Things to know about Florida (just in case
you’re moving here for the first time).
There are two residential property tax structures;
one for full time residents, also known as Homesteaders, and non-residents, affectionately know as Snow Birds.
If you are a full time resident, you will be eligible for the Homestead Property Tax Exemption of $50,000 off your
assessment and it limits the increase in your property assessment to 3% per year to a max of 10%, but that increase does not
include school millage.
Part-time residents, as it is written, will have an increase limitation
at 10%, with legislation in the works to decrease it to 5%. You do not get the $50,000 exemption. You must have established
a Florida residency to take advantage of the Homestead exemption.
As a rule of thumb, multiply
the assessed value by 1.6%. So, a hundred thousand dollar home should cost $1600 per year in property taxes. If you’re
a Homesteader, you can take $50,000 off and pay taxes and that amount.
Like all State’s,
there are exceptions to every rule, such as a millage increase that may raise your property taxes. We all live with taxes
regardless of where we call home, so one advantage Florida has is no State income tax on wages that, depending on where you’re
from, can save you up to 7% per year.
Property Insurance. This is a touchy issue for some, but
the bottom line is; the newer the home the cheaper it is. Typically, a home built 2002 or newer with about 1800 square feet
of living area will be $650-$750 per year. This includes wind damage from those all so pesky hurricanes. (Personally, I’ve
been through nine hurricanes and numerous tropical storms since 1960 and have not had one claim for damage; two have been
major category 4) This is not to say they aren’t dangerous, but the likelihood is small to have damage.
If your home has a pool, add about $200 per year. If you’re in a flood zone, that will cost about $400 per
year.
Sales tax is currently at 7%.
The following is for fun.
Don’t swim in the Gulf. If you need to know why, visit Mote Marine in Sarasota.
Don’t
swim in a canal. Despite the rumor that alligator’s only feed in the dark, they will bite you if you kick them in the
head in the bright sunshine of the day.
To become a resident, you must be able to pronounce the
following words: Okeechobee, Kissimmee, Ichnatucknee and Withlacoochee.
