Property tax and insurance costs

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Gerardo Waisbaum
Investor · Jacksonville, FL · Member since 2019 · 97 posts · 50 votes
3y

@Claudia Ho The issue with this calculator is estimating the taxable value. It is not the purchase price.
In Duval County, the taxable value is 95% of the assessed value. 
However, there is a cap on annual increases to taxable value. I think that It cannot increase more than 3% per year, regardless of the assessed value (95% of the purchase price?).

You can then assume a 3% to 5% annual increase in the assessed value for subsequent years + 1% increase in the mileage rate.

Keep also in mind that there is a 4% discount if you pay the bill by Nov, 3% by December and so on

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  • Tim CornwellBusiness Member
    Real Estate Broker · Bellingham, WA · Member since 2015 · 51 posts · 23 votes
    3y

    Would a local title insurance company have this info?

    [email protected]360-223-0190
    Tim Cornwell - Redwood Group-eXp Realty528 Reviews
    WebsiteView Page
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  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    3y

    @Tyler Polen you should be able to look up the property tax rate and the current assesed value pretty easily. Google is our friend. 

    Keep in mind that the assesment may go up based on the new purchase price. 

    0Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    You can find tax information on your county appraisal district, you can find an insurance broker to run a quote for you as well.

    0Reply
  • Michael Masters
    Rental Property Investor · Westport, CT · Member since 2017 · 176 posts · 183 votes
    3y

    Definitely call for a quote on property insurance. Premiums are increasing significantly in Florida so what the current owner paid last year is likely a very low indication of what the upcoming year will be.

    0Reply
  • Zachary Ware
    Member since 2022 · 405 posts · 455 votes
    3y

    For the property tax, this information can be found online through a county's website or county tax appraisal website. You can typically see a copy of the most recent tax bill but this will not always be accurate for future payments. Find out the total millage rate, and how to county asses value. Sales can trigger revaluation, or an increase of the assessed value if previous caps were in place. Call the tax assessor in the subject property county and they will be able to help you get a very realistic estimate. 

    For the insurance, I recommend reaching out to a broker for Quotes. I have a few options I like working with if you are interested, please PM me. 

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  • Claudia Ho
    Investor · Brooklyn, NY · Member since 2014 · 13 posts · 6 votes
    3y

    You can use this website to look estimate property taxes for jacksonville. In regards to insurance, PM me and I can refer you to my insurance guy in Jax. 

    http://taxcalc.coj.net/

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  • Gerardo Waisbaum
    Investor · Jacksonville, FL · Member since 2019 · 97 posts · 50 votes
    3y

    @Claudia Ho The issue with this calculator is estimating the taxable value. It is not the purchase price.
    In Duval County, the taxable value is 95% of the assessed value. 
    However, there is a cap on annual increases to taxable value. I think that It cannot increase more than 3% per year, regardless of the assessed value (95% of the purchase price?).

    You can then assume a 3% to 5% annual increase in the assessed value for subsequent years + 1% increase in the mileage rate.

    Keep also in mind that there is a 4% discount if you pay the bill by Nov, 3% by December and so on

    1Reply
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