With so many new buyers in the market today, and property values decreasing, we like to be able to provide our buyers with an idea of what their upcoming property taxes will be.
Property taxes here in Brevard County Florida are paid in arrears. Property tax bills come out at the beginning of November for the current year. So, in November 2009, your property tax bill will cover January 1, 2009 through December 31, 2009. The bills will be based on values from January of 2009.
Today, buyers should be aware that the current taxes on a property are based on a January 2008 property value.
For an estimate of what upcoming taxes may be, the Brevard County Tax Assessors office best advice is to go to the property tax estimator on their website. Find the millage rate for the city where you are purchasing, and input the price of the home you are buying. This will give you an approximate value of what your upcoming taxes may be.
Now, be aware if you are going to occupy the property as your primary residence, you may be eligible for homestead exemption. But you will need to file prior to March 1, 2010. This could give you an approximate savings of $450 on the first $25,000 of taxable value of the property and an approximate $240 exemption on the next $25,000 taxable value of the property.
This article is authored by
Sandy Shores Realtor, Melbourne FL Real Estate
Brevard County Real Estate & Investing
I buy, sell, rent, own and manage Brevard County real estate.
