Property Tax Vote

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Closed Thread
Thread Tools
  #16  
Old 02-01-2008, 04:47 AM
gfmucci's Avatar
gfmucci gfmucci is offline
Veteran member
Join Date: Nov 2007
Location: Hadley
Posts: 719
Thanks: 0
Thanked 0 Times in 0 Posts
Default Re: Property Tax Vote

This is great for people moving to the Villages from other parts of Florida...

* If they move from a more expensive house to a less expensive house, the "save our homes" tax cap will be carried over to the new house. The resulting tax rate for the new house will be in the same proportion as the old house. If the old house was market valued at $300,000 and the assessed value was $150,000, and the market value (purchase price) of the new house is $200,000, the assessed value for tax purposes will only be $100,000 (50% of the market value).
* Since The Villages is operated and maintained through CDD fees, which are not included in the Amendment One provisions, TV properties will continue to have the same level of service and are not impacted. Sumter County will have to tighten its belt. They will implement a combination of efficiency measures, reduce or delay some lower priority services or capital improvements, and seek other revenue sources.
__________________
Brockton, MA 1946-49 * Fort Lauderdale 1950-66 * Northern Virginia (Army) 1967-69 * North Lauderdale 1970-72 * Coconut Creek 1973-87 * St. Louis 1988-89 # Northern Virginia (again) 1990-2000 * Destin, FL 2001-08 * The Villages - Amelia/Hadley
  #17  
Old 02-01-2008, 04:48 PM
pili pili is offline
Senior Member
Join Date: Aug 2007
Location: Village of Hemingway
Posts: 198
Thanks: 0
Thanked 1 Time in 1 Post
Default Re: Property Tax Vote

Skip,
Why are you saying people moving to TV or any part in Florida for that matter will be surprised that their taxes are higher since cap and homestead will not there? I thought as long as you established residence the homestead excemption was available.

Pili
  #18  
Old 02-01-2008, 08:30 PM
Muncle's Avatar
Muncle Muncle is offline
Eternal Member
Join Date: Dec 2007
Location: Until noon, probably in bed.
Posts: 1,675
Thanks: 0
Thanked 0 Times in 0 Posts
Default Re: Property Tax Vote

Pili, look at it this way (and I'm going to make these number up -- no reality intended). You look at a resale home priced at $350,000. You see that the owners last year property taxes were $1234.00. :2cool: You do not know that the Save Our Homes (SOH) rule, with or without portability, has capped the assessed value of that home at $150,000 minus $50K in homestead. You buy and the new assessed value is $350K less the $50K. :yikes: Your taxes are triple the previous owner's, and likely that of a lot of your neighbors. :yikes: Oh, and the same day you buy, a guy from Miami buys an identical house across the street. He has massive SOH credit built up, so your taxes dwarf his as well. :yikes:

Everyone (fulltime residents) get the homestead exemption but SOH takes time to affect the taxes.
__________________
Kansas City, MO; Alamo & Albuquerque NM; Quad Cities; St Louis; DC ~ NOVA; Nuernberg; Heidelberg; DC ~ NOVA; Liberty Park ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Life is like a sewer. What you get out of it depends upon what you put into it.
~~~~~~
And it's Munc"L"e, not Munc"I"e
  #19  
Old 02-02-2008, 03:21 AM
Skip's Avatar
Skip Skip is offline
Gold member
Join Date: Nov 2007
Posts: 1,242
Thanks: 0
Thanked 25 Times in 18 Posts
Default Re: Property Tax Vote

Quote:
Originally Posted by pili
Skip,
Why are you saying people moving to TV or any part in Florida for that matter will be surprised that their taxes are higher since cap and homestead will not there? I thought as long as you established residence the homestead excemption was available.
Pili
Homestead gets removed for the first year and Homestead is not the only exemption there is in this state. Buying, you don't see the cap on the tax bill. All you see is taxable value and the mill rate. Most outsiders think they will pay the same tax.

Ask members of TOTV who have bought a 3-5 year old resale coming from out of state - where they surprised when they got the new tax bill? Bet you they all were.

Skip
  #20  
Old 02-02-2008, 03:26 AM
Skip's Avatar
Skip Skip is offline
Gold member
Join Date: Nov 2007
Posts: 1,242
Thanks: 0
Thanked 25 Times in 18 Posts
Default Re: Property Tax Vote

Muncie: Good explanation and BTW you don't have to be "full time" to get the homestead. Just got to declare Florida as your "home state". You can live in as many places (in the world) that you want. But you can only declare one place your residency.

RVers do it all the time declaring Texas as their residency but never owning property there or even setting foot in the big old state.

Skip
  #21  
Old 02-03-2008, 10:06 PM
pili pili is offline
Senior Member
Join Date: Aug 2007
Location: Village of Hemingway
Posts: 198
Thanks: 0
Thanked 1 Time in 1 Post
Default Re: Property Tax Vote

Thank you guys. So I guess it makes not difference whether I buy new or resale since I'll be taxed on present value of home. Furthermore, if we are looking at resales and owner/realtor says taxes are $5,000 (last year) it could very well be $7 or 8 since it will depend on how home is assessed.
Closed Thread

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 05:47 PM.