Home Buying in 34786>Question Details

Gary Summer, Both Buyer and Seller in 32836

When buying a property in Florida, as a new owner, will I pay more property taxes than the seller who was living there for 10 years?

Asked by Gary Summer, 32836 Wed Jun 27, 2012

Help the community by answering this question:


Yes, you will probably pay more. That is assuming that the property was the seller's homestead for the past ten years. If it was, then it benefited from Save Our Homes which limited the annual tax assessed value to a 3% increase from the year in which the property became a homestead. However, it might not be a lot more due to the fall in house values during the recession. The SOH benefit over 10 years would be a maximum 35% increase (due to compounding) and depending on the location, it might not be worth over 35% more than it was 10 years ago.
2 votes Thank Flag Link Thu Jun 28, 2012
Yes, your taxes will be recalculated on the selling value.
0 votes Thank Flag Link Wed May 20, 2015
0 votes Thank Flag Link Mon Dec 15, 2014
It is very likely that you will pay more because of the ' save our homes' laws. Most county appraisers have a property ax estimation tool on their web site. PLease try that out. If you need more help in selectiong a home in the central Fl area the have a look at http://www.FrontlineFloridaRealty.com and I will be please to give you the benefit of my extensive knowledge. KInd regards

0 votes Thank Flag Link Thu Jan 3, 2013
The simple, but incomplete answer, is probably yes.
It will depend upon homestead status , owner's purchase cost and your cost now.
0 votes Thank Flag Link Thu Jan 3, 2013
0 votes Thank Flag Link Thu Jun 28, 2012
If you visit the counties tax assessor website you will likely read something like.
"There is not way to accurately calculate you taxes." Isn't that comforting.

There are several provision in the Florida tax code that makes comparison of existing to new owner tax obligation. The primary issue is SOH.
That is 'Save Our Homes." The tax code provision was implemented to protect homeowner against sky rocking values and associated tax increases. So SOH capped the increase to a predetermined fixed rate. Well, the otherside of the coin was when value plummeted, these folks decrease in taxes will be subject to the same limit. These folks are likely paying more taxes than the new owner will.

You can accurately calculate the base property tax using the following formula
(tax assessed value/1000 x mill rate)

If you apply any exemptions the algorithm is changed and will result in a value that will be off by hundreds of dollars.

Now, if the county in with the property exists has independent taxing authorities, and they publish their budgets at different times of the year...You truly have no hope of a precise calculation.

Be aware, the tax rates for many homeowner HAS been adjusted to reflect the decrease in real estate values. You are likely, with the exception of SOH, find the assessed tax value, for the typical single family home, to be within the tax assessors goals. Use the formula provided to calculate the base tax obligation. Remember, applying exemptions alters the accuracy.
0 votes Thank Flag Link Thu Jun 28, 2012
Hi Gary,

Great question, it all depends on the property especially here in Windermere since there are older homes and taxes maybe grandfathered in when they purchaed it. Some purchased the land and built a home, perfect esxample is mine: home was built in 2001, taxes where at 12K we purchased in November of 07, when we got re-assessed for the following year they went up to 16K.
Also if buying new contruction need to make sure that the payments are including the total value of land and home and not just the land because you don't want to get hit with that tax bill defecit when you get the bill.
You can also look at the Orange County Website Tax Records since they are all public records and they have records of all property tax bills.
Hope this helps,
Camille Caserta
0 votes Thank Flag Link Thu Jun 28, 2012
HI Gary

It is very likely that that you will need to pay more property tax but ther is a way of esimating. I can help yuo with that if you are interested

Please have a look at http://www.yourwindermerehome.com or call or text 407 832 4888
0 votes Thank Flag Link Wed Jun 27, 2012
Hi Gary,

After you purchase a home in Florida a new assessment will be done by the county with your purchase price as a guide. So, if the seller has had the homestead exemption on the property for the past 10 years, it's very likely they will be paying taxes on a lower assessed value than what you'd pay. It's pretty easy to calculate an estimate of what your taxes will be if you know the millage rate of the county and an approximate assessed value based loosly on your purchase price. I'd be happy to help you get a ballpark estimate on a specific property if you'd like. I can put all of the helpful links on here, but it would be easier for you just to give me a call. Chris @ 407-405-1225.
0 votes Thank Flag Link Wed Jun 27, 2012
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