Any deals on Florida water access Properties?
05-16-2008, 04:09 PM
#42
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, everything is so screwed up thanks to this pos RE boom. I'm remember right before the boom you could grab a 4K sqft house here just off the intracoastal for under around 600-700K with prop taxes around 5-10K, now the same house is close to 2 mil even in this declining market with prop taxes at 35K+. My buddy just pad 34K on a 3K sqft house 4 lots off the waterway.Thats whats sad b/c the middle class has been completely killed off here, obviously this area is big into boating and middle class families before the boom could easily afford the homes, now.......
05-16-2008, 04:15 PM
#43
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Tell me about it, even just north of 7 figs its not the home price I care about, its the insurance/property taxes now that are making me cringe , everything is so screwed up thanks to this pos RE boom. I'm remember right before the boom you could grab a 4K sqft house here just off the intracoastal for under around 600-700K with prop taxes around 5-10K, now the same house is close to 2 mil even in this declining market with prop taxes at 35K+. My buddy just pad 34K on a 3K sqft house 4 lots off the waterway.
Thats whats sad b/c the middle class has been completely killed off here, obviously this area is big into boating and middle class families before the boom could easily afford the homes, now.......
, everything is so screwed up thanks to this pos RE boom. I'm remember right before the boom you could grab a 4K sqft house here just off the intracoastal for under around 600-700K with prop taxes around 5-10K, now the same house is close to 2 mil even in this declining market with prop taxes at 35K+. My buddy just pad 34K on a 3K sqft house 4 lots off the waterway.Thats whats sad b/c the middle class has been completely killed off here, obviously this area is big into boating and middle class families before the boom could easily afford the homes, now.......
05-16-2008, 04:45 PM
#45
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Property Taxes in the State of Florida are regulated by County, and are different all around the State.
Taxes in the Maimi Dade area for example are right around 1.7% to 1.8% of purchase price.
Collier County (Marco Island/Naples) the taxes are 1.0% to 1.1%.
Taxes in the Maimi Dade area for example are right around 1.7% to 1.8% of purchase price.
Collier County (Marco Island/Naples) the taxes are 1.0% to 1.1%.
05-16-2008, 06:49 PM
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05-16-2008, 08:47 PM
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Difference between Americans and non-Americans buying is that only US Residents and Citizens can apply for Homestead, which caps your taxes and limits the percentage that property taxes can be raised any given year.
Foreigners re-selling property in Florida also need to be aware of FIRPTA, which is kind of a withholding tax thatcan b dealt with easily by any FIRPTA Qualified Accountant.
Also, if you are buying property in cash (no mortgage), no one requires you to insure your property, it's up to you.
Hope this helps,
H
Foreigners re-selling property in Florida also need to be aware of FIRPTA, which is kind of a withholding tax thatcan b dealt with easily by any FIRPTA Qualified Accountant.
Also, if you are buying property in cash (no mortgage), no one requires you to insure your property, it's up to you.
Hope this helps,
H
05-16-2008, 09:12 PM
#48
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Difference between Americans and non-Americans buying is that only US Residents and Citizens can apply for Homestead, which caps your taxes and limits the percentage that property taxes can be raised any given year.
Foreigners re-selling property in Florida also need to be aware of FIRPTA, which is kind of a withholding tax thatcan b dealt with easily by any FIRPTA Qualified Accountant.
Also, if you are buying property in cash (no mortgage), no one requires you to insure your property, it's up to you.
Hope this helps,
H
Foreigners re-selling property in Florida also need to be aware of FIRPTA, which is kind of a withholding tax thatcan b dealt with easily by any FIRPTA Qualified Accountant.
Also, if you are buying property in cash (no mortgage), no one requires you to insure your property, it's up to you.
Hope this helps,
H
05-16-2008, 09:39 PM
#49
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The $25K or $50K is not the issue. The issue is that if someone can "Homestead" their Florida property purchase while the prices are down, as they obviously currently are (in some places more than 50% off the peak prices), that person can cap their property tax near to or at the bottom of the pricing curve. That'll make a difference in the long run.
Just my .02 cents.
Just my .02 cents.
05-17-2008, 01:51 PM
#50
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Foreigners(and investors,2nd homers, etc.) now have help in the form of a 10% cap on tax increases on all property.
Homesteaders still have a 3% cap.
There is a vote in Nov that will further erode the 10% to about 5% for non-HS props. Not likely to pass, but possible.
Falling values also make it much easier to fight your assessment and get reductions.
Let me know if I can help at all in SE Florida.
Quicksilver, I am in LH Point and run my office out of Deerfield. Let me know if you ever need an questions answered or help.
Greg
Homesteaders still have a 3% cap.
There is a vote in Nov that will further erode the 10% to about 5% for non-HS props. Not likely to pass, but possible.
Falling values also make it much easier to fight your assessment and get reductions.
Let me know if I can help at all in SE Florida.
Quicksilver, I am in LH Point and run my office out of Deerfield. Let me know if you ever need an questions answered or help.
Greg
