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| Established
in 1846, Ocala, Florida (population
55,000) is located in north central
Florida's pastoral Marion County and is
best known for its beautiful horse
farms. In fact, more
thoroughbred horses are raised in Ocala
than almost anywhere else in the
world. Nearly 1,200 small hobby
farms and larger thoroughbred operations
dot the landscape, with regal equine,
green pastures, white fences and live
oak trees painting a pretty
tableau. Ocala also boasts
affordable real estate, friendly people,
and it has never been hit by a
hurricane, always a plus. Of the
population, 21% is age 45 to 64, and 20%
is age 65 or better. |
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Ocala is a fast growing city, and much of this
is attributed to its increasing popularity as a retirement
destination. The nearby The
Villages, a large 55+ community, is the fastest growing
"micropolitan" area in the United States (2008
U.S. Census) and currently has roughly 70,000
residents. Home prices in The Villages range from less
than $100,000 to $500,000. In Ocala itself, the
median home price is $165,000, with very nice existing homes
available for less than $100,000, and new homes can be built
for less than $125,000. Three acre mini-horse farms
with a barn can be had for less than $150,000.
Overall, Ocala's average cost of living is roughly 5% below
the national average. |
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In addition to The Villages, Ocala has a sizeable number of 55+
planned communities. Ocala Palms is a 55+ single home
development with homes from the mid- to high-$200,000s. Oak
Run Country Club has homes from the low $200,000s. Sweetwater
Oaks is a 55+ manufactured home community with homes from
around $40,000. The
Falls of Ocala is a quiet manufactured home community with
homes from slightly above $100,000. On Top of the World
Communities are three 55+ neighborhoods with 3,500 homes; prices
start in the high $100,000s. Visit Ocala
House Hunter for Ocala real estate sales.
This is an
interactive map. Click on the arrows in the upper left hand
corner to move the map to the East, West, North or South, and
click on the +/- signs (more than once if necessary) to zoom
in and out.
Florida is a relatively tax friendly state.
All property is taxable at 100% of its just valuation, and this
amount, less any homestead exemptions, is multiplied by the
millage rate of roughly 6.0 and then divided by 1,000.
The annual taxes on a $150,000 home would be about $900.
There are other taxes, though, called non-ad valorem, that can add
to a tax bill. Homestead exemptions are generous and include
a $25,000 deduction for those 65+ if their annual household income
is below $27,539 (single) or $30,917 (couples) per year (this
income level may exclude Social Security). Those 65+ with
annual incomes of less than $20,000 may receive further
exemptions. There is also a second exemption just for being
permanent resident, so those 65+ may receive both exemptions for a
total of $50,000. Annual
increases in the assessment of homestead property are limited to
3% of the prior year's assessed value. Additionally, Florida
has no state income tax, and retirement income is not taxed.
Ocala,
Florida, Continued....
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