Frequently Asked Questions About Property Tax
How much will my Property Tax be?
Your Property Tax amount will be estimated at ~2% of YOUR purchase price of the Property.
When will I be billed for Property Tax?
You will be billed Annually for Property Taxes.
How much is the current Owner paying for Property Tax?
Your Property Tax amount will be estimated at ~2% of YOUR purchase price of the Property and IS NOT based on what the current Owner is paying for Property Tax.
What is the Property Tax amount for Canadians, Europeans, and other Foreign Buyers?
Your Property Tax amount will be estimated at ~2% of YOUR purchase price of the Property. Foreign Buyers are not charged a higher Property Tax amount than Domestic Buyers.
I am buying a Condo or other Property that’s located within a Community that’s governed by an Association. Are Property Taxes included in the monthly HOA/Maintenance/Association amount that I will pay?
No, Property Tax IS NOT included in the HOA amount.
Are there State Taxes on Property in Florida?
No, there are not. Unlike some States (i.e. California, New York, New Jersey, and others), the State of Florida DOES NOT charge a State Income Tax and this is a distinct advantage for Florida Property Owners.
Are Property Tax Discounts available?
Yes, they are. If you are a legal Resident of the State of Florida AND the Property you’re purchasing will be used as your Permanent Residence/Primary Residence/Homestead, various Homestead Exemptions are available in addition to the Save our Homes Amendment for Homestead Owners which caps the Tax assessed market value of your Home from increasing more than 3% in any year. Because Property values typically increase in the future and Homestead Property Owners are enjoying savings through the Save Our Home Amendment Tax cap, Homestead Property Owners accrue more savings on Taxes as their length of property Ownership time increases (i.e. a Homestead Property Owner who’s owned a Home for 20 years might only be paying $10,000 per year on Taxes for a Property that would be assessed $30,000 per year in Taxes for a new Owner).
What are the IRS Tax savings when purchasing a Home?
When you purchase a home, the items that you will be able to itemize as deductions on your yearly Tax Return include the amount of your Property Tax and the amount of the Interest paid on your Mortgage. How much YOUR specific Tax responsibility will equal will depend on your Income Tax bracket and the amount of your standard Income Tax deduction. Obviously, these amounts vary from one person to the next. Consult a Tax professional in order to determine what YOUR individual Tax responsibility will be when purchasing a Home.