TAXES

Good Day All!

Recently a client from England asked me what his taxes would be if he purchased a condo on Miami Beach. I thought I would use this as an opportunity to help explain how Property Taxes work in Florida.

First, a few helpful Tax Definitions:

1. Millage
One mill is equal to $1 for every $1,000 in assessed value. For example, if you have a home or condo valued at $500,000 for tax purposes, and the county's millage rate is one mill, you pay $500 in property tax. If the rate is 8 mills, more like reality - then you would pay $4,500. Of course, you actually pay a little less because of your homestead exemption.

2. Homestead Exemption
The Florida Constitution entitles every person who owns a permanent primary residence in Florida to a reduction of $25,000 off the taxable value of their home. So if your home has an assessed value of $200,000 and you have a homestead exemption, you actually pay taxes on $175,000.
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I have enclosed a link which will help you estimate your taxes.
http://www.miamidade.gov/pa/
Use the Tax Estimator link
http://www.miamidade.gov/pa/taxestimator.asp

One of the most important issues the state Legislature is considering this session is eliminating all homestead property taxes and therefore all exemptions. This will save taxpayers $3.9 Billion Statewide. It will increase the state sales tax 2.5 cents per dollar and completely cut ALL property tax!. This plan is gaining momentum and has the support of the house GOP. Lets keep our fingers crossed!

I hope you find this information useful.......

Please feel free to visit my website. Its packed with great information, including a FREE list of Distressed, Bank Owned, and Foreclosed Properties.

http://www.arnowitzproperties.com/

Arnowitz Properties, Taking Over The Market, One Property At A Time!
* Some information used for this posting was supplied by the Miami Herald