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silentneko · Joined: 02 Jan 2007 Posts: 33 14.45 Dollars($)

hey guys, I've gotten alot of good info here so far but still need more.

I live in lakeland, florida, which is polk county, and I'm trying to figure out what my taxes and insurance will end up being. I've looked over the net and can't come up with any definative answers on how much my taxes would be, and I can't get an insurance quote with out putting in alot of info.

my question is this:
can someone who has access to this kind of info please tell me how much approximately I would pay on a 200k house, I need to know the tax rate and what people pay for insurance around here. thank you very much.

sara

Hi Silentneko,

Welcome to the forums.

I have got some information, let's hope that will help you.

The annual homeowners insurance premiums vary from one insurance provider to another. The premiums on homeowners insurance depend upon the policy you apply for and the coverage you get. I have a friend in Florida who is currently paying $870 as the annual premium.

Generally, homeowners insurance policy offers protection against your home including personal items, protection against claims made by others against you and at times, there is an optional coverage for flood damage.

For the average property taxes, you can go through "http://www.boston.com/news/local/massachusetts/articles/2007/01/02/pr operty_tax_chart_by_town/"

Thanks,

Sara

silentneko · Joined: 02 Jan 2007 Posts: 33 14.45 Dollars($)

ok while I appreciate the info the site you gave me was not found, and it was for boston local?
where in florida does your friend live cause there is a huge difference between areas.
thanks again

helping_user · Posted: Mon Jan 08, 2007 2:00 am Post subject:

Hi Neko,

If you are planning to purchase a home in Florida, you need to pay the property tax based on the taxable value of the property. Property tax is assed by the county appraiser and collected annually by the county tax collectors office.

A $25,000 homestead exemption is available to homeowners meeting certain requirements like

He has the legal title to real estate.
Has the age 65 or more
Household income is not more than $23,463.00.

I think the currently the millage rate is 18.47% on the taxable value. It is better to make a call your county property appraiser for details.

Thanks

adonis · Posted: Mon Jan 08, 2007 2:55 am Post subject:

In Florida, the tax on real property or Ad Valorem tax is based on the just or fair market value of the property. The taxes are assessed and collected on an annual basis by the county property appraiser.

silentneko · Joined: 02 Jan 2007 Posts: 33 14.45 Dollars($)

ok so let me see if this makes sense to you guys.

lets assume that I get a 200k mortgage at 6% which is about $1200 a month

helping_user · Posted: Mon Jan 08, 2007 10:10 pm Post subject:

Hi Neko,

To me, your calculation is looking absolutely right. And yeah, yearly ad valorem tax around $3,700 sounds too high. But, we have to pay.

But there are chances to minimize it. Just by availing homestead exemption we can reduce the assessed value. Florida constitution provides a large tax preference for owners of homestead property through the homestead exemption and save our homes assessment growth limitation.

If you apply today for homestead exemption, and the value set on the home worth $200K with $25K homestead exemption the taxable value is 175K. Suppose, in next year that is in 2008 the value of the home rises 15% to $230K. However, due to SOH (Save our Homes) cap, the assessed value can rise not more than 3% to $206K. Applying the homestead the taxable value is $181K. And you accrued $24K under the SOH cap that is not taxable. This way you can save hundreds of $'s as property tax every year.

Thanks

sara · Posted: Tue Jan 09, 2007 1:32 am Post subject: RE: monthly insurance premium

Hi Silentneko,

By mistake I have given you a wrong value of the insurance premium. Actually it will be $1870 a year and not $870.

Thanks,

Sara

silentneko · Joined: 02 Jan 2007 Posts: 33 14.45 Dollars($)

thanks guys, I forgot abouth the 25k exemption, and if the new govenor has his was it will soon be bumped up to 50k.

ok so your friend pays $1870 a year, which may be high for here, or really low for south florida. where is she located.

because I don't know what it will be I've been just doing an average calculation of $1500, when I use online mortgage calculators they always assume that insurance will be 0.5% of the value.

thanks again

sara · Posted: Wed Jan 10, 2007 12:30 am Post subject: RE:

Hi Silentneko,

My friend is located in Panama City.

Thanks,

Sara

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