When buyers are looking to purchase homes in Sarasota the first thing that is usually considered is the price- does this fit within my budget for down payment and monthly borrowing costs? The other two considerations that a lender will look at is taxes and insurance when making a lending decision. This post does a deep dive into real estate taxes comparison between two very similar communities just a few miles from each other.
Sarasota Real Estate Taxes Comparison
The two communities used in this comparison have very similar high end amenities- resort style pool and spa, fitness centers, tennis and pickleball courts, bocce ball, and amenity centers with activities directors. The compared properties have virtually identical tax valuations and also enjoy the homeowners tax exemptions. One of the communities is in Nokomis and the other is in North Venice which shares the same zip code. Both communities are in the same school district and share the same schools, and both are equally close to the beach
Community A Example
This property is located in North Venice, which was actually Nokomis before Venice annexed it in 2019. As a result it has the standard Sarasota County real estate tax but also a city of Venice tax and also a CDD. For more about CDD’s see my post here: https://sarasotasold.com/what-is-a-cdd-fee-and-why-should-i-care/
Community B Example
This property is located just a few miles away in Nokomis. There is the standard Sarasota County tax, but no City of Venice tax or no CDD fees,
Summary of Differences in Sarasota Real Estate Taxes
When you compare the tax burdens for these two properties you can see that there is a $3,330,53 annual difference in real estate taxes, or $277.54 per month. This is a substantial amount that may affect how much home you can afford and whether or not you may qualify for the loan when PITI payments are considered by a lender
Conclusions
While there are other factors that can affect a decision on which Sarasota community to consider when searching for a Sarasota home, if you are unfamiliar with a particular area or community you should consult with a knowledgeable local Realtor to help with your search.
If you would like to know about these or any other Sarasota County communities please feel free to reach out to me!