What would I expect to pay in taxes and insurance on a 400,000 home?
You are looking at about $6,000 - $7,000 for both. Of course, some factors include things like age of home, size of property etc.
hello George,
When bting a home in Florida, one gets the benefit of the previous owner's assesment until the next calendar year. Then the home is re-assessed. A good rule of thumb is to take about 75-80% of the SALES price - then if its your primary reisdence subtract 50,000 from the assessment and then multiply by .02. (approximate millage for Orange County) . EXAMPLE: a 400,000 purchase will be assessed at approx 300K subtract 50K to get 250K then approximate tax bill will be 5,000. Homestead exemption caps the amount that your assessment can go up and thats why the previous owner's taxes might be significantly lower. This is why you might see a wide range of yearly taxes when you look at a variety of homes priced similarly.
George,
Winter Park Florida is considered a rather nice address. I took a quick sampling of the taxes on current listings at 400K and found that there is a low 2500 per year to 5900 per year. Quite a big spread. Let me know if I can help.
Rick.
George - Winter Park in what state?
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