Home Buying in Sarasota>Question Details

Mike Piche, Home Buyer in Englewood, FL

Are property taxes based on Sell Price (times mill rate) alone? If I pick up a house for

Asked by Mike Piche, Englewood, FL Fri Jun 13, 2008

significantly less than normal fair market value, say.....at an auction, will I only pay property taxes on my original purchase price as long as I own the home? Will I be reassessed yearly?

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Answers

5
Real Estate Taxes- "utterly undefinable" We usually tell Buyers it ranges at 1.5% of the Sales price. It then is reassessed by the county each year. Our new Tax referendum is still a question mark, although anything we get will be a break. Go to the counties web sites for clues.
Jim Soda Group 941-809-7759
Jim Soda Prudential Palms Realty
Sarasota - Lakewood Ranch - Longboat Key
Web Reference: http://jimsoda.com
0 votes Thank Flag Link Sat Jun 14, 2008
Mike,
Yes, we agree.....the best course of action is to refer to the Sarasota County Website where you will find information to meet your specific needs. These people are very helpful and are easy to access by telephone. So write out your questions and get the answers from the people that are the experts.

Good luck,
The "Eckler Team"
Century 21 Almar and Associates
ecklerteam@comcast.net
941-408-5363
0 votes Thank Flag Link Fri Jun 13, 2008
Jan has the right idea! Taxes are based on several factors; the millage rate determines the actual rate of taxes, recent sales of similar properties will in part determine the value. Values are adjusting significantly in this market and prices are stabilizing from an artificially boom market that we experienced in the recent past.

Taxes can and do adjust yearly. Many people petition the county and try to have their taxes adjusted.
0 votes Thank Flag Link Fri Jun 13, 2008
It depends on the State. Where I live the assessed value (what the taxes are based on) stays the same after you but it.

Each year, the assessor sends a new value based on sales in the neighborhood, tax rates, etc.

You may be eligible for a home exemption if you live in it.

You don't pay based on the purchase price since I could sell it my cousin Manuel for $100 and he would pay no tax at all.
0 votes Thank Flag Link Fri Jun 13, 2008
Hello Mike,

Thought it was best to give you the Tax Assessor's website which has detailed explanations of how values are determined. It may also answer some additional questions for you.
Copy this link to your browser.

http://www.sarasotaproperty.net/residential_defined.asp#value

If you have additional questions which are not answered here, we would be happy to assist in obtaining the answers for you.

Jan Petters - Team Vitale
Coldwell Banker Residential Real Estate
423 St. Armands Circle
Sarasota, FL 34236
jpetters@coldwellbanker.com
http://www.TeamVitale.com
(941) 685-7573
0 votes Thank Flag Link Fri Jun 13, 2008
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