Calculating property taxes?

Anonymous · ‎07-06-2020

I am looking to buy my first home later this year, around Oct or Nov. I was browsing around different sites and calculators to try and estimate what my monthly payment would be, to get an idea of the range of house I could buy.

My question is around property taxes - are the amounts listed on Zillow accurate? I am really confused, because even though I am looking at houses in a similar price range, the annual tax amount varies wildly. Here are some examples that are all from 2019 tax year, and these are all within the same county:

House #1: $220k purchase price / $1346 annual property tax / $114,517 tax assessment

House #2: $225k purchase price / $3389 annual property tax / $111,978 tax assessment

House #3: $235k purchase price / $5411 annual property tax / $176,379 tax assessment

House #4: $255k purchase price / $2230 annual property tax / $162,856 tax assessment

I know that there are some exemptions people may qualify for, is that why the numbers are so different? I was thinking I could just take a flat % of the purchase price to estimate yearly taxes but that doesn't seem to be it. Should I just assume every house would be $5k annually until I see a realtor for more accurate amounts?

I am in FL in case that matters.

Thank you!

Anonymous · ‎07-06-2020

@Anonymous Being in Florida what you are seeing could possibly be CDD fees (Community Devolopmet District) in addition to regular annual property taxes. From Zillow you can typically access the local county tax appraisers website and dial down the costs to see exactly what is included.

Hope this is helpful.

EDIT: I just purchased a home in Florida and as I was looking I found the same thing. Some neighborhoods had CDD fees and they ranged from $800/yr - $3500/yr depending on the neighborhood. They also can last as long as 30 years before they are paid off. Some CDD's can be purchased outright.

I am by no means an expert in this, just sharing what I have found.

Anonymous · ‎07-07-2020

I think that might be what it is. I checked the county website for the $5k home and it gives this breakdown:

Ad valorem: $3,214.15

Non ad valorem: $2,197.00

So I am guessing maybe the CDD fees are included in the non ad valorem. Thanks so much that was very helpful!