Real estate taxes in Broward Dade and Palm Beach Counties are often confusing to buyers. Here is a general guideline that will help you determine what your taxes will be on a purchase.
The existing tax bill on a property can vary greatly, depending on how long the sellers have owned it, what they paid, and whether they have homestead exemption, or other types of exemptions that reduce their tax bill. Don’t try to value a property based on the current tax assessment, it won’t make sense.
If you buy a property in 2011, your taxes will be the same as what they were for the seller. In 2012, your property will be re-assessed, and generally your taxes will be about 2.25% of the sales price. To get a more precise estimate of your future property taxes in Broward County, visit http://www.bcpa.net/TaxCalc.asp
There is no penalty charged for out of area property owners, but there are advantages to naming a residential property in Florida as your homestead, or primary residence. To do that you must be able to demonstrate that the property is your primary home. If it is, then you receive a reduction in your tax assessment and your taxes can only go up 3% over the prior year.
If your property is your homestead there is a list of other possible exemptions you may be eligible for. Go to http://www.bcpa.net/TaxCalc.asp to learn more.
For all of your Greater Fort Lauderdale real estate needs, contact:
R.L. Rose & Co., Realtors
217 NE. 2 Street
Fort Lauderdale, Florida 33301
Office (954) 467-3305
Mobile (954) 328-9700
"Helping People Make Southeast Florida Home For Over 30 Years"