There are 2 things certain about being a homeowner in Florida - Taxes and...

Dated: November 16 2020

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There are 2 things certain about being a homeowner in Florida, taxes and your a/c goes out on the hottest day of the month. Ok so maybe the a/c thing isn't always true, but for homeowners in Florida, November is tax time and that is inevitable. The good news is that if you pay your taxes in November you will receive an early discount of 4%, December gets a 3% discount, January 2% and February 1%. 

This is also a good time to review your annual property tax bill compared to your balance in your escrow account that is held with your lender (if you escrow). Your lender anaylzes your escrow account at the end of each year to determine whether they are holding enough in your account to not only cover the amounts due but to also have enough of a cushion to cover any major increases. Typically it's a 2 month cushion to cover slight increases. If you purchased a home that had been homesteaded for several years and had been protected from any large increase over 3% year over year, the sale of the property will trigger a new and often times higher assessed value which will increase the amount of your property taxes. If your lender was escrowing based on the prior owners tax bill you may be in for a rather startling surprise when the lender increases your payments to cover not only the increased taxes, but the possibility of a shortage in your account. If you haven't received a copy of your tax bill or misplaced it, you can search via the county the property is located in.
While you're at it, shop around for homeowners insurance quotes to ensure you're getting the best price and policy. We hear all the time from past customers and friends that their insurance rate jumped dramatically. Don't wait until you get that letter in the mail, call around annually to see if there's a better policy for you at a cheaper price. If you need suggestions for local insurance agents please let us know, we have several insurance companies we'd highly recommend.
Whether it's insurance, property taxes, or anything homeownership throws your way, don't hesitate to reach out to our team. We are here to be your resource for all things real estate and we are really, really good at it.
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Dan & Tanin Teston

Dan Teston has been helping buyers and sellers in Central Florida since 2008. He was born and raised in Oviedo, Florida as a 3rd generation native to the area and has seen it grow from a small town wi....

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