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Florida: Disneyworld, Alligators and For Sale Signs

By
Real Estate Agent with Hawaii Military Realty, Inc.

Wow!  I couldn't believe the amount of homes for sale over there.  The steel industry is going to flourish as they keep up with orders for new signs.

Every street has at least one house for sale.  Okay maybe you will find a street without one but chances are there will be one.  Why is that?  I went to visit a realtor in New Port Richey which is in Pasco County.  I asked him why so many homes for sale.  He explained that it has a lot to do with the current market conditions but another major contributing factor is that the property taxes and insurance costs are the highest in the state. 

There is one other thing that he explained to me that I thought was very different.  When someone purchases a home, they will pay taxes on the home for as long as they own it based on the amount that they paid for it.  When the home is sold, the new owner will pay taxes on what they paid for it.  There are a few more calculations involved (save our homes deductions) but I don't understand that enough to want to get into that.

I was curious to know if anyone elses states operate like that.  Do you pay property taxes based on the assessed value of your property or the price that you paid for it?

Comments (2)

Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645
If would be better for those on fixed income.  It would slow sales for us on properties that have been owned for a period of time.
Jan 07, 2007 04:26 PM
1SG (Ret.) David Kucic
Hawaii Military Realty, Inc. - Ewa Beach, HI
President and Owner
My parents are making out great on their home in Florida....over 2,000 SF of living space, on a lake, inground swimming pool and they only pay taxes based off of what they bought the house for in 1988.  When they sell, the new owners are gonna get smacked with higher taxes.
Jan 07, 2007 04:44 PM