Lake Tohopekaliga Topics: raised my price

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	Name:	Tallyman -
	Subject:	raised my price
	Date:	6/8/2006 2:13:52 PM

Here is a little something to consider from the Florida angle, as I see it here in Tallahassee.

First, in Florida a homeowner gets a homestead exemption on his primary residence and the property assessment is limited to 3% per year. You can only get one homestead exemption. If you buy a vacation house on the coast, you may expect the assessment, and therefore the property tax, to increase substantially each year. For instance, a fellow Tallahassean bought a vacation home in Mary Esther for $450,000 three years ago. The next year his waterfront house was assessed for $700,000, and the next for $900,000. He expects it to be over $1,000,000 this year. He will be paying about $8,000 per annum in property tax. The property tax on my residence in Tallahassee will be $3,000 this year. The property tax on my little condo in Stillwater, which is worth more than my residence, is $1,000, and there is a four year limit on assessments in Alabama, I think.

Second, it is unlikely that a commercial insurance company will insure your house on the coast so you will have to get it from the state sponsored Citizens Insurance Company, which by law must charge premiums that match the highest commercially available premiums in the state. On a million dollar piece of property think $18,000 (for property you purchased for $450,000).

Those are two of the many reasons I drive all the way from Tallahassee to enjoy Lake Martin. Other Floridians are figuring this out also. So LM property must rise like a pre-hurricane tide!