I need help, let's say I buy a property in Finles County, Florida and the current taxes are 1200…
I need help, let's say I'm buying a property in Pinellas County, Florida and the current taxes are $1200 a year, the last sale was over ten years ago, and I'm paying 4x the last sale price, will the property taxes also go up 4x? I did a tax estimator on the district's website and it shows that the taxes will be 7000 dollars according to the new purchase price. It makes sense that the tax on the property will jump by more than 400%? Thanks to the answers.
What is the expected purchase price?
There are states where you know exactly how much Tax each house pays. Like Texas for example. Not sure what Florida is, but taxing is pretty significant on every purchase and I would use a realtor / anyone else to help you understand for sure. There are also states where taxes are fixed. Like California. You will always pay tax based on the price you bought. Unlike Texas, for example, as the value of the house increases (if it goes up / down), the tax changes accordingly. for better and for worse. That's why states like California have Rent Controll and Texas for example doesn't. But that's another issue already
It may be drastic. But 7000 sounds a little exaggerated. Look for comps in the area sold before the last tax cycle in the price range you are looking at and see what value the tax assessor spent on them and what taxes they calculated
Hello, if you are not a US citizen who buys for residential purposes, then your tax calculation will be (roughly calculated) approximately 2% of the purchase price with an annual increase of approximately 8%. I'd love to help guide you in the state of Florida.