[tommy steam]

Why don't you just call The Villages Insurance , I am sure they can answer any questions you have. 352 751 5720

[Bonanza]

Originally Posted by rubicon

To the OP: I would not suggest that you publicly expose this real estate gent's name but I would suggest that you contact this agent and explain that said advise was actually inducing you to commit fraud and that it could have lead to serious consequences.. That agent in order to further success in selling a home thought only of monetary gain. This is very unethical behavior unprofessional.

Having been a licensed Realtor and agent since 1984, I can tell you that the agent in question knew exactly what he was doing when he gave that terrible advice; he doesn't need to be contacted.

What he did was unethical and unprofessional as you said, and also not legal. I would report him to the Florida Dept. of Business and Professional Regulation and let his broker of record know what he did. Agents who act improperly need to be reported.

[Bonanza]

Originally Posted by OBXNana

If it's a pre owned property, the current owner can give you an estimate on the tax if the Agent doesn't know. We've purchased many houses in different states and have always obtained the tax amount from our Agent. That's something I thought was always provided. Our sales person in The Villages gave us the tax amount when we purchased in February 2014.

Not only are we honest with rental property and insurance, we spend the extra amount for an umbrella policy. Insurance coverage isn't a good place to skimp to save a few dollars.

In Florida, an owner or agent won't have any idea what new taxes will be when the house is sold. If the property has been homesteaded for many years, the new taxes can sometimes be a shocker because of it being reassessed. All resold properties are always reassessed.

[Bonanza]

Originally Posted by TheVillageChicken

Sales price has nothing to do with property tax which is based on the assessed value of the property, not the selling price. What is based on the sales price is real estate transfer taxes or documentary stamp taxes. This is paid by the seller @ .07% of the sales price. If there is a mortgage, the buyer pays a .035% document tax on the amount of the mortgage.

I beg to differ.
The assessed value of a property is directly related to the sales price.

You are correct that the other things you mentioned are
definitely based upon what the buyer has paid.

[TheVillageChicken]

Originally Posted by Bonanza

I beg to differ.
The assessed value of a property is directly related to the sales price.

You are correct that the other things you mentioned are
definitely based upon what the buyer has paid.

So, if I sell my 300K home to my daughter for one dollar, her property tax will be based on the sale price of one dollar?

[JB in TV]

Originally Posted by TheVillageChicken

So, if I sell my 300K home to my daughter for one dollar, her property tax will be based on the sale price of one dollar?

I believe that is considerd an "arm's length transaction" and the taxing authority will assess it at market value anyway.

[TheVillageChicken]

Originally Posted by JB in TV

I believe that is considerd an "arm's length transaction" and the taxing authority will assess it at market value anyway.

As they do all resales. They do not go by sales price.

[Challenger]

Originally Posted by Schaumburger

[B]Regarding property taxes if

Regarding homeowner's insurance if an owner is going to rent out the house for part of the year: A Village sales agent said that to save money on homeowner's insurance, an owner who is going to rent out the house for part of the year, and then stay in the home during non-rental times, should not mention to their insurance company that the home is being rented out for part of the year. The owner should just state to their insurance company that this is a vacation home that the owner will be using part of the year. But is it legal not to tell one's homeowner's insurance company that a house will be rented out for part of the year?

For example, say I don't tell my insurance company that I am renting out my home during snowbird season. If an accidental fire breaks out while the house is being occupied by tenants, could my insurance company deny paying a claim because the house was temporarily occupied by tenants, and I did not disclose this information to the insurance company to save money on my homeowner's insurance premium?

IF--- a licensed RE professional told me what you offer that he told you .I would be on the phone to the RE regulatory authorities in a minute. He/ she is advising you to commit fraud(a crime in itself) and would give the Ins co stong grounds to partially or totally deny your claim. Unfortunately this kind of misinformation is quite often given to clients by salespersons through their own ignorance of the legal implications or lack of professional ethics. If it dosen't sound right it probably isn't right

[Bonanza]

Originally Posted by TheVillageChicken

So, if I sell my 300K home to my daughter for one dollar, her property tax will be based on the sale price of one dollar?

You probably wouldn't sell your house to your daughter for a dollar; you probably would simply quit claim it to her. OR -- you would simply leave it in your name and let it ride. OR -- you would make your daughter a co-owner. There are many different ORs that can be done that would not raise suspicion.

At any rate, you aren't mentioning a "real" situation, although that kind of thing has probably been done (I've never seen it happen). The tax assessor's office would be looking at that as a new owner and tax it according to what the market is at that time. The taxes most certainly won't stay the same and they definitely won't be lower.

I'm sure you also realize the assessor's office would look at that kind of transaction with skepticism and would know exactly what you were trying to do. When sellers or buyers attempt to do what they think is clever, they are only raising a red flag and are drawing attention to the deal they really don't want.

[Schaumburger]

Originally Posted by Challenger

IF--- a licensed RE professional told me what you offer that he told you .I would be on the phone to the RE regulatory authorities in a minute. He/ she is advising you to commit fraud(a crime in itself) and would give the Ins co stong grounds to partially or totally deny your claim. Unfortunately this kind of misinformation is quite often given to clients by salespersons through their own ignorance of the legal implications or lack of professional ethics. If it dosen't sound right it probably isn't right

I will agree with you "if it doesn't sound right it probably isn't right." I'm on vacation, and I am leaving The Villages this morning to head to St. Augustine for a few days, then back to Chicago next week and back to work. Even if I did report this to the Florida RE regulatory authorities, it would probably turn into a "he said/she said" situation, and something that frankly I don't have the time to pursue as I still work full time in Chicago, and will be playing catch up at my job when I get back to Chicago.

Maybe this is just more of a "heads up" thread for potential buyers in TV to take what is said by real estate agents with a grain of salt.

I appreciate the answers I have been given. That is why TOTV can be a great source of information for us wannabees/gonnabees.