Looked at a couple of properties in Florida on Zillow/Realtor. The seller's property tax liability was around $2400-$2700 a yr (I looked on the assessors page to verify) which I could easily afford with my modest retirement cash flow. Calculating what I would have to pay if I bought these properties came out to around $12K-13K a year, too high for my retirement cash flow. I'd expect to pay more than the current owner, but 4x as much?
The selling prices were $600K-$700K. In one case, the assessors market value was around half the asking price with the taxable amount of around $200K (3% cap a year), less the $50K homestead for a final taxable value of around $150K.
The nearly double asking price vs market value assessment seems to be part of this years spike in demand for houses with sub 3% interest rate.
It seems like one must buy a cheaper house with a lower P&I payment to have the same house payment as before. In the example above, how much principle & interest is $750mo at 2.65% over 30 years? (rhetorical question to make a point).
Anyone recently moved house and have got a property tax shock?
Have you decided to stay in your greatly appreciated home because of your current lower tax liability compared to what it would be if you moved to a bit more expensive home?
Did you sell to take advantage of the increase in your house value but moved down to a lower priced home or go full time RVing to not get stung on the next property tax bill reset?
Other thoughts on high property tax rates for new owners?
Thanks
The selling prices were $600K-$700K. In one case, the assessors market value was around half the asking price with the taxable amount of around $200K (3% cap a year), less the $50K homestead for a final taxable value of around $150K.
The nearly double asking price vs market value assessment seems to be part of this years spike in demand for houses with sub 3% interest rate.
It seems like one must buy a cheaper house with a lower P&I payment to have the same house payment as before. In the example above, how much principle & interest is $750mo at 2.65% over 30 years? (rhetorical question to make a point).
Anyone recently moved house and have got a property tax shock?
Have you decided to stay in your greatly appreciated home because of your current lower tax liability compared to what it would be if you moved to a bit more expensive home?
Did you sell to take advantage of the increase in your house value but moved down to a lower priced home or go full time RVing to not get stung on the next property tax bill reset?
Other thoughts on high property tax rates for new owners?
Thanks