that I understood that property taxes were based on the purchase price of a home, she said no. I asked what percent of the fair market value the assessed value was, she didn't know. The Villages real estate agent told me 1% of purchase price, but I've heard others say it's closer to 2%. Does anyone out there know for sure? Thanks for any info!

[pili]

Are there homes in county other than Sumter? TV homes, that's it. Are taxes cheaper in other counties? Thank you.

Pili

[jadebox]

http://www.qpublic.net/sumter/search.html
Look up the property at the above URL

[Peggy D]

Donna Lee,
Looked up a property on the site, interesting info, but still don't know what I'm looking at as far as taxes.

Went onto Lyle Grant's tax calculator link. Am I understanding this:
A house selling for $250,000 in Sumter County without homestead, taxes are aprox. $3,505 and with homestead $3,154.

Does this make sense?

[efrahin]

For the benefit of the one like us, that have not purchased in TV yet, could some of the current owners post their real estate taxes and the model of the house. The salespersons from TV answer ambiguously to the question with: ABOUT 2%. YES, but 2 per cent of what? It will be a big help in making a decision. Thank you.

[drdodge]

Taxes

Darrell Dodge
2481 Cherokee Ct, Village of Lynnhaven TV

This years proposed taxea are$1398.00.

Amerillo model with Homestead exemption

Property vaule this year$143,233

[efrahin]

Well that is .97%, on a $400,000.00 house will be approx 4,000.00 that is a bargain if you compare that to Long Island NY.

[RCT]

Originally Posted by efrahin

Well that is .97%, on a $400,000.00 house will be approx 4,000.00 that is a bargain if you compare that to Long Island NY.

can you still even GEt a house on long island for 400,000??

[efrahin]

NO WAY, an small condo in LI goes for over $250,000 plus over $1200.00 of maintenance fees. I was hoping to get $675,000 and I will be lucky if I go away with $575,00 one of my employees en Bellerose (NYC) was asking for $575,000 and had to settled for $465,000
but less than $400,000 I have not seen anything.

[Peazoup]

Thanks PeggyD - that sounds about right I think - 1.4% of purchase price. Of the three Villages counties, I think I read somewhere that Sumter's tax is a tad less than Marion of Lake. When I asked the gal in the tax office what percentage of the fair market value is the assessed value, she didn't know. All she could say was that tax is the mill rate (13.5843) X assessed value. Florida property taxes are most confusing. Hard to budget ahead of time.
Thanks all for your responses.

[Peazoup]

Persistance pays off! In searching for a better understanding of the Sumter County tax structure, I came across Lyle Gant's website and the following: sell price x .85/1000 x mil rate. So, a home selling for $250,000 would be 250 x 85% = 212.5 x 13.5843 mil rate = $2,882.60 per year. With homestead, taxes would be $2,597.99 per year.

[RCT]

Originally Posted by Peazoup

Persistance pays off! In searching for a better understanding of the Sumter County tax structure, I came across Lyle Gant's website and the following: sell price x .85/1000 x mil rate. So, a home selling for $250,000 would be 250 x 85% = 212.5 x 13.5843 mil rate = $2,882.60 per year. With homestead, taxes would be $2,597.99 per year.

thx for that info, PEA, considering that we are planning on spending in that figure. i was originally thinking 4,000 a year, going by the 2to 2.5 percent i was told. i hope your figures are correct, though, sounds better to me!!

[Peggy D]

Peazoup

Lotta numbers in there, but a little less than what I found on Lyle's site by way of a tax calculator chart.

According to his chart, you are right, Sumter is slightly less than Lake or Marion.

[Peggy D]

Thanks everybody for your response. It has been very helpful.



:-*

[villages07]

When you hear property tax numbers from homeowners, please bear in mind that they are not all defining it the same way. The property tax BILL includes collections for the CDD Bond (original infrastructure and annual maintenance) as well as public safety and I believe something dealing with water management. These items are in addition to the ad valorum county property tax. The ad valorum is the millage rate x your assessed value. This is the main component of your tax bill and the part that relates directly to your property value. The CDD bond and annual maintenance are the same for everyone in your taxing unit (in my case 3 streets of houses). The public safety and water management are probably the same for everyone in TV in Sumter County. These other 3-4 items can add another $2,500 onto a designer home tax BILL.

Bills come out around Nov 1; you can get a 4% reduction if you pay by Nov 30; continued lesser reductions for later payment dates til the whole thing is due no later than March 31 (I think).

If you buy a new house and you occupy it in the year it was built, then the first year you only pay property tax on the land value, not the full improved value.