Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Florida, where I lived for 20 years as a property owner really keeps property taxes low if you make application as a senior and it is your homestead (you are not a snowbird IOW).
Also consider that most newer homes are in HOA's and they can raise fees considerably. My relative did a lot a homework to figure out his and his wife's financial retirement plan (spreadsheets), he spoke to the HOA board to make sure they were not the "spendy" type but about 5 years after building their home and moving in their HOA fees went up considerably because the current board (voted in every year) decided to spend big money on new projects.
Look carefully at what amenities a community has because those cost money. Golf course $$$, pools $, large community centers. People on HOA boards are much worse than county commissioners when it comes to increasing cost burdens to homeowners because they are non-professionals who have no laws preventing them from spending money that the homeowners have to pay for for many years to come.
Florida, where I lived for 20 years as a property owner really keeps property taxes low if you make application as a senior and it is your homestead (you are not a snowbird IOW).
Also consider that most newer homes are in HOA's and they can raise fees considerably. My relative did a lot a homework to figure out his and his wife's financial retirement plan (spreadsheets), he spoke to the HOA board to make sure they were not the "spendy" type but about 5 years after building their home and moving in their HOA fees went up considerably because the current board (voted in every year) decided to spend big money on new projects.
Look carefully at what amenities a community has because those cost money. Golf course $$$, pools $, large community centers. People on HOA boards are much worse than county commissioners when it comes to increasing cost burdens to homeowners because they are non-professionals who have no laws preventing them from spending money that the homeowners have to pay for for many years to come.
Actually, you can be a snowbird, or a "sunbird" if that's what you prefer to call it, and still have your Florida home as your primary residence and your "homestead". You just can't have more than one property as a primary residence. You need to pick one. Many people have two homes (or more) with the home in Florida as their primary residence. Perfectly legal.
Florida, where I lived for 20 years as a property owner really keeps property taxes low if you make application as a senior and it is your homestead (you are not a snowbird IOW).
Also consider that most newer homes are in HOA's and they can raise fees considerably. My relative did a lot a homework to figure out his and his wife's financial retirement plan (spreadsheets), he spoke to the HOA board to make sure they were not the "spendy" type but about 5 years after building their home and moving in their HOA fees went up considerably because the current board (voted in every year) decided to spend big money on new projects.
Look carefully at what amenities a community has because those cost money. Golf course $$$, pools $, large community centers. People on HOA boards are much worse than county commissioners when it comes to increasing cost burdens to homeowners because they are non-professionals who have no laws preventing them from spending money that the homeowners have to pay for for many years to come.
We have a few of those here. I assume they're Florida residents and claim homestead there because their vehicles have Florida tags.
Were it gets dicey for them is that it's not unusual here for the assessed value to go up 50% or more over the three year cycle and they're on the hook for the whole amount without the Maryland exemption (so are rental and commercial properties). You know, I think I'm going to check what the Owner Occupied status for a couple of them are.
I'm back. The ones I checked do not claim Owner Occupied here. So the tax advantage for claiming there must be better than claiming it here.
In Nevada property taxes cannot go up more than 3% a year. It also figures age of the property into the formula so the older the property the cheaper the taxes.
Part of our retirement strategy was low property taxes. I think we accomplished that since ours is $60 a year for our oceanfront condo.
Spoiler alert: not in the U.S.
Since I filed for the senior homestead, mine is now $0 per year. It was always very low to begin with. This is for a single family home, 1560 sq ft.
It's an old house but comfortable for me, in a decent neighborhood, close to the bus stop, very walkable to local eateries and mom and pop stores downtown in a small town. The only reason I'm saying this is because one doesn't need to move to another country unless that's what they really would enjoy doing for affordability. Every state, every county in this country is different as far as property taxes go, and general affordability.
Last edited by marino760; 05-08-2024 at 02:29 PM..
When we bought a home in FL in 2014 its taxable assessed value was very low because the sellers had a Homestead Exemption which kept a 10% cap on yearly increases. However, the sale of the property makes it subject to re-assessment to FMV, so we saw the taxes on that particular house more the quadruple for us! We did not have a prior Homestead in FL to transfer to this house, so we were on hook for the Big Jump. After establishing our Homestead for the following tax year we were protected by the 10% cap on Homestead properties.
Happily, when we bought a home in AZ in 2023 we found out that their 5% limitation applies even to houses sold. While the 'real' value of our home increased substantially, the value subject to tax only went up the max. allowed of 5%
NM limits increases to 3% per year for your primary owner-occupied property. There is also a property tax cap for those over 60, but it is means tested with a very low max MAGI of $18K.
And the “lightning tax” will kick in when the property changes hands. If the prior owners were there for many years, they’ll have benefitted from those capped 3% increases. When the new owner purchases, it resets at FMV. So, if you see low property taxes on an online listing, beware.
Many states senior homestead exemptions come with an income limit for eligibility. Lots of folks won't be eligible.
Florida's property taxes and HO insurance are going up, I imagine with so many eligible seniors in the state the bulk of their tax base is spread among those not eligible, probably making the taxes for those non-eligible even higher to make up for those who are. I mean the money has to come from somewhere. But now quite a few LI seniors in FL are finding the HO insurance has gone through the roof and even the "insurer of last resort" insurance sponsored by the state is too expensive, so even without property taxes, their budgets are strained.
Florida has a max of 3% increase per year in property tax for any "homesteaded" property. Basically, this is a property that you own and live in as your primary residence.
"In Florida, a homestead property refers to a primary residence that is eligible for property tax reduction and other benefits associated with the Florida Homestead Exemption1. To qualify, the property must be the homeowner’s primary residence and the homeowner must hold legal title to the property."
Is this in addition to the regular Homestead exemption you can get?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
