With so many new buyers in the market today, and property values decreasing, we like to be able to provide our buyers with an idea of what their upcoming property taxes will be.
Property taxes here in Brevard County Florida are paid in arrears. Property tax bills come out at the beginning of November for the current year. So, in November 2009, your property tax bill will cover January 1, 2009 through December 31, 2009. The bills will be based on values from January of 2009.
Today, buyers should be aware that the current taxes on a property are based on a January 2008 property value.
For an estimate of what upcoming taxes may be, the Brevard County Tax Assessors office best advice is to go to the property tax estimator on their website. Find the millage rate for the city where you are purchasing, and input the price of the home you are buying. This will give you an approximate value of what your upcoming taxes may be.
Now, be aware if you are going to occupy the property as your primary residence, you may be eligible for homestead exemption. But you will need to file prior to March 1, 2010. This could give you an approximate savings of $450 on the first $25,000 of taxable value of the property and an approximate $240 exemption on the next $25,000 taxable value of the property.
This article is authored by
Sandy Shores Realtor, Melbourne FL Real Estate
Brevard County Real Estate & Investing
Palm Bay Florida Real Estate News
I buy, sell, rent, own and manage Brevard County real estate.
that for you
It is a good idea to give them an idea of property taxes. Good post.
Great Post. We get an estimated tax bill in September which gives us a good idea of what to expect for november. We also pay our taxes in arrears here in Pasco and I believe that it's a state wide thing in Florida.
This was great information for people.
Sandy, providing folks a link to the estimator is VERY helpful. Many Realtors even are unaware of where to get this information. But not the really good ones like YOU!!
Hi Sandy
Outstanding information regarding the Florida picture, thanks for sharing.
Good luck and success.
Lou Ludwig
Gita, So important. We like to have them call an insurance company before we write their offer to be sure we know what estimated insurance will be, also.
Micheal, Yes, that's true. An estimated bill is mailed out earlier to give you an idea of what taxes will look. Thank you!
Hi Gary, Thanks! I think it's our responsibility to be certain that buyers have all of this info.
Lou, You're welcome. We get so many questions on taxes. And we should be providing this info to our buyers upfront, so they know what to anticipate - nop surprises.