[Bill14564]

Originally Posted by mtdjed

Take a look at your bill while looking at your bill history. My bill for 2023 is actually $3 less than my bill was in 2011. I would bet that most people will find the same long-term trend assuming no construction enlargement.

Seems like somebody must be doing right.

If you feel good about the bill, that's great.

....

There have been too many changes to my situation - resale, establish homestead, pay off bond, etc - for me to see a trend. And, since it was first taxed in 2015, its history doesn't go back to 2011 anyway.

[Bill14564]

Originally Posted by ohioshooter

We received our first tax bill today and am in total shock. Several K more than expected.

I am assuming you bought a pre-owned home and not new construction.

One of the (many?) things that isn't explained well during a sale is the adjustment in property tax that occurs on resales.

Often, the tax bill you receive in the first November is based on exemptions and limits due to the previous owner. It will be what you found on the Tax Collector's website when you were researching the home.

The next bill you receive will be based on you and your sale. You likely don't have a homestead exemption yet so you will be paying on an additional $50,000 of value. You haven't accrued any Save Our Homes benefits yet so you will be taxed on the full value of your home. And, the full value of your home will be somewhat tied to the price you paid which was likely more than the previous assessment and will also be affected by inflation in the past year. All in all you will pay more and many will be surprised by how much more.

You can go to the Tax Collector's website and see the bill from last year. You can see the Exemptions that applied to the previous owner. See if the assessed value is significantly different from yours; this would be due to the Save Our Homes benefit, adjustments due to the sale, and inflation.

[RPDaly]

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[Laker14]

Originally Posted by ohioshooter

We received our first tax bill today and am in total shock. Several K more than expected.

Originally Posted by Bill14564

I am assuming you bought a pre-owned home and not new construction.

One of the (many?) things that isn't explained well during a sale is the adjustment in property tax that occurs on resales.

Often, the tax bill you receive in the first November is based on exemptions and limits due to the previous owner. It will be what you found on the Tax Collector's website when you were researching the home.

The next bill you receive will be based on you and your sale. You likely don't have a homestead exemption yet so you will be paying on an additional $50,000 of value. You haven't accrued any Save Our Homes benefits yet so you will be taxed on the full value of your home. And, the full value of your home will be somewhat tied to the price you paid which was likely more than the previous assessment and will also be affected by inflation in the past year. All in all you will pay more and many will be surprised by how much more.

You can go to the Tax Collector's website and see the bill from last year. You can see the Exemptions that applied to the previous owner. See if the assessed value is significantly different from yours; this would be due to the Save Our Homes benefit, adjustments due to the sale, and inflation.

Exactly what happened in my case. My previous owner bought the place new in 2006, and had all of the homestead exemptions. Her assessed value was quiet a bit below what we paid, so the assessment recalibrated to 2021 levels. We closed in Feb. 2021.
Then when I got my first bill in November 2021 I was pleasantly surprised. It was about 1K less than anticipated. Then I remembered the whole "in arrears" thing, and realized that bill was based on my previous owner's assessment and homestead exemptions.
In November 2022 I got the full whammy. But I knew it was coming so it only hurt a little.
This year, a modest increase.

[rogerrice60]

Hard to understand why the "Old Goats" are taxed for schools we don't use.

[Bogie Shooter]

Originally Posted by rogerrice60

Hard to understand why the "Old Goats" are taxed for schools we don't use.

Wasn’t it that way where you came from? It was for me.

[mtdjed]

Originally Posted by Bill14564

If you feel good about the bill, that's great.

If your bill is typical then last year it was in the neighborhood of $203 less than 2011 and in 2018 it was about $900 less than 2011.

There have been too many changes to my situation - resale, establish homestead, pay off bond, etc - for me to see a trend. And, since it was first taxed in 2015, its history doesn't go back to 2011 anyway.

First, I would state that I am referring to Sumter county and outside of any city taxes such as Wildwood.

Under the above assumptions, your numbers make no sense. Your example regarding my bill for the year 2018 vs 2011 of $900 less is wrong by a factor of 9. The real number is $103 less. Using 2011 as a baseline, the years since have been as much as $173 less and $112 higher. Current year is $3 less.

My situation has been constant, no resale, no bond, homestead constant, no construction. So, what you see is a rather stable situation, which is likely for all similar residences. Dollar variance from baseline would vary dependent upon assessed value.

Nothing complicated here. Sumter county taxes for the stated period have been relatively constant. Not saying that will continue. Also, not claiming that taxes are effectively used or not considering all the new tax revenue from new construction.

[Bill14564]

Originally Posted by mtdjed

First, I would state that I am referring to Sumter county and outside of any city taxes such as Wildwood.

Under the above assumptions, your numbers make no sense. Your example regarding my bill for the year 2018 vs 2011 of $900 less is wrong by a factor of 9. The real number is $103 less. Using 2011 as a baseline, the years since have been as much as $173 less and $112 higher. Current year is $3 less.

My situation has been constant, no resale, no bond, homestead constant, no construction. So, what you see is a rather stable situation, which is likely for all similar residences. Dollar variance from baseline would vary dependent upon assessed value.

Nothing complicated here. Sumter county taxes for the stated period have been relatively constant. Not saying that will continue. Also, not claiming that taxes are effectively used or not considering all the new tax revenue from new construction.

I should have stopped when I said my home had too many changes to see any trend.

[Woodbear]

Originally Posted by rogerrice60

Hard to understand why the "Old Goats" are taxed for schools we don't use.

Given that The Villages could control every facet of Sumter County government/Schools, it is too bad we do not. Given the latest census numbers, more than 60% of Sumter County residents can be found living in The Villages.

[edtherock]

Yes renting might be cheaper, but you never see a penny of that money ever again. That’s the downside. I suppose short term thinking it makes sense living paycheck by paycheck and renting.

[Randall55]

Originally Posted by edtherock

Yes renting might be cheaper, but you never see a penny of that money ever again. That’s the downside. I suppose short term thinking it makes sense living paycheck by paycheck and renting.

My Social Security check would easily cover the rent. We would still have my wife's check and pension. We could sell our home and collect interest from that tidy sum. Maintenance free living with no extra expenditures. How long are any of us going to live to worry about return of money on a home? But, everyone should look at their own finances. For some, renting may not be a good idea.

[Laker14]

Originally Posted by rogerrice60

Hard to understand why the "Old Goats" are taxed for schools we don't use.

Because it's a tax, not tuition.

If I were housebound, I would still have to pay my share of the taxes that go to keeping the roads in operable condition.
If I were a pacifist, who believed that war is never the correct action, I would still have to pay my share of the tax that goes towards national defense.

We don't get to choose from a menu what taxes go to service we need or feel are important.
For some reason our elected officials who make policy have decided that educating the masses is a good investment for our society. As participants in that society, whether or not we agree that it is a good investment that our young people be educated, we are obligated to help fund it.

That's taxation.
Tuition is when you pay to attend the school.

[Mrfriendly]

Originally Posted by MandoMan

Ugh! First tax bill for me since buying a different house, mortgage free and bond paid off, and paying the tax directly instead of by escrow. Including the “maintenance” fee and fire, $3,400. Ouch! But it beats having a mortgage. So, that’s almost $300 a month, plus about $270 for amenities fee, water, and sewer, plus around $100 for electricity. That’s $670 a month. Home insurance on my courtyard villa brings that up to close to $900. I’m not complaining. It’s just interesting to me to see the numbers. I think most people here pay more.

Same for me but have $800 month mortgage to add. At 2.75% I’m hanging onto mortgage.

[Normal]

Just crank up the tax bill on rentals. Tourism should pay for schools.

[Lee Gilpin]

This article prompted my interest so I looked at MY bottom line over the last four years. (There are two parts on my 2005-built home.) Here’s what I was surprised to see: The total went DOWN in two consecutive years.
2020: $2,455; 2021: $2,313; 2022: $2,192; 2023: $2,262.