Great Salt Lake Topics: Florida Taxes

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	Name:	GoneFishin -
	Subject:	Florida Taxes
	Date:	5/5/2006 12:20:30 PM

Taxes in Florida are great for a resident. No income tax. Property tax is designed to cap it for residents as follows:

Homestead exemption $25,000 off the assessed value

Assessed value for taxes can only increase a maximum of 3% per year

Property in our county, and I assume statewide, is assessed initially for 90% of the sale price

Taxes in our county are $1.00 per $100 of assessed value.

A home purchased in 1998 for $100,000 will be assessed in 2006 for $$82,000 with a tax bill of $820. The market value is currently around $500,000. A new buyer would be assessed at 90% and would pay taxes based on $450,000 or $4,500.