Thursday, September 26, 2013

Estimate Property Tax When Buying Orlando Properties

Did you know when you buy an Orlando home that taxes you pay will be different from what the seller paid?  Yes, that is true.

Any time title transfers from seller to new buyer the property is reassessed at the new tax value, and if the seller was getting discount on their property for being a longer term owner, homestead, or other exemptions, you may not be eligible for the same.  When a home buyer starts their Orlando Home Search, and needs to know a quick calculation regardless of specific property, I have 2 suggestions:

1) Take the Sales Price X 1.25% = Estimated Annual Tax

***This method is used by mortgage brokers.

2) Calculate (Sales Price X 85%) X 1%   = Estimated Annual Tax

***This method is used by County Property Appraisers.

Once you start to narrow down a property, you can visit the specific county Property Appraiser website and use their "tax estimator" for more exact define estimate.  See Orange County Tax Estimator or Seminole County Tax Estimator.  Lastly, you also could call the county Property Appraiser and provide the property tax identification number and will provide you an estimate as well.

We offer all our buyers tips to analyze and compare properties so they are not left in the dark regarding options.  If you need the assistance of an Orlando Buyers Agent, we are a quick email or phone call away.