People moving to Florida often complain that the taxes are high. At least the majority of them. Then there are always people who say it is low compared to their place, so we are not the cheapest, but not the most expensive.
However, we need to keep in mind that the State needs money and they get it one way or another. So, if something is much cheaper in other places, the State has the way to get that money imposing some other fees or taxes.
People, who come from the Carolinas brag about their very low property tax, but do they really pay less than in Florida? In both South and North Carolina if you make between $50,000 a year, your tax rate on every dollar on income earned is 7% and you will pay to the State $3,500. Add it to the low property tax, and you may notice that you can afford a luxury villa in Florida.
Property tax in Florida is set by Counties and cities and is not unified throughout the State. Millage rates vary from County to County and average just over 20, meaning that your property tax would cost you approximately $20 per $1,000 of value.
You can check you millage rate at Property Appraiser's office, as well as your taxable value, which is usually very different from the market value. Your rough calculation of the Property tax would be your taxable value divided by 1,000 and multiplied by the millage rate. For example, if you bought a home for $350,000 and your taxable value is $300,000 and your millage rate is 20, then you take 300,000 divide by 1,000 and multiply by 20. You tax is $6,000.
In the next installment we will look at homestead and Save Our Home exemption
Jon Zolsky, your Daytona Beach connection