Sarasota real estate taxes
I am often asked "How can properties right next door to each other have such vastly different tax rates?" or Can you find me a Sarasota home in my price range where the taxes are lower?
This is probably one of the most confusing issues to Sarasota home buyers. They see one condo unit with $1,000/year taxes, and another with $3,000/yr taxes - but they are the exact same unit. The natural inclination is - I'll take the one with lower taxes! Unfortunately, it doesn't work like that. Here in Florida, your tax rate is established when you purchase a property, and is based on a formula including assessed value and purchase price. Your taxes, the first year, set your baseline. Tax increases or decreases operate along this baseline.
In other words, if Condo A was purchased 10 years ago for $100,000...and Condo B was purchased last year for $300,000 - even if they are the exact same unit, the taxes on Condo B will be approximately 3x more. So when you are looking in a particular price range, your taxes will be essentially the same no matter what you buy.
The only exception in Sarasota is if you are in Sarasota proper, where city taxes apply in addition to county taxes.
A Sarasota Buyer Agent can help you wade through taxes, fees and confusing MLS information to find the right property for your needs and budget - give us a call !
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