So glad I found this community, there's a wealth of information here. I was researching on cities to buy rental properties in Florida and found out that Property Tax and Insurance cost contribute significantly.
What is typically the property tax for a 150k SFH in Jacksonville? My friend owns one in Gainesville and pays 2.1% which seemed extremely high! Also is the insurance cost high?
I am a real estate agent here in Gainesville. Our taxes are extremely high here. There is a ton of property owned by the University of Florida and they are exempt from property taxes. That just means everyone else gets to pick up the slack on the amount. For home owners insurance it would obviously depend on the home itself and it’s factors but an average 3/2 single family home in a residential neighborhood in Gainesville would be around $900-$1000.
Jacksonville is not 2.1% closer to 1% than 2....Depending on which areas you invest in here in Jacksonville, the more insurance you will pay- which includes flood insurance. So just research the area and talk to a local RE agent about flood zones when looking cause that could be a game changer for your numbers.
I am a real estate agent here in Gainesville. Our taxes are extremely high here. There is a ton of property owned by the University of Florida and they are exempt from property taxes. That just means everyone else gets to pick up the slack on the amount. For home owners insurance it would obviously depend on the home itself and it’s factors but an average 3/2 single family home in a residential neighborhood in Gainesville would be around $900-$1000.
For a $150k house the property taxes would be about $2700 - assuming you don't have a homestead tax exemption, which would reduce the taxable amount by $50k.
The rates for homeowners' insurance vary widely based on many variables - the age of the building, age of the major systems (roof/electric/plumbing/hvac), size, flood zone, and level of coverage desired. I don't own any properties out-of-state so I can't say how insurance costs here compare to other areas.