WHY are the TAXES SO HIGH?

Asked by Sharon Smith, Outside U.S. Mon Jan 5, 2009

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This question is about this property: http://www.trulia.com/property/1061300218-7150-N-Tamiami-Trl…

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4
Kamla Long, , Sarasota/ Bradenton
Mon Jan 5, 2009
Hi Sharon,
Thanks for your inquiry. The taxes have been assessed based on previous sales and the 'just value' the county determined at that time. There have been adjustments on taxes based on 'just value' as prices continue to reflect what buyers are willing to pay for listed property. For more up to date information on taxes for any property, it is best to check with the tax assessor's office for the county in which the property is located. Again, Thanks for your interest in this property. We would be very happy to assist you further in your property search. Do visit our website http://www.teamworksfla.com for featured listings and our 'deal of the week'. Sincerely, Kamla Long. Client Services.
0 votes
Alex Krumm, Agent, Sarasota, FL
Mon Jan 5, 2009
Taxes in Florida are based on the JUST market value (or the county's perception of the property's value) - which, thankfully, is generally lower than the ACTUAL market value (which is what people ACTUALLY pay for their homes.) On this particular property, the taxes appear to be very high compared to the sale price because the property is very inexpensive.

Currently, the county property appraiser values this property at $49,100 - which explains the taxes, paid in arrears and on an annual basis. The current owner purchased this property for $203,600 in 2006. That makes the $10,000 look like an incredible value - but then again, the buyer determines the value, not the seller.

Unfortunately this property has been withdrawn from the market. There are still plenty of great waterfront properties available - if you'd like to talk about them, or if you have additional property tax questions, I'd love to answer them for you.

Alex Krumm
Re/Max Alliance Group
2000 Webber Street
Sarasota, FL 34239

941-234-3597 Direct
941-954-5454 Office
alex.krumm@verizon.net
0 votes
Teresa M. Fe…, Agent, Sarasota, FL
Mon Jan 5, 2009
Hi Sharon,

This property is a condo / hotel. Basicaly it is a hotel room that has been turned into a condo for short term rentals. It is also a short sale which means the original buyer has defaulted in payments and will owe their lender money at closing when it sells. The owner paid $30,000 for this one unit but he paid $203,600 for a bundle of units together and divided the units up. My guess is, the price quoted for taxes are being based on the $203,600 price. Although, my calculations would put it at $2,850 give or take, so it still seems a bit high. Taxes are based on sale price so the good news for you is, if you pay $10,000 for this unit, your taxes would most likely be around $140. I have included a link to the listing of this property below and would be happy to inquire about the taxes and any other questions you might have.

http://tmf.mfr.mlxchange.com/?r=1190656612&id=3339363239…

My best,
Terri

Teresa M. Fellows
Broker/Associate
Waterside Realty LLC
941-350-4297
tmf4257@mac.com
http://www.floridawestproperties.com
0 votes
Bill Eckler, Agent, Venice, FL
Mon Jan 5, 2009
Sharon,

For most people in this location $3,500 would not be considered an excessively high tax. We realize this is subjective and relative to an individuals personal reference points.

This tax amount is probably base on the real estate value for the property of approximately $250,000 to $300,000.

This is a great location and super value. There are currently over 1,700 short sale and foreclosure homes in Sarasota County that represent huge savings for today's serious buyers. We would be happy to share them with you at no cost or obligation. feel free to contact us.

Best regards,
The Eckler Team
Michael Saunders & Company
billeckler@michaesaunders.com
941-408-5363
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