Monday, September 30, 2024 / by Tov Charm
Understanding the True Cost of Homeownership Beyond the Mortgage
Owning a home means taking on more expenses than just your monthly mortgage payment. To truly understand the cost of homeownership, it’s important to account for expenses such as property taxes, insurance, maintenance, and utilities. Here’s a breakdown of these hidden costs, with specific insights for homes in Delray Beach, Florida.
1. Property Taxes
In Florida, property taxes generally range from 1.75% to 2% of a home’s assessed value. For a home valued at $500,000 in Delray Beach, you can expect to pay around $8,750 to $10,000 annually. Florida homeowners who qualify for the Homestead Exemption can reduce their taxable value by up to $50,000, and the Save Our Homes cap limits tax increases to 3% per year.
Budgeting Tip: Check your property tax estimate through the Palm Beach County Property Appraiser’s Office to get a clear understanding of what your taxes will be, factoring in any applicable exemptions.
2. Homeowners Insurance
Homeowners insurance ...
1. Property Taxes
In Florida, property taxes generally range from 1.75% to 2% of a home’s assessed value. For a home valued at $500,000 in Delray Beach, you can expect to pay around $8,750 to $10,000 annually. Florida homeowners who qualify for the Homestead Exemption can reduce their taxable value by up to $50,000, and the Save Our Homes cap limits tax increases to 3% per year.
Budgeting Tip: Check your property tax estimate through the Palm Beach County Property Appraiser’s Office to get a clear understanding of what your taxes will be, factoring in any applicable exemptions.
2. Homeowners Insurance
Homeowners insurance ...
