Quote Originally Posted by ndavies View Post
The NEZ abatement last 15 years from the date it was issued. That date will vary according to when the property was originally occupied. The NEZs value depends on the property type and whether it was new build or rehab. Your realtor will have to ask the current owner when the NEZ expires and what the NEZ taxes are. Tell them you want it in writing. That way you can sue them if they fudge the numbers. The NEZ is not renewable. It's a one time shot.

Future non-NEZ annual property taxes will basically be [[selling price/2000) * Millage rate. The Current millage rate will be 63 if homesteaded, 85 if non homestead. A 300,000 condo will cost you $9450 in property taxes each year if homesteaded.
Wow - great insight, thanks. It appears that the taxes currently on the properties are about $1,000 with abatement and the asking prices are around $130,000. It would be my primary residence so homesteaded. My math shows property taxes will jump up to about $4,000. Yikes.