Current Millage Rate: 16.5957
Estimated Taxes: $ 896
As for Insurance it will vary greatly on the homes age, which insurance company you choose, and the deductibles you opt for. Also whether or not you are in a flood zone or not...
Good Luck with your search! Its a great time to buy, and Florida is a great place to live, visit, or invest.
My husband and I buy property for rental and resale. You can get lots of information from leepa.org. That is the property appraisers website. It will give you information about taxes, previous sales, square footage, etc on specific pieces of property. It also has information about sales prices for various areas or types of housing (say 3/2 or 4/3). There are still some great deals out there but the market is rising. Good luck.
you've received some pretty good advice so far fromother agents/brokers. The only thing I can ad is that as a Canadian myself I purchased a home here a year ago and there are no "extra" fees, etc that you will pay. The only consideration is that you will not be able to claim a homestead exemption which will reduce your property taxes somewhat-not alot-unless you designate your home your principal residence. You will also have to pay a capital gains tax (if there is a gain) when you sell. Other than that you are treated as any other out of state purchaser.
Hope this helps
Closing costs in Florida are not higher than other states. We use title companies to close real estate transactions. In some other states, attorneys are closing real estate transactions and this can add hundreds of dollars to the closing expenses.
Here are some blog posts about Canadians buying property in SW Florida: http://www.gulfreturns.com/tag/canadians
Good luck with your search!
There is no difference in property tax or insurance premiums that a Canadian or USA buyer pays if it is their investment, vacation or retirement home. When you purchase home, your closing cost will be same as any American buyer. However, when you sell the US property, IRS rules require that 10% of proceeds be witheld for tax purposes by your closing attorney or title company. If you would like me to assist you, as I have helped many other Canadian and foreign homebuyers, please contact me at 239-770-7427 or email@example.com. Thank you.
As a non US Citizen, when you SELL your home the Title company who performs the closing normally withholds 10% of your proceeds for tax purposes. I would ask your own accountant about the process. It depends if it is a rental property, commercial, etc..and how much profit gained from the sale. You will get a form at the closing that documents the withholding that you will need when you file. Other than that, it is pretty much the same rate of property taxes and insurance as anyone else.
Broker, Florida WestShore Realty
As Carla explained, you will not pay more in taxes or insurance than any other non-resident would. Things that effect you really come up when you decide to sell the property at some point in the future.
I have a very detailed brochure that explains the things you need to know as a Non US Citizen purchasing property here.
Feel free to email me and I will be happy to email you the brochure so you can have your questions answered in much more detail than space allows here.
I have sold several properties to Canadian residents and would be happy to put you in contact with someone who has already been through the process of buying property here in Florida.
Terry McCarley, Realtor, CDPE, CPV
Remax Realty Team
Insurance costs will be the same and depend on a number of variables - where is the home located? Is it in a flood zone? If it is close to the coast, wind insurance will be a factor. If the house is older, insurance may be higher.
Closing costs also can vary but will be higher if you are financing versus paying cash. These costs will include any pro-rated real estate taxes, home owners or condo association fees, and other taxes and fees. Your real estate agent or attorney or closing agent will be able to give you an estimate once the property has been identified.
As a non-US citizen, I would recommend you speak to a US tax advisor who specializes in interntaional tax. They will advise you on how to take title to the property as well as any other factors that will help you sell or deed the property in the future.
Should you need any assistance in professionals to contact, I would be happy to assist you. Also, if you are in the Toronto area, we will be giving consultations and presentations the first week of May and would happily send you or someone you know an invitation to join us.
Carla Rayman, Your Global Agents
Director of International Development
Prudential Palms Realty, Sarasota, Florida
+1 941 724 0519