Not your run of the "mill" tax rate

If you are like me, you have already binged the entire first season of SELLING TAMPA. First off, congrats to those ladies. That being said, one of the standout episodes is the episode where the real estate agent - Alexis is showing the potential buyer - Ben, a $14,000,000 home. Yes- you read that right, 14 million American dollars. (dramatic pause) Okay, I'm back. ;-)

During the tour of the property Ben is asking Alexis very pertinent and very standard questions, such as dimensions, bed/bath quantity, etc. He specifically asks her what are the property taxes on the home and she responded with $6,000. Now, in fairness, she did follow up with an admission of "not actually knowing" and having made up that figure. When I heard $6,000, I nearly rolled off the couch. There was simply NO WAY IN H-E- DOUBLE HOCKEY STICKS that a $14,000,000 home in Tampa Bay had a mere $6,000 property tax bill.

The mill is the amount of tax payable per dollar of the assessed value of a property. Overstand, the assessed value is not necessarily the market value. However, your property taxes are based on the assessed value of the property. Your property tax is apart of your monthly home ownership fees so it is super important that you have that information and that the information is accurate.

Whether you are a first time homebuyer or a seasoned real estate investor, there is always a benefit to having a lawyer as apart of your real estate team. Contact Lessington Law for your residential real estate transaction needs.

This blog is for general information and education purposes only.

It is not offered as legal advice or legal opinion.

To the extent this message contains tax advice, the U.S. Treasury Department requires us to inform you that any advice in this letter is not intended or written by our firm to be used, and cannot be used by any taxpayer, for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code. Advice from our firm relating to Federal tax matters may not be used in promoting, marketing or recommending any entity, investment plan or arrangement to any taxpayer.