A bit of advice. Don't get too hung up on the advertised taxes of a property here. There are several factors that could make that info deceptive. Mr. Bramblett mentioned the homestead exemption and that is the biggest deception for a new buyer.
In the end, your new home will be appraised and taxed - and your exemption(s) applied without consideration of what the previous owner paid. And if you look at 3 homes with the same market value, your taxes will be the same ... no matter what those previous owners paid.
Since the appraisal percentages and exemptions are a bit complicated â€¦ here is a rule of thumb to give you something to use in your calculations. Use 1.3% of the true market value to estimate your taxes on any property you look at. ($1,300 for a $100,000 home ... $2,600 for a $200,000 home ... ect.)
Remember, you might make a great deal and have an actual purchase price that is well under the true â€œmarket valueâ€, but that probably won't affect your tax estimate much - if at all. So base this only on a market value.
Look at this example...
I sold this home in Feb. of 2008 for $195,000. It is appraised at 135,000. The difference reflects 2 things...
1) For taxes, the appraisal should reflect a "net sale" - or the likely sale price less the costs associated with selling it. The appraiser includes a "direct sale" ("gross sale") estimate for this property of $167,000.
2) The drop in value from 195 to 167 over those 18 months represents market conditions.
â€¢ You can get a true Market Value by looking up any address on that site. So save the home page.
Last thing, if you are going to live in the home as your primary residence, you will get a "homestead exemption." This is also now too complicated to do in your head since you get $50,000 for all but school taxes and only $25,000 for school taxes.
The easy way to do this calculation is to use a flat $600. The homeâ€™s value is irrelevant on this number.
Now, I know this all seems complicated, but now that you know the numbers, it's actually simple.
If you are looking at a $100,000 home, the tax will be roughly $1,300 (1.3%). If you qualify for homestead, subtract $600 and your expected bill will be $700.00.
I hope this helps you. Good luck finding the perfect home for you!
All the best...
The taxes for this home for the 2008 year were, $4035.20. The home has an assesed value of $245,866. There was no homestead expemption given. Below is a link to the Citrus County Property Appraisers tax roll information sheet.
If you have any other questions, please feel free to contact me anytime.
Talk to you soon.
David A Bramblett