Is property tax high in Orlando Florida?

Answer 1

I'm looking at MLS listings in Ococee and Windermere, just outside Orlando, in Orange county. I'm looking at homes priced just under $300,000. The listed taxes are running $5,000 to $7,000 per year, to me that is very high. I'm not sure what these homes are taxed accessed at but due to all the foreclosures and short sales, I would say that reassessments will be forth coming. If it is your primary residence you can apply for the homestead exemption. It is, at a minimum, a $25,000 deduction from a home's assessed value as determined by the county property appraiser. Take the home's assessed value, subtract $25,000, and apply the local millage rate to calculate the property taxes due. They are now offering " beginning 2009 I think " an increased homestead exemption of an additional $25,000 will be applied to homes worth at least $75,000, though the second $25,000 exemption does not include school tax deductions. Homes valued at $50,000 or less will receive a $25,000 exemption. Homes valued from $50,000 to $75,000 received a prorated deduction beyond the initial $25,000. There is no separate application for this new and additional exemption, and new homeowners who apply for the traditional homestead exemption before March 1 will automatically receive the savings. The same is true for long-time homeowners. They will receive the additional homestead exemption automatically if their home has an automatic homestead status renewal. No action is necessary.

Sherry,

Crystal Coast North Carolina