For some time now, Orange County Property Appraiser’s (OCPA) website has offered a feature that allows potential buyers to estimate property taxes on a home they might purchase. I have found that many people don’t know about this tool! It’s a super easy way to know what to expect to pay. The amount of property taxes can have a huge effect on your mortgage payment since most are wrapped into the monthly mortgage payment.
As you search for a home you will often see property taxes listed within a listing; and some will be very high and others very low. The taxes are based on the assessed value of the home for tax purposes; but the taxable amount can be reduced by homestead exemption or a few other types of exemptions that you may qualify for. The homestead exemption could save you approximately $750 according to OCPA. Be sure to review your potential tax liability rather than basing your assumption on what the current owner is paying. They may not live there as a primary residence or perhaps the assessed value is quite a bit less than what the new value will be. Check it out today: Orange County Tax Estimator. There is a similar tool on the Seminole County Property Appraiser website as well – but you actually have to search for the property first and then click on the link to the tax estimator within that page.
P.S. if you recently bought a home that is your primary residence don’t forget to file for your homestead exemption by March 1, 2012.