Watch: Property Tax | $340,000 HOUSE paid 80% more property tax HOW COME? | Real Estate Orlando FL 2024
16 views Apr 16, 2024 UNITED STATES
Home Price $340K, Property Tax $4,253 ($2,390 last year) | Real Estate | Orlando, Florida Home
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PROPERTY TAX & HOW MUCH DO YOU HAVE TO PAY
QUESTION: If you purchased a house for $340,000 in 2022, how much do you have to pay the property tax for the year of 2023 by March 31, 2024?
ANSWER: $4,253.05 for 2023 property tax instead of $2,390.41 as the previous homeowner had to pay for the year of 2022.
WHY? Almost 80% increased?
His/her/their property tax was based on the county tax appraisal department calculated after he/she/they purchased the property in 2016 at the price of $175,000 and increasing year after year in a cap of 3% (he/she/they had homestead exemption of their property)
OPINION: The county tax department appraises the property price to be taxed is based on the market value which is usually close to/very close to the price you paid for the house. So, be prepared for the large chunk of money to pay for the upcoming year property tax if you purchased/will purchase a house in 2023 or 2024 from a long-time homeowner.
The following information is the facts from one of the properties Sale Information in 2022 at the price of $340K and taxed on Mileage Rate of 15.4578.
PROPERTY INFORMATION
3716 R. W. Dr.
Living Area: 1,389 sqft
Gross Area: 2,054 sqft
Year Built: 1992
Bedroom: 3
Bathroom: 2
Floor: 1
Lot Size: 8,823 sqft (0.20 +/- acres)
SALE INFORMATION
$25K 2/5/1992 (Multiple Parcel, Vacant) …………….
$87.4K 5/29/1992 (Mercedes Home Inc. to PW, PL)
$94.5K 8/13/1996 (PW, PL to TG, TD) ……………………….
$175K 8/27/2016 (TG, TD to RH, GK) ……………………….
$340K 4/6/2022 (RH, GK to LB, RG) …………………………
PROPERTY TAX
2020 $2,335.80 HX CAP 25K + 25K
2021 $2,349.87 HX CAP 1.4% 25K + 25K
2022 $2,390.41 HX CAP 3.0% 25K + 25K
2023 $4,253.05 HX 70% 25K + 25K
NOTES
sqft – square feet
K – 1,000
HX – Homestead Exemption
HX CAP – Homestead Exemption and Cap
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