figuring my payment out

Hi Silentneko,

Welcome to the forums.

I have got some information, let's hope that will help you.

The annual homeowners insurance premiums vary from one insurance provider to another. The premiums on homeowners insurance depend upon the policy you apply for and the coverage you get. I have a friend in Florida who is currently paying $870 as the annual premium.

Generally, homeowners insurance policy offers protection against your home including personal items, protection against claims made by others against you and at times, there is an optional coverage for flood damage.

For the average property taxes, you can go through "http://www.boston.com/news/local/massachusetts/articles/2007/01/02/property_tax_chart_by_town/"

Thanks,

Sara

ok while I appreciate the info the site you gave me was not found, and it was for boston local?
where in florida does your friend live cause there is a huge difference between areas.
thanks again

Hi Neko,

If you are planning to purchase a home in Florida, you need to pay the property tax based on the taxable value of the property. Property tax is assed by the county appraiser and collected annually by the county tax collectors office.

A $25,000 homestead exemption is available to homeowners meeting certain requirements like

• 
  He has the legal title to real estate.
  
• Has the age 65 or more
  
• Household income is not more than $23,463.00.

I think the currently the millage rate is 18.47% on the taxable value. It is better to make a call your county property appraiser for details.

Thanks

In Florida, the tax on real property or Ad Valorem tax is based on the just or fair market value of the property. The taxes are assessed and collected on an annual basis by the county property appraiser.

ok so let me see if this makes sense to you guys.

lets assume that I get a 200k mortgage at 6% which is about $1200 a month

"I think the currently the millage rate is 18.47% on the taxable value. It is better to make a call your county property appraiser for details."

so if I am correct that makes my taxes somewhere around $3700, which sounds very high, but whatever.

then lets assume my insurance will be atleast $1500 a year.

so then this makes my monthly mortgage payment around $1635.

does this sound right?

Hi Neko,

To me, your calculation is looking absolutely right. And yeah, yearly ad valorem tax around $3,700 sounds too high. But, we have to pay.

But there are chances to minimize it. Just by availing homestead exemption we can reduce the assessed value. Florida constitution provides a large tax preference for owners of homestead property through the homestead exemption and save our homes assessment growth limitation.

If you apply today for homestead exemption, and the value set on the home worth $200K with $25K homestead exemption the taxable value is 175K. Suppose, in next year that is in 2008 the value of the home rises 15% to $230K. However, due to SOH (Save our Homes) cap, the assessed value can rise not more than 3% to $206K. Applying the homestead the taxable value is $181K. And you accrued $24K under the SOH cap that is not taxable. This way you can save hundreds of $'s as property tax every year.

Thanks

Hi Silentneko,

By mistake I have given you a wrong value of the insurance premium. Actually it will be $1870 a year and not $870.

Thanks,

Sara

thanks guys, I forgot abouth the 25k exemption, and if the new govenor has his was it will soon be bumped up to 50k.

ok so your friend pays $1870 a year, which may be high for here, or really low for south florida. where is she located.

because I don't know what it will be I've been just doing an average calculation of $1500, when I use online mortgage calculators they always assume that insurance will be 0.5% of the value.

thanks again

Hi Silentneko,

My friend is located in Panama City.

Thanks,

Sara