Yep, it works. I lived in the panhandle and then relocated to the Tampa area and ALL those exemptions followed me to Tampa, but you HAVE TO REAPPLY in your new county as you said Rusty by the deadline stated. My initial taxed value on the new home in Tampa was $314,000 now that ALL my portable exemptions have kicked in, my current home taxed amount is $112,000, a HUGE reduction.
Thanks for the info, we moved to the villages March 2023. I was convinced Florida is much higher in all aspects of cost of living. I have slowly come to realize Florida is not that much higher than Tennessee. Once we start factoring in the quality of all the opportunities the villages offer suddenly the villages seem like a bargain. Hopefully as time goes by we will participate more and more. The majority of folks here in the villages are some of the nicest people you will ever meet. I am sure it has something to do with majority of people are in the same season of life. Thanks again!
Rusty these state maps are great for a visual of Tax “Friendly” states. My state of Maine shows high $$ on every map! We know our costs are draining on the budget, but now see just how much by comparisons! Florida & Tenn are the Friendly states. Btw last year Maine launched a similar Portability Homestead. So many applied they Cancelled the program! Thanks for pulling this info together!
Moved here from SC last year, prior to that I was almost 35 years in NC. House taxes were a little less, never had a bond before but had HOA fees which didn't include a fraction of the things we have to do here in the Villages. Home insurance was less but not a great deal. Sadly, there are negative nellies everywhere. Over 65 exemptions were available in SC, not in NC unless you were in a very low income level.
Thanks, Rusty! I love your analytical approach to these important topics regarding The Villages. I have been studying my move for the past few years and still have a couple years to go. Videos like this are so very helpful. (Moving to TV from Colorado)
When I lived in FL (for just under 60 years) I used the portability. It is easy, just file for it when you file for your new location. I had moved from a single-family home where I had been for 22 years to a townhome community with a CDD. We had no bond, but a small CDD payment at the end of each year. One restriction our community had, that I appreciated was a limit on rentals. Anyone who purchased a townhome had to own it for a full 2 years before it could be rented out, and then the rental had to be for at least 1-year. I relocated from FL to GA to another single-family home in the mountains. Property taxes here are extremely low, because GA offers great senior exemptions on property taxes. I do not make a huge income, so I pay no state income taxes. I pay a tad more for my homeowner's insurance, but instead of hurricane worries up here we have forest fire worries. It is the older homes in FL that see the really high insurance increases, even back in 2011 I was paying $1600 a year because my concrete block home was 5 miles from the beach and over 20 years old.
Thanks for bringing this portability to light. I really don't think a lot of people know about. If you are coming from a state with NO homestead exemption, those chances are even higher. I implore your viewers to read it and REREAD it until they understand or find someone who can explain it to them. It's a great benefit in Florida, especially if you are moving a lot. Thanks Rusty!!
Thanks for sharing. Yes the homestead can apply to people coming from out of state but the portability as far as I know only applies to instate transfers. Subscribe Button for new videos: bit.ly/3aToJ3H
Portability, homestead exemption, off At 72 I just got my 2nd homestead exemption this year. (Bought my first house at 20 in the 1970, it was less back then--alwats been exceedingly modest, but my house cost $25k and a cottage a black from , Babe Zaharis golf course. Okay it's standard my 1,020 sq.ft house 13 yrs ago bought fir $75k (every builder alive it seems wants to buy my "lot" for $480k.) The homestead exemption is flat $25k valuation. So since I haven't built on., dug a pool or put it up for refi or Dale, Hillsborough County property taxes go up the allowable 3% max per year, so I pay around $600yr. On a valuation of like $64k deducted from my $75k purchase + a tiny bit more each year it increased (if there us no millage rate increase, it doesn't skwTs go up. Okay uniquely. We get an extra $25k off in the year you turn 71 years old= total if $50k value is reduced on my homestead reduced it quite a bit, affordable if retiree an ssa. If * sell. Or build in bigger. Reappraisal! Do anyway I never could afford the rent now ANYWHERE. Now that is not in the cure. Ni graduated scale. If you exempt your property taxes in the house you live in. It's same $25k reduction. No waiting. Price irrelevant if you move to beach or downtown. In a $1.2 million mansion. Who cares, if they reduce your property taxes by $25-59k or not on that amount of value. The moment you buy here, you get the one house you live in only...exempted. My homeowners went from $1,500yr. In 2020, up, up. Up to $12,000 My house is paid off, I dropped my policy. Gangsters. After two companies left without aying a claim. Criminals--they can shove it. You can hack apply from purchase date a year. It goes by that. You don't get a reappraisal to deliberately increase it. Profit on the sale of a house--you must reinvest it in another primary residence. Or simply pay federal income tax on it. My filing for homestead exemption was part of my closing in 2012. ONCE. and they know when you turn 71.
Thanks for the info., Rusty. I'm in N. FL and after living in my house for 35 years and making no insurance claims during that time, I'm now happily self-insured. I always had a pretty large deductible all those years, so I mentally feel like, "Why not self-insure?" I'm not on low-lying ground and 25 miles from any coast.
Great Video! “Tea Cups in the Ocean” refer to the amount of water in a tea cup being emptied into the ocean will have very little impact. So, he’s saying the adjustment would have very little impact on the total number. 🌈 The More You Know…..
Flood zone X in Lutz. Steel roof and house built in 1999. It's a beach house style house (second floor is where you live) on a lake. Flood insurance is around $100 per year. Total insurance is up now $2600 year. The previous rate was $1800 through citizen.
Wow, I've never had an insurance policy in the $1000 range. Been in Panama city since 1985. Current Policy is $5000. Paid 82k in 1992 for my house. Checked around and all the quotes are at least 5k or higher.
Thanks Rusty, Great Information, we just bought a home in Moultrie Creek, closing on 9/27 but won't be moving down til the end of October, so we will file homestead in Jan.
Best of luck! I did my new residency on the 1st of Jan new year so my tax break was clean on the new year. Kept me from filing two state taxes. Made it easy. BUT...wish I had done it a year earlier. Subscribe Button for new videos: bit.ly/3aToJ3H
Nice overview Rusty! I will add to the tax comparison between states that some states are commonwealths, Virginia is one and they tax all residents every year on current value of all property, homes, land, autos, boats, campers, planes, etc. They also tax pensions and retirement account withdrawals. On investments such as municipal bonds in other States they tax as well. Florida does not tax municipal bonds and this is a great benefit for those of us that like investing in them. My overall rate is reduced being Florida. Auto and home insurance is cheaper in Virginia but still does not offset the tax benefits of being in Florida.
Comparing various taxes from state to state is difficult because each state has at least one situation ( dollar thresholds, income levels, exemptions, deductions, etc) different from another state. Rest assured the government will get their share. So live where you’re comfortable and enjoy life.
Hey Rusty, thanks for another great video. I think taxes, retirement friendly is such a complex subject. So much so that I don't think a decision should be made solely on whether or not a state is deemed retirement tax friendly. I think cost of housing, carrying costs, and adjusted gross income are numbers to really work with. For example, Texas on the surfaces seems reasonable. Houses are affordable but property tax and insurance costs are quite high. Florida used to have reasonably priced homes but not so much anymore. My family gave serious thought to purchasing a home in Middleton. We were looking at the Home Run model. The cost of the home was going to be $780k plus the bond of about $51k making the house cost $831k. The insurance was going to be $2900 and the taxes around $8000. We were also looking at a house in California for similar money. The insurance was within $100, the property taxes were within a few hundred dollars as well. Sales tax rate in CA is 7.75 and 7 in Sumter County. I can expect to pay about $2000 per year in income tax in CA. I'm not trying to say one place is better than another. I just think we put a lot of emphasis on somethings that aren't going to affect our quality of life. For reference I live in Nevada and I see what the impact of low taxes has on our area. We have a .50 cent per gallon gas tax to pay for the roads because the state doesn't provide enough local funding to keep up. We have very few police. Shoplifting is out of control. People smoke the stinky stuff everywhere. Our public spaces are quite run down and overrun with homeless. Again we loved Middleton and may have moved there if not for the fact that I have a unique eye condition and Florida won't allow me to drive while almost all the other states will. No place is perfect. Make the choice where you like living the best, stay out of debt and don't worry so much about one place being superior to another. As to Middleton or The Villages maybe one day we too will have a small second place there like so many others.
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Thanks for voting demoncratic and keeping the riff raff in your area, not ours.
Rusty, you need to research Will's vs Trust in Florida and Florida will pay you if you need in home care or independent living care. A video on how Florida loves retirees may benefit many. Thank you for all you do to inform everyone.
The bonds and the CDD are money the contractors have passed off to you as someone who lived in Florida for well over 20 years your bonds and CDD are relatively new, back when I bought my first house there was really no such thing as this the contractors used to put in all the roads on their dime the prices of homes did not go down when they started doing cdds and bonds, the contractor just made more money. Because of home studying my taxes are extremely new I ported over my Homestead in 2022 to a brand new 3-bedroom 2-bath Block House on a half acre and my taxes are only $1,300 a year and I'm only 10 minutes outside the villages so we enjoy your town squares and music often with our children
No the Bond and CDD are not new. They go back some time started by Disney. But that could be considered new I guess. There is a great deal more than just basic infrastructure. There are not too many areas that have the golf courses, gates flowers, upkeep, recreation centers, etc that you have to think of. Just because the bond is not included in the price of the house is NOT a linear reflection of the selling price. There is a great deal packed into the bond. Thanks for coming to the town squares because without outside visitors they could not support themselves. Always welcome...we love it. Subscribe Button for new videos: bit.ly/3aToJ3H
You are so right Marty. The CCD fees are the greatest rip off to ever hid homebuyers in Florida. Few realtors disclose what the fees are used for but in their defense most don’t know what they are anyway.
Kenny move here for the lifestyle. For most people it is only a drop in the bucket for "most" state changes. Good luck. Subscribe Button for new videos: bit.ly/3aToJ3H
Info on CDD- The municipality floats the bonds for the infrastructure and amenities, the amenities is a 30 year bond and once paid will only reduce your CDD by about 3-5 hundred dollars depending on the size and scope of the amenitites. The remaining CDD you will pay for as long as you live in the house. That money will be used to maintain all the CDD designated roads and other municipalities in the development. Homestead Portability- We rented our primary residence in Orlando because our jobs took us out west, had to give up homestead, we moved back to Florida 3 years later to Tampa and bought a house. The Homestead on our house in Orlando was $72K homestead value in Tampa 2018 $410K. When we sold the house in Tampa to move back to Orlando, the new homestead value on Orlando was 400K the assed value and our taxes jumped from $1,400 to $4,000 when we did the homestead portability, the homestead on our Orlando home jumped to $4,400 and increase of $400.
We pay the same amount of money in taxes on our two properties in FL and NJ . Both are roughly the same size sq foot except that our townhouse in NJ had a finished basement ( basements don’t add to the sq footage in NJ ) both condos cost us almost the same in property taxes … over $8,000. A yr and our FL property is homesteaded ! (We live in Palm Beach County)
Note in Florida - even without homestead exemption, your property tax increase is limited to 10%! (3% for homestead). So the increase in value that first year of $100k, your “assessed value” could only go up 10% max. 👍🏻👍🏻
I live in Minnesota and we are heavily burdened with taxes. I pay as much on my house which is valued under $200k as someone in Florida pays on a half million dollar home. I pay more for medical insurance and car insurance etc. I have a decent retirement, but I could live much more reasonably inTV than in the hood in which I reside. A home under $1 million pays over $14k in property taxes. It’s awful. I am not moving for health reasons and I am quite unhappy the direction the Villages is going. It’s too big, too crowded to enjoy the squares, far too much traffic. Thanks for the information. I’m now adequately depressed for the remainder of the week.
I came from GA. It's so much cheaper. Everything is a lot cheaper, nicer weather and friendlier people. Don't move to Florida. This state is getting too crowded. I wished i could go back to GA. Groceries, gas, property taxes....everything is a lot more in Florida than GA. NC is colder. GA has perfect weather and nice mountains up by Big Canoe, Ellijay and near TN
I'm with USAA also and I don't know how you got that rate. I'm in Port st Lousy with half that protection AND their highest deductibles, and pay twice that. Also increased 16% in premium for this year. You are one lucky dude compared to most Floridians. Been here in same house 13 years, no claims.
In NC and some other states you pay property tax on vehicles. I found in NC that the county Property appraiser would value a home higher than what it could be sold for and appealing was a waste of time.
As a California resident I can confirm that taxes and the cost of living are expensive. I wouldn't recommend moving here if you are trying to save money!
Moved here from Myrtle Beach SC. Let me tell you the property taxes are 6 that's six times as much as I paid on my new house up there. Didn't pay anything for income taxes there. Home insurance is twice as much here in Florida. Car insurance double. Insurance company's here force you to replace your 30 year shingles every 15 years. So much for roof warranties. Villages has fees and extra charges for everything! Sorry I bought in Villages. What happens when your $400k house drops to $300k? You must sell homes in the Villages
This makes no sense. If you knew all this...or think you did why in the world would you actually buy something here? This next quote comes directly from the tax foundation. "South Carolina has a graduated state individual income tax, with rates ranging from 0.00 percent to 6.40 percent. South Carolina has a 5.0 percent corporate income tax rate." So to not pay income tax you must not have been making much...right? Florida you pay nothing...period. Next is regarding property taxes. "Myrtle Beach" "City and county property taxes on real estate are taxed at 4% on primary residences and 6% for secondary residences and vacation homes. These taxes are collected to meet the budget of a school district, county, city, or other political subdivision." South Carolina taxes capital gains as income (Florida none) (with a 44% deduction available on long-term gains) and the rate reaches 6.4%. when looking at taxes you need to take into account all taxes (tax burden). Here are the rankings "State Tax Collections per Capita" SC ranked 45, Florida 49 (lower). Tax Burden, Florida...6.05% SC...7.5%. These stats take into account many things rather than looking at a one-line item. If you add in the other items that The Villages has it will be hirer BUT you move here because of the the lifestyle. Did you think you were going to get it for free? In addition...I do not know of any homes that sold for 400k in The Villages and now are selling for 300K unless you abandoned the home and left it in a trash heap.
Is homestead exemption county by county (1 homestead/county or 1/county for each home you have in a different county) or state wide (only 1 for the whole state)?
i bought a house for 317000 and now i pay 1600 a year insurance. your house is closer to 400000 and you pay 1000 a year. you see anything wrong with this picture considering i only get what i need and no extra. i have tower insurance that the villages set me up with.
You didn't add the millage rate to the property taxes. In my county that make property taxes over 2% and the increase in those millage taxes yearly. This year my property taxes will be $24,000. I would rather pay income taxes, they won't be $24,000. My payed off house cost $2000 a month just for the taxes, and it goes up 3% min. yearly.
The taxes are the taxes. Not sure what you mean. Millage rate is just that ... a percentage so to speak. Subscribe Button for new videos: bit.ly/3aToJ3H
Does not matter Florida is out of control with Taxes and with home insurance it is as much as live up North. I know I came from the North. My home insane is 16 grand plus 7500 for taxes. Live out west not by a puddle of water yes it is South Florida. I have a 5 year old roof the insurance company are dropping people. Plus Florida has the highest inflation rate in the nation that a fact. So what are we doing here yes right LOL.
I have a question about your flood insurance? since you have been there for 3 years wasn’t your fema flood map updated with your elevation certificate that you received upon purchase of your new home form the villages. so why are you still being required to pay flood insurance? thanks
Good question. I'm not required. In fact as soon as that came out I was sent a note that is was no longer needed. I decided to keep it for one more year. This year was supposed to be possibly a big storm year and I just wanted to see what was happening. Kind of like some of the extra insurance you get on your car that you are not required to get. Subscribe Button for new videos: bit.ly/3aToJ3H
Thank you Rusty! I know it is getting into the weeds....if you purchase a home at 300k, then three years later purchase a home at 600k, does the tax portability follow from the 300K?
If you don’t take your homestead the year you move you will pay the first tax bill as if you had no homestead. Guess I’m a good agent because I always advised my customers to file. I would send out a postcard with a drawing of an elephant with a bird’s nest and little bird in the nest. It said Don’t Forget to Homestead!! Then I moved and guess who forgot to homestead?! 😅. So you’re not the only knucklehead. 🤦♀️
For me the no individual income tax is a HUGE perk/draw for Florida. In Maryland, the income tax is high 8-9% but the real estate taxes are not horrible. I have heard that the Carolinas have annual vehicle property tax. Basically, the sales tax on the value of the car every year. That would suck especially if you have a newer car or like to have relatively new cars. My homeowners insurance on my house (in Maryland) has doubled in recent years. Middle of the state. No hurricane/flood risk. Florida’s insurance situation is crazy so self insurance might be an option? Although, your premium is not horrible. There are definitely a lot of factors to consider. I really liked it down there and would 100% consider the move although I probably would look at Middleton first. I would prefer a bigger house/lot and the ability to have a fence. (I know the Villas and Verandas have fences but designer/premier do not) Great video! Thanks Rusty 😎
Yes you have to look deep but this was just a general overview. Induvials have different circumstances for sure. Subscribe Button for new videos: bit.ly/3aToJ3H
Thank you Rusty! I also found out and applied for the Senior Tax Credit and saved around $80 off of my taxes. I learned this from Carol F on the Neighborhood app. She is full of knowledge! Look her up. She answered a lot of my questions. You must be 65 and line 11 on your 1040 is below $36,616. This is in addition to your homestead. My ? To you is…do you carry a sink hole plan on your insurance? Thanks again for the tax difference between NC and SC compared to Florida.
Florida is not fiscally sound for those who are retired! Unless they make at least six figures in retirement income. Social Security is NOT going to do it. Do not deceive people the people! You are lucky in terms of homeowners insurances. I too have USAA, live in Ocala (very near The Villages)! My insurance is $3,079 er year. My home is valued at $550,000. With my homestead exception, ad valorem, etc, my tax bill on my home is going to be $4,333 this year! I paid less in taxes and insurance on my $600,000 home in northern Virginia. Here in FL we do not pay State Income Taxes on our income, but there are so many other taxes that in the end, it equates to the same as other states. Taxes on food, City, County, Fire funds, flood insurance. I would keep my flood insurance in FL were I you with our weather and unpredictability of it! Also, car insurance costs are very high. I do not understand how normal Floridians make it. My retirement income is over $100k, I have no dependents, live alone and I am feeling the pinch of the cost of living in FL. My monthly utility bill for my 2801 sq ft home last month was $451.51. It is way more expensive to live in Florida now than it was 10-12 years ago! Local wages will not be enough as jobs are mostly in the service industry! I retired from the federal government in Washington, DC is why my income is reasonable and sustains me now!
So.....why in the world would you say something like that. This is really what is wrong with the internet. Uninformed people make statements that they have no idea what they are talking about. Hell, I had to look up what a builder's exchange is much less be a member. So what is the proof that you have gathered to make that claim? Here is your chance to shine annoyed3!
Great video, thank you Rusty! Question: I have a neighbor who lives here and in TN. He told me this is what they do, not sure if it is accurate: He and his wife move between the houses regularly. He is a Florida resident (driver's license, voting, etc.) so he can claim the homestead exemption in FL. His wife remained a TN resident so they can register their cars and pay their car insurance, etc. in Tennessee. Essentially, they are taking advantage of the best both states offer. I think one or the other stays the extra few days longer in their state of residence in order to meet the "1 year plus 1 day" rule for their respective state's residences. Not sure how detailed they have to document where they are each spending their time, but this seems like a pretty good way to handle things. Thoguhts?
Like I said you need to watch the video it will cover all that. You can not declaim in two states. Simple. Its good till you get caught...lol. Subscribe Button for new videos: bit.ly/3aToJ3H
Thanks Rusty for being the smartest knucklehead I know. As always I appreciate your time and effort in sharing good information for all our benefit.
Yep, it works. I lived in the panhandle and then relocated to the Tampa area and ALL those exemptions followed me to Tampa, but you HAVE TO REAPPLY in your new county as you said Rusty by the deadline stated. My initial taxed value on the new home in Tampa was $314,000 now that ALL my portable exemptions have kicked in, my current home taxed amount is $112,000, a HUGE reduction.
Thanks for the info, we moved to the villages March 2023. I was convinced Florida is much higher in all aspects of cost of living. I have slowly come to realize Florida is not that much higher than Tennessee. Once we start factoring in the quality of all the opportunities the villages offer suddenly the villages seem like a bargain. Hopefully as time goes by we will participate more and more. The majority of folks here in the villages are some of the nicest people you will ever meet. I am sure it has something to do with majority of people are in the same season of life. Thanks again!
Rusty these state maps are great for a visual of Tax “Friendly” states. My state of Maine shows high $$ on every map! We know our costs are draining on the budget, but now see just how much by comparisons! Florida & Tenn are the Friendly states. Btw last year Maine launched a similar Portability Homestead. So many applied they Cancelled the program! Thanks for pulling this info together!
Moved here from SC last year, prior to that I was almost 35 years in NC. House taxes were a little less, never had a bond before but had HOA fees which didn't include a fraction of the things we have to do here in the Villages. Home insurance was less but not a great deal. Sadly, there are negative nellies everywhere. Over 65 exemptions were available in SC, not in NC unless you were in a very low income level.
Thanks, Rusty! I love your analytical approach to these important topics regarding The Villages. I have been studying my move for the past few years and still have a couple years to go. Videos like this are so very helpful. (Moving to TV from Colorado)
When I lived in FL (for just under 60 years) I used the portability. It is easy, just file for it when you file for your new location. I had moved from a single-family home where I had been for 22 years to a townhome community with a CDD. We had no bond, but a small CDD payment at the end of each year. One restriction our community had, that I appreciated was a limit on rentals. Anyone who purchased a townhome had to own it for a full 2 years before it could be rented out, and then the rental had to be for at least 1-year.
I relocated from FL to GA to another single-family home in the mountains. Property taxes here are extremely low, because GA offers great senior exemptions on property taxes. I do not make a huge income, so I pay no state income taxes. I pay a tad more for my homeowner's insurance, but instead of hurricane worries up here we have forest fire worries.
It is the older homes in FL that see the really high insurance increases, even back in 2011 I was paying $1600 a year because my concrete block home was 5 miles from the beach and over 20 years old.
Thanks for bringing this portability to light. I really don't think a lot of people know about. If you are coming from a state with NO homestead exemption, those chances are even higher. I implore your viewers to read it and REREAD it until they understand or find someone who can explain it to them. It's a great benefit in Florida, especially if you are moving a lot. Thanks Rusty!!
Thanks for sharing. Yes the homestead can apply to people coming from out of state but the portability as far as I know only applies to instate transfers. Subscribe Button for new videos: bit.ly/3aToJ3H
Portability, homestead exemption, off
At 72 I just got my 2nd homestead exemption this year. (Bought my first house at 20 in the 1970, it was less back then--alwats been exceedingly modest, but my house cost $25k and a cottage a black from , Babe Zaharis golf course.
Okay it's standard my 1,020 sq.ft house 13 yrs ago bought fir $75k (every builder alive it seems wants to buy my "lot" for $480k.)
The homestead exemption is flat $25k valuation. So since I haven't built on., dug a pool or put it up for refi or Dale, Hillsborough County property taxes go up the allowable 3% max per year, so I pay around $600yr. On a valuation of like $64k deducted from my $75k purchase + a tiny bit more each year it increased (if there us no millage rate increase, it doesn't skwTs go up.
Okay uniquely. We get an extra $25k off in the year you turn 71 years old= total if $50k value is reduced on my homestead reduced it quite a bit, affordable if retiree an ssa. If * sell. Or build in bigger. Reappraisal! Do anyway I never could afford the rent now ANYWHERE.
Now that is not in the cure. Ni graduated scale. If you exempt your property taxes in the house you live in. It's same $25k reduction. No waiting. Price irrelevant if you move to beach or downtown. In a $1.2 million mansion. Who cares, if they reduce your property taxes by $25-59k or not on that amount of value.
The moment you buy here, you get the one house you live in only...exempted.
My homeowners went from $1,500yr. In 2020, up, up. Up to $12,000 My house is paid off, I dropped my policy. Gangsters. After two companies left without aying a claim. Criminals--they can shove it.
You can hack apply from purchase date a year. It goes by that. You don't get a reappraisal to deliberately increase it.
Profit on the sale of a house--you must reinvest it in another primary residence. Or simply pay federal income tax on it.
My filing for homestead exemption was part of my closing in 2012. ONCE. and they know when you turn 71.
Thanks for the info., Rusty. I'm in N. FL and after living in my house for 35 years and making no insurance claims during that time, I'm now happily self-insured. I always had a pretty large deductible all those years, so I mentally feel like, "Why not self-insure?" I'm not on low-lying ground and 25 miles from any coast.
What about your fire and liability? Those are two things that are concerning. Homes are usually our greatest investment…Cost is so high for rebuild.
@@JKART-do5jcThose can remain, just the hurricane wind and flood portions declined.
thanks for the readers digest version of taxes etc. It was easy to follow and very informative.
Great info as usual Rusty. Recently left Michigan. Much better here tax and insurance wise. Love Uncle Sam in the background!
Thanks Rusty, Great information. I will be moving into Fenney soon and got so much paperwork that it is a blur!
Best of luck! Keep all the paperwork...you will need it in the future. Subscribe Button for new videos: bit.ly/3aToJ3H
Great Video! “Tea Cups in the Ocean” refer to the amount of water in a tea cup being emptied into the ocean will have very little impact. So, he’s saying the adjustment would have very little impact on the total number. 🌈 The More You Know…..
Thanks Rusty fantastic information
Very welcome... Subscribe Button for new videos: bit.ly/3aToJ3H
Flood zone X in Lutz. Steel roof and house built in 1999. It's a beach house style house (second floor is where you live) on a lake.
Flood insurance is around $100 per year. Total insurance is up now $2600 year. The previous rate was $1800 through citizen.
Wow, I've never had an insurance policy in the $1000 range. Been in Panama city since 1985. Current Policy is $5000. Paid 82k in 1992 for my house. Checked around and all the quotes are at least 5k or higher.
Thank you for the information. It was very helpful. Thank you again for doing a beautiful job.
Great info, as usual. Thanks 😊
Thanks Rusty, Great Information, we just bought a home in Moultrie Creek, closing on 9/27 but won't be moving down til the end of October, so we will file homestead in Jan.
Best of luck! I did my new residency on the 1st of Jan new year so my tax break was clean on the new year. Kept me from filing two state taxes. Made it easy. BUT...wish I had done it a year earlier. Subscribe Button for new videos: bit.ly/3aToJ3H
Nice overview Rusty! I will add to the tax comparison between states that some states are commonwealths, Virginia is one and they tax all residents every year on current value of all property, homes, land, autos, boats, campers, planes, etc. They also tax pensions and retirement account withdrawals. On investments such as municipal bonds in other States they tax as well. Florida does not tax municipal bonds and this is a great benefit for those of us that like investing in them. My overall rate is reduced being Florida. Auto and home insurance is cheaper in Virginia but still does not offset the tax benefits of being in Florida.
Comparing various taxes from state to state is difficult because each state has at least one situation ( dollar thresholds, income levels, exemptions, deductions, etc) different from another state. Rest assured the government will get their share. So live where you’re comfortable and enjoy life.
Good advice Mike. Most people have trouble understanding this fact. As in most things in life, u get what you pay for...
Hey Rusty, thanks for another great video. I think taxes, retirement friendly is such a complex subject. So much so that I don't think a decision should be made solely on whether or not a state is deemed retirement tax friendly. I think cost of housing, carrying costs, and adjusted gross income are numbers to really work with. For example, Texas on the surfaces seems reasonable. Houses are affordable but property tax and insurance costs are quite high. Florida used to have reasonably priced homes but not so much anymore. My family gave serious thought to purchasing a home in Middleton. We were looking at the Home Run model. The cost of the home was going to be $780k plus the bond of about $51k making the house cost $831k. The insurance was going to be $2900 and the taxes around $8000. We were also looking at a house in California for similar money. The insurance was within $100, the property taxes were within a few hundred dollars as well. Sales tax rate in CA is 7.75 and 7 in Sumter County. I can expect to pay about $2000 per year in income tax in CA. I'm not trying to say one place is better than another. I just think we put a lot of emphasis on somethings that aren't going to affect our quality of life. For reference I live in Nevada and I see what the impact of low taxes has on our area. We have a .50 cent per gallon gas tax to pay for the roads because the state doesn't provide enough local funding to keep up. We have very few police. Shoplifting is out of control. People smoke the stinky stuff everywhere. Our public spaces are quite run down and overrun with homeless. Again we loved Middleton and may have moved there if not for the fact that I have a unique eye condition and Florida won't allow me to drive while almost all the other states will. No place is perfect. Make the choice where you like living the best, stay out of debt and don't worry so much about one place being superior to another. As to Middleton or The Villages maybe one day we too will have a small second place there like so many others.
Thanks for voting demoncratic and keeping the riff raff in your area, not ours.
Rusty, you need to research Will's vs Trust in Florida and Florida will pay you if you need in home care or independent living care. A video on how Florida loves retirees may benefit many. Thank you for all you do to inform everyone.
The bonds and the CDD are money the contractors have passed off to you as someone who lived in Florida for well over 20 years your bonds and CDD are relatively new, back when I bought my first house there was really no such thing as this the contractors used to put in all the roads on their dime the prices of homes did not go down when they started doing cdds and bonds, the contractor just made more money. Because of home studying my taxes are extremely new I ported over my Homestead in 2022 to a brand new 3-bedroom 2-bath Block House on a half acre and my taxes are only $1,300 a year and I'm only 10 minutes outside the villages so we enjoy your town squares and music often with our children
No the Bond and CDD are not new. They go back some time started by Disney. But that could be considered new I guess. There is a great deal more than just basic infrastructure. There are not too many areas that have the golf courses, gates flowers, upkeep, recreation centers, etc that you have to think of. Just because the bond is not included in the price of the house is NOT a linear reflection of the selling price. There is a great deal packed into the bond. Thanks for coming to the town squares because without outside visitors they could not support themselves. Always welcome...we love it. Subscribe Button for new videos: bit.ly/3aToJ3H
You are so right Marty. The CCD fees are the greatest rip off to ever hid homebuyers in Florida. Few realtors disclose what the fees are used for but in their defense most don’t know what they are anyway.
1. Haters gonna hate
2. So you're saying you enjoy what the Bonds pay for just has little no as you don't pay for them?
3. Freeloaders gonna freeload.
I plan on moving there from Maryland. Thanks for reinforcing my decision.
Kenny move here for the lifestyle. For most people it is only a drop in the bucket for "most" state changes. Good luck. Subscribe Button for new videos: bit.ly/3aToJ3H
Still going to go to FL after these last two hurricanes? It’s only getting worse.
Great & informative show. Thanks
Great job Rusty, would love to meet you when I do my lifestyle visit in feb 2025.
Sounds good! I never know when I'll be around though...LOL. Subscribe Button for new videos: bit.ly/3aToJ3H
Info on CDD- The municipality floats the bonds for the infrastructure and amenities, the amenities is a 30 year bond and once paid will only reduce your CDD by about 3-5 hundred dollars depending on the size and scope of the amenitites. The remaining CDD you will pay for as long as you live in the house. That money will be used to maintain all the CDD designated roads and other municipalities in the development. Homestead Portability- We rented our primary residence in Orlando because our jobs took us out west, had to give up homestead, we moved back to Florida 3 years later to Tampa and bought a house. The Homestead on our house in Orlando was $72K homestead value in Tampa 2018 $410K. When we sold the house in Tampa to move back to Orlando, the new homestead value on Orlando was 400K the assed value and our taxes jumped from $1,400 to $4,000 when we did the homestead portability, the homestead on our Orlando home jumped to $4,400 and increase of $400.
We pay the same amount of money in taxes on our two properties in FL and NJ . Both are roughly the same size sq foot except that our townhouse in NJ had a finished basement ( basements don’t add to the sq footage in NJ ) both condos cost us almost the same in property taxes … over $8,000. A yr and our FL property is homesteaded !
(We live in Palm Beach County)
Note in Florida - even without homestead exemption, your property tax increase is limited to 10%! (3% for homestead). So the increase in value that first year of $100k, your “assessed value” could only go up 10% max. 👍🏻👍🏻
Thanks for sharing! Did not know about the 10% thanks. Subscribe Button for new videos: bit.ly/3aToJ3H
10% is a lot, CA is 2%
Maybe another thing you could cover is the lady bird deed.. I think that's what it's called.. my neighbor just did it.. it sounds good
Thanks Steve. That is a little to legal for me. Wills and trust type stuff for the smart folks. LOL. Subscribe Button for new videos: bit.ly/3aToJ3H
I live in Minnesota and we are heavily burdened with taxes. I pay as much on my house which is valued under $200k as someone in Florida pays on a half million dollar home. I pay more for medical insurance and car insurance etc. I have a decent retirement, but I could live much more reasonably inTV than in the hood in which I reside. A home under $1 million pays over $14k in property taxes. It’s awful. I am not moving for health reasons and I am quite unhappy the direction the Villages is going. It’s too big, too crowded to enjoy the squares, far too much traffic. Thanks for the information. I’m now adequately depressed for the remainder of the week.
South FL, Palm beach County here got 2 Home Insurance quotes over $8000 SFH, cheaper in middle State or Northern FL
Seems high but there are a bunch of factors. Subscribe Button for new videos: bit.ly/3aToJ3H
Excellent video
Thank you very much! Subscribe Button for new videos: bit.ly/3aToJ3H
I came from GA. It's so much cheaper. Everything is a lot cheaper, nicer weather and friendlier people. Don't move to Florida. This state is getting too crowded. I wished i could go back to GA. Groceries, gas, property taxes....everything is a lot more in Florida than GA. NC is colder. GA has perfect weather and nice mountains up by Big Canoe, Ellijay and near TN
Good info, Thanks!
Pennsylvania has state tax forgiveness for earned income under a certain level each year, not including retirement income.
Great way to use facts to call out the truth.
I'm with USAA also and I don't know how you got that rate. I'm in Port st Lousy with half that protection AND their highest deductibles, and pay twice that. Also increased 16% in premium for this year. You are one lucky dude compared to most Floridians. Been here in same house 13 years, no claims.
Florida currently has the highest homeowner's insurance in the nation. Some areas 102% increase from 2023.
Thank you!
You're welcome! Subscribe Button for new videos: bit.ly/3aToJ3H
In NC and some other states you pay property tax on vehicles. I found in NC that the county Property appraiser would value a home higher than what it could be sold for and appealing was a waste of time.
As a California resident I can confirm that taxes and the cost of living are expensive. I wouldn't recommend moving here if you are trying to save money!
USAA told my m9m they don’t do homeowners insurance in FL anymore. I couldn’t get them either.
Great info 👍
Arizona is a flat income tax at 2.5%. Not sure how old that list is?
Insurance is around $800 per year. (Midwest)
Thanks. Subscribe Button for new videos: bit.ly/3aToJ3H
Moved here from Myrtle Beach SC. Let me tell you the property taxes are 6 that's six times as much as I paid on my new house up there. Didn't pay anything for income taxes there. Home insurance is twice as much here in Florida. Car insurance double. Insurance company's here force you to replace your 30 year shingles every 15 years. So much for roof warranties. Villages has fees and extra charges for everything! Sorry I bought in Villages. What happens when your $400k house drops to $300k? You must sell homes in the Villages
This makes no sense. If you knew all this...or think you did why in the world would you actually buy something here? This next quote comes directly from the tax foundation. "South Carolina has a graduated state individual income tax, with rates ranging from 0.00 percent to 6.40 percent. South Carolina has a 5.0 percent corporate income tax rate." So to not pay income tax you must not have been making much...right? Florida you pay nothing...period. Next is regarding property taxes. "Myrtle Beach" "City and county property taxes on real estate are taxed at 4% on primary residences and 6% for secondary residences and vacation homes. These taxes are collected to meet the budget of a school district, county, city, or other political subdivision."
South Carolina taxes capital gains as income (Florida none) (with a 44% deduction available on long-term gains) and the rate reaches 6.4%. when looking at taxes you need to take into account all taxes (tax burden). Here are the rankings "State Tax Collections per Capita" SC ranked 45, Florida 49 (lower). Tax Burden, Florida...6.05% SC...7.5%. These stats take into account many things rather than looking at a one-line item. If you add in the other items that The Villages has it will be hirer BUT you move here because of the the lifestyle. Did you think you were going to get it for free? In addition...I do not know of any homes that sold for 400k in The Villages and now are selling for 300K unless you abandoned the home and left it in a trash heap.
Is homestead exemption county by county (1 homestead/county or 1/county for each home you have in a different county) or state wide (only 1 for the whole state)?
Take a look at the video it will explain it all. You need to file with your county though. Subscribe Button for new videos: bit.ly/3aToJ3H
i bought a house for 317000 and now i pay 1600 a year insurance. your house is closer to 400000 and you pay 1000 a year. you see anything wrong with this picture considering i only get what i need and no extra. i have tower insurance that the villages set me up with.
Reply on this weeks video. Sunday afternoon. Subscribe Button for new videos: bit.ly/3aToJ3H
You didn't add the millage rate to the property taxes. In my county that make property taxes over 2% and the increase in those millage taxes yearly. This year my property taxes will be $24,000. I would rather pay income taxes, they won't be $24,000. My payed off house cost $2000 a month just for the taxes, and it goes up 3% min. yearly.
The taxes are the taxes. Not sure what you mean. Millage rate is just that ... a percentage so to speak. Subscribe Button for new videos: bit.ly/3aToJ3H
Home cost, property taxes and insurance have just gotten too high for seniors on a fixed income…that never goes up. Costs are just not sustainable.
You are right they have gone up. But it is that way all over the place. Subscribe Button for new videos: bit.ly/3aToJ3H
Does not matter Florida is out of control with Taxes and with home insurance it is as much as live up North. I know I came from the North. My home insane is 16 grand plus 7500 for taxes. Live out west not by a puddle of water yes it is South Florida. I have a 5 year old roof the insurance company are dropping people. Plus Florida has the highest inflation rate in the nation that a fact. So what are we doing here yes right LOL.
Typo in description. Portability.
Thanks got it...I was always better in Math...LOL. Subscribe Button for new videos: bit.ly/3aToJ3H
I have a question about your flood insurance?
since you have been there for 3 years wasn’t your fema flood map updated with your elevation certificate that you received upon purchase of your new home form the villages.
so why are you still being required to pay flood insurance?
thanks
Good question. I'm not required. In fact as soon as that came out I was sent a note that is was no longer needed. I decided to keep it for one more year. This year was supposed to be possibly a big storm year and I just wanted to see what was happening. Kind of like some of the extra insurance you get on your car that you are not required to get. Subscribe Button for new videos: bit.ly/3aToJ3H
Thank you Rusty! I know it is getting into the weeds....if you purchase a home at 300k, then three years later purchase a home at 600k, does the tax portability follow from the 300K?
That is the general idea but you have to apply for it. Subscribe Button for new videos: bit.ly/3aToJ3H
If you don’t take your homestead the year you move you will pay the first tax bill as if you had no homestead.
Guess I’m a good agent because I always advised my customers to file. I would send out a postcard with a drawing of an elephant with a bird’s nest and little bird in the nest. It said Don’t Forget to Homestead!!
Then I moved and guess who forgot to homestead?! 😅. So you’re not the only knucklehead. 🤦♀️
Trust me I understand...LOL.
For me the no individual income tax is a HUGE perk/draw for Florida.
In Maryland, the income tax is high 8-9% but the real estate taxes are not horrible.
I have heard that the Carolinas have annual vehicle property tax. Basically, the sales tax on the value of the car every year. That would suck especially if you have a newer car or like to have relatively new cars.
My homeowners insurance on my house (in Maryland) has doubled in recent years. Middle of the state. No hurricane/flood risk. Florida’s insurance situation is crazy so self insurance might be an option? Although, your premium is not horrible.
There are definitely a lot of factors to consider.
I really liked it down there and would 100% consider the move although I probably would look at Middleton first. I would prefer a bigger house/lot and the ability to have a fence. (I know the Villas and Verandas have fences but designer/premier do not)
Great video! Thanks Rusty 😎
Yes you have to look deep but this was just a general overview. Induvials have different circumstances for sure. Subscribe Button for new videos: bit.ly/3aToJ3H
A veranda home is a designer home with fence.
@@Livefreeordi Yes but not all designers homes are available as verandas.
Thank you Rusty! I also found out and applied for the Senior Tax Credit and saved around $80 off of my taxes. I learned this from Carol F on the Neighborhood app. She is full of knowledge! Look her up. She answered a lot of my questions. You must be 65 and line 11 on your 1040 is below $36,616. This is in addition to your homestead.
My ? To you is…do you carry a sink hole plan on your insurance?
Thanks again for the tax difference between NC and SC compared to Florida.
Thanks good info. Subscribe Button for new videos: bit.ly/3aToJ3H
At least Florida does not have STATE TAX!
YES!!!!! No tax when you kick the bucket either. Subscribe Button for new videos: bit.ly/3aToJ3H
Florida is not fiscally sound for those who are retired! Unless they make at least six figures in retirement income. Social Security is NOT going to do it. Do not deceive people the people! You are lucky in terms of homeowners insurances. I too have USAA, live in Ocala (very near The Villages)! My insurance is $3,079 er year. My home is valued at $550,000. With my homestead exception, ad valorem, etc, my tax bill on my home is going to be $4,333 this year! I paid less in taxes and insurance on my $600,000 home in northern Virginia. Here in FL we do not pay State Income Taxes on our income, but there are so many other taxes that in the end, it equates to the same as other states. Taxes on food, City, County, Fire funds, flood insurance. I would keep my flood insurance in FL were I you with our weather and unpredictability of it! Also, car insurance costs are very high. I do not understand how normal Floridians make it. My retirement income is over $100k, I have no dependents, live alone and I am feeling the pinch of the cost of living in FL. My monthly utility bill for my 2801 sq ft home last month was $451.51. It is way more expensive to live in Florida now than it was 10-12 years ago! Local wages will not be enough as jobs are mostly in the service industry! I retired from the federal government in Washington, DC is why my income is reasonable and sustains me now!
He's from the Builders Exchange - has a personal agenda
Who is?
So.....why in the world would you say something like that. This is really what is wrong with the internet. Uninformed people make statements that they have no idea what they are talking about. Hell, I had to look up what a builder's exchange is much less be a member. So what is the proof that you have gathered to make that claim? Here is your chance to shine annoyed3!
Great video, thank you Rusty! Question: I have a neighbor who lives here and in TN. He told me this is what they do, not sure if it is accurate: He and his wife move between the houses regularly. He is a Florida resident (driver's license, voting, etc.) so he can claim the homestead exemption in FL. His wife remained a TN resident so they can register their cars and pay their car insurance, etc. in Tennessee. Essentially, they are taking advantage of the best both states offer. I think one or the other stays the extra few days longer in their state of residence in order to meet the "1 year plus 1 day" rule for their respective state's residences. Not sure how detailed they have to document where they are each spending their time, but this seems like a pretty good way to handle things. Thoguhts?
Like I said you need to watch the video it will cover all that. You can not declaim in two states. Simple. Its good till you get caught...lol. Subscribe Button for new videos: bit.ly/3aToJ3H