MIA home property taxes?

chinoxs203 · 01-06-2009, 09:22 PM

how are the prices of home taxes in MIA? in CT each town can differ significantly by thousands. Curious about moving to MIA. I have been saving up for a while with rent free home. I have a good job here now but looking for a change.

gravediggingaditch · 01-06-2009, 10:45 PM

in addition - might want to look into issues re: insurance . . . . its a big cost for homeowners down here because of hurricanes.

Dillusion · 01-07-2009, 12:06 PM

Everything in Miami is expensive. The cost of living is insane. Events, grocieries, going out, taxes, insurance (Mainly due to floods and hurricanes) is all insane!

Whostheboss · 01-07-2009, 12:13 PM

Where in CT do you live

chinoxs203 · 01-07-2009, 12:20 PM

Quote:

Originally Posted by Whostheboss

Where in CT do you live

new haven area..

property taxes on a home i could afford would be close to 6k/yr + insurance which i know would be much more in FL but was curious how their property taxes fair with out calling a MIA based insurance company.

Whostheboss · 01-07-2009, 12:23 PM

I think i've seen you one time...... I live in New Haven by the light house. 6k for Tax? Wow what is the size of the property you are looking at? New Haven is generally lower on property taxes compared to like West Haven

MAZNG · 01-07-2009, 04:34 PM

Like others have said... Cost of living in the 305 is quite high. Broward county (Hollywood, Ft. Lauderdale, Sunrise, Pompano beach, etc) are a bit better as far as HOI, INS, & Taxes, but not by much.

HOI is much lower for newer homes (1-5 years) and has come down in the last two years, but still expect to pay a couple of grand (plus $300 for Flood insurance in most areas). My HOI went from $7600 in 2006 to $1300 in 2007 and $1450 for 08. I reduced some coverages, but as you can see, it went down to a reasonable amount. My home is 4 yrs old, monitored alarm system, hurricane shutters, and no pool.

A house valued at $500K in most areas of Miami will run you $9,500 in property taxes annually if you have Homestead exemption and aren't on a ocean front/ access lot. You'd have to be closer to a house valued at $200-250K to pay $6K in taxes. WHich you can actually find nowadays with all of the foreclosures we've been having down here.

Keep in mind though, banks are being EXTREMELY careful at loaning money and are asking for as much as 40% down in areas with higher default rates than average (I know this for a fact as we lost a buyer to our house recently because of this fact - BUYER had excellent credit, 20% down, etc. and two banks told him they would only finance 60% of appraised value).

Your best bet, (if you're set on moving to Miami) is to rent. There are great deals going on right now on nice homes in good areas.

GL

chinoxs203 · 01-07-2009, 06:51 PM

thanks a lot for this info. thats some crazy insurance rates you had back in 06. i expected the HOI to be higher then what it is up here and the taxes could be right about the same but like you said depends on location and and county. maybe it would be smart to look outside of miami and build up some equity.
i have already been pre approved up here for much more then i would want to spend, i dont know if that influence any banks down there.

and the whole trying to find a job thing in another state worries me.

01-06-2009, 09:22 PM	#1
chinoxs203 Major 129 Rep 1,368 Posts Drives: 08 E92 335xi AW Join Date: Oct 2007 Location: CT iTrader: (7)	MIA home property taxes? how are the prices of home taxes in MIA? in CT each town can differ significantly by thousands. Curious about moving to MIA. I have been saving up for a while with rent free home. I have a good job here now but looking for a change. __________________ FOR SALE: Dropbox - please
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01-06-2009, 10:45 PM	#2
gravediggingaditch Lieutenant 21 Rep 425 Posts Drives: '08 e92 Join Date: Apr 2008 Location: Miami iTrader: (0)	in addition - might want to look into issues re: insurance . . . . its a big cost for homeowners down here because of hurricanes. __________________ BMW 335i - e92 Ordered: 4.23.08 Picked Up: 6.19.08 Blk Saph, Black Lthr, Alum, 230s, Man, Prem Pkg, Sprt Pkg, Navi, Prk Dst, CA, iPod, Cstm Pedals, Pntd Reflctrs, GP Thundrs, 30% Huper Optik Tints / 60% Wndshld, Euro Fogs
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01-07-2009, 12:06 PM	#3
Dillusion is ross 26 Rep 190 Posts Drives: E90 Join Date: Nov 2008 Location: South Fl iTrader: (1)	Everything in Miami is expensive. The cost of living is insane. Events, grocieries, going out, taxes, insurance (Mainly due to floods and hurricanes) is all insane! __________________
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01-07-2009, 12:13 PM	#4
Whostheboss Captain 426 Rep 841 Posts Drives: a 9incher Join Date: Aug 2008 Location: No. Virginia U.S.A. iTrader: (0)	Where in CT do you live
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01-07-2009, 12:23 PM	#6
Whostheboss Captain 426 Rep 841 Posts Drives: a 9incher Join Date: Aug 2008 Location: No. Virginia U.S.A. iTrader: (0)	I think i've seen you one time...... I live in New Haven by the light house. 6k for Tax? Wow what is the size of the property you are looking at? New Haven is generally lower on property taxes compared to like West Haven
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01-07-2009, 04:34 PM	#7
MAZNG I found Jesus...He was Hiding behiind my Sofa 75 Rep 957 Posts Drives: '15 MW F82 Join Date: Jun 2006 Location: SoFla iTrader: (14)	Like others have said... Cost of living in the 305 is quite high. Broward county (Hollywood, Ft. Lauderdale, Sunrise, Pompano beach, etc) are a bit better as far as HOI, INS, & Taxes, but not by much. HOI is much lower for newer homes (1-5 years) and has come down in the last two years, but still expect to pay a couple of grand (plus $300 for Flood insurance in most areas). My HOI went from $7600 in 2006 to $1300 in 2007 and $1450 for 08. I reduced some coverages, but as you can see, it went down to a reasonable amount. My home is 4 yrs old, monitored alarm system, hurricane shutters, and no pool. A house valued at $500K in most areas of Miami will run you $9,500 in property taxes annually if you have Homestead exemption and aren't on a ocean front/ access lot. You'd have to be closer to a house valued at $200-250K to pay $6K in taxes. WHich you can actually find nowadays with all of the foreclosures we've been having down here. Keep in mind though, banks are being EXTREMELY careful at loaning money and are asking for as much as 40% down in areas with higher default rates than average (I know this for a fact as we lost a buyer to our house recently because of this fact - BUYER had excellent credit, 20% down, etc. and two banks told him they would only finance 60% of appraised value). Your best bet, (if you're set on moving to Miami) is to rent. There are great deals going on right now on nice homes in good areas. GL __________________ ///M South Car Club on Facebook
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01-07-2009, 06:51 PM	#8
chinoxs203 Major 129 Rep 1,368 Posts Drives: 08 E92 335xi AW Join Date: Oct 2007 Location: CT iTrader: (7)	thanks a lot for this info. thats some crazy insurance rates you had back in 06. i expected the HOI to be higher then what it is up here and the taxes could be right about the same but like you said depends on location and and county. maybe it would be smart to look outside of miami and build up some equity. i have already been pre approved up here for much more then i would want to spend, i dont know if that influence any banks down there. and the whole trying to find a job thing in another state worries me. __________________ FOR SALE: Dropbox - please
	Appreciate 0 Quote