Property Taxes In Villages?

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  #16  
Old 08-27-2007, 11:10 AM
bamafan bamafan is offline
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Default Re: Property Taxes In Villages?

Avista, What is the concensus on the Super Tax. While I have not yet had to deal with Fla property taxes they are a lot higher than what I am used to. The Super Tax seems more reasonable to me. It seems that their rate of adjustment of 7% is rather high especially when as I understand it the law allows a cap of 3% on assessed value. At the 3% cap it takes a long time for things to catch up to me. The savings are enormous. The local govts are going to have to make it up somewhere. I kinda feel that I am missing something.
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  #17  
Old 08-27-2007, 11:29 AM
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Default Re: Property Taxes In Villages?

Avista,
What kind of figures did you use to get a change like that? I tried an average TV house with a assessment of about $180,000 and true value of about $250,000 and the taxes rapidly skyrocket using "Super Homestead" In not too many years the taxes will drive most folks on a fixed income right out of their house. Check out the graphing functions at the bottom. It is quite an eye opener!
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  #18  
Old 08-27-2007, 11:44 AM
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Default Re: Property Taxes In Villages?

With the superhomestead exemption, we who are buying or have recently bought a home will have an enormous savings. Those who have lived in their homes for years will not. We bought our last house in Tampa in 1993. Since property taxes could only be raised 3%/year, it was quite a decision to sell this house. Also, the economy/ housing market slows if people do not want to sell or can't sell their home. If I understand this amendment, it says people get a one time choice that can't be changed whether they want the old system or the new superhomestead exemption. I see the superhomestead exception being very good for the housing market. This would, of course, bring in revenue.

That is IF the amendment passes.

Perhaps someone out there understands this better than I do.
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  #19  
Old 08-27-2007, 11:52 AM
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Default Re: Property Taxes In Villages?

bobfl, Our assessed value is $179,852. The tax rate is 14.05. Are these the figures you wanted? $632 is the figure we got the first year. True it does go up each year, but I think about the next 20 years we will do better with the superexemption than with the old 3% cap. Also $632 is the figure we were given when we called. Is my thinking right? Correct me if I'm wrong.
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  #20  
Old 08-27-2007, 01:29 PM
kitscottage kitscottage is offline
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Default Re: Property Taxes In Villages?

How long do you have to be a resident of FL to qualify for Homesteader's? Do you have to be a resident for 6 months to qualify?
  #21  
Old 08-27-2007, 02:09 PM
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Default Re: Property Taxes In Villages?

I believe one must be a full time Florida resident. Also one must have been a resident in the house on Jan. 1st to get the exception for that year. We moved in Feb 16, and were NOT able to get our exemption for 2007. We have filed to get it for 2008. I think the forms for filing are on the appraiser's site and at the appraiser's office.
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  #22  
Old 08-27-2007, 03:29 PM
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Default Re: Property Taxes In Villages?

Avista,

The tricky figure seems to be the second entry in the formula. What did they give you for "JUST" value? My guess is that "JUST" value will be more than the assessed value. If it is not it may be OK. But remember this thing is only proposed and all details are not clear. If you run the program it appears to use the "JUST" value to do the computations. At the very least the "JUST" value may be +15% over assessed and my guess is its probably market value which would most likely be much higher.
In your case they are using the 179500 figure for both entries. I wonder why they ask for the "JUST" value if they are only going to use the assessed value. I'm sure you know that over time the assessed value has generally dropped in relation to the market value due to the 3% SOH limit.
This whole thing reminds me of "I'm from the government and I'm here to help you"
But I must say for your figures you would come out ahead for 10 years.
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  #23  
Old 08-27-2007, 05:50 PM
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Default Re: Property Taxes In Villages?

Quote:
Originally Posted by kitscottage
How long do you have to be a resident of FL to qualify for Homesteader's? Do you have to be a resident for 6 months to qualify?
Kitscottage - I was told the following: "You have to be a full-time resident of Florida to qualify for Homesteaders. Six months won't do it. If you are "seasonal", no homesteaders break for you!"

If you are from the U.K. or Canada, you are not permitted to stay in the US longer than six months. Hope this helps.
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  #24  
Old 08-27-2007, 05:56 PM
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Default Re: Property Taxes In Villages?

bobfl, My husband said that since we bought our home this year, assessed value and just value would be the same. This is how we got our figures. Tax rate is 14.05.It is all confusing and covers only house and land--not other assessments.
I'm sure no expert, but try to understand what is going on.
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  #25  
Old 08-27-2007, 08:03 PM
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Default Re: Property Taxes In Villages?

We pay about $1700 a year for our 2/2 courtyard villa on a corner lot. Much better than we paid in Virginia.
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  #26  
Old 08-27-2007, 09:02 PM
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Default Re: Property Taxes In Villages?

I would like to add my thoughts to the issue of Super Homestead. My concern is if the real estate appreciation rate is historically 7% to 10% per year, switching to Super Homestead will increase my taxes over the Save Our Homes rate in 11 years and that is using just a 7% appreciation. Under the 10% apprecation it will take only 7 years. We plan on keeping this home and hopefully we will be here more than 20 years so we definitely will make out better keeping Save Our Homes. The historical 7-10% appreciation was taken right from the Sumter County site on their calculator. On went on both Sumter County and Lake County and used their calculators and entered the figures using 5% all the way up to 10% and I'm here to say it is scary what the jump in taxes will be in 20 years under Super Homestead. I think everyone should go on the sites and put in their figures to see for themselves.
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  #27  
Old 08-29-2007, 09:39 PM
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Default Re: Property Taxes In Villages?

The one thing that bothers me about the Super Homestead deal is how do the counties make up for all that tax money they would normally receive to continue the county services. For example, Seminole County has had to lower their tax rates, as mandated by the state, so now they are considering just adding "fees" to support certain services they provide. So what is really gained??
  #28  
Old 08-30-2007, 06:12 AM
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Default Re: Property Taxes In Villages?

Well, they've got to make it easier for people to sell their homes after living in them for several years. The folks who never move make out like bandits at the 3%/year increase. The problem comes when you want to sell. The property taxes go way up for the buyers. Also, when folks move from the house they have lived in for a long, long time, buy another home, their taxes go WAY up. This discourages buying a new home, and also isn't good for the housing market in Florida.
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  #29  
Old 08-30-2007, 08:43 AM
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I still find it hard to believe the way they assess homes in Florida. I wonder if all the counties do it the same way. This method results in identical properties being assessed grossly different values. Picture 2 identical houses on identical lots, no improvements after purchase, one has been lived in by one owner for the last 10 years, the second recently purchased. The resulting taxes on one at maybe $2500, and the second one at maybe $4500. That's no different than identical taxable income being taxed at different rates. Our government at work.
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  #30  
Old 08-30-2007, 08:52 AM
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Default Re: Property Taxes In Villages?

That is exactly what happens!
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