Home Buying in Parkside>Question Details

Stevej, Home Buyer in Parkside, Hollywood,...

I'm a Canadian thinking about buying a condo in Hollywood area. What are the differences in property taxes for a non resident?

Asked by Stevej, Parkside, Hollywood, FL Tue Mar 9, 2010

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Mott Marvin Kornicki’s answer
The difference is minimal. The taxes are based on assessed value that you can obtain from the Broward County Property Appraisers Office. The savings is primarily in owner occupied primary residences.

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≈≈≈ Mott Marvin Kornicki, REALTOR® ≈≈≈
Aventura | Bal Harbour | Sunny Isles Beach
≈≈≈≈≈≈ "★” This is the House “★" ≈≈≈≈≈≈
0 votes Thank Flag Link Thu Mar 11, 2010
Welcome to Florida my fellow Canadian!
Hello Stevej, here is the link to the New Homebuyer’s Tax Estimator. Input the purchase amount and scroll down and click on the Calculate button. That should provide you with a fair estimation of your taxes.

http://www.bcpa.net/TaxCalc.asp

One of the differences between a non-resident and a permanent resident of Florida is the permanent resident is entitled to apply for a $50,000 Homestead Exemption. Stevej, here is a sample of how the exemption is applied (copied from the Broward County Property Appraisers website)

HOMESTEAD EXEMPTION - How is the $50,000 exemption applied?
In 2008, Florida voters approved a constitutional amendment which increased the Homestead Exemption to $50,000. This law is a bit complicated for a few reasons.
1. The first $25,000 of the exemption applies to all taxing authorities, and to first $25,000 of you property's assessed value.
2. The second $25,000 exemption does NOT apply to school portion of your tax bill. The school budget -- at roughly 37% of the entire property tax bill -- makes up the single largest portion of your tax bill.
3. The second $25,000 of the exemption only applies to the portion of assessed value between $50,000 - 75,000. This means you will not receive the full benefit of the second $25,000 if your property is assessed at less than $75,000. And -- if your property is assessed at less than $50,000 -- you will not receive any additional savings from this second $25,000 exemption.
The bottom line: An eligible Broward County property owner with a property assessed at $75,000+ will save anywhere from $686 to $1,015 (depending upon your city's millage rate) in taxes due to the $50,000 Homestead Exemption.
Stevej, I hope the information provided was helpful. If you need additional information please feel free to contact me. I have been in the Real Estate business, as an Appraiser and Realtor, since 1987 specializing in Broward County.

Stan Kamnik
Broker Associate

kamnikrealty@gmail.com
0 votes Thank Flag Link Thu Mar 11, 2010
Steve, Depends on the value of the property. Residents get a homestead exemption of $25,000 offer the value of a home for School Board Taxes and $50,000 for other County Taxes. So for example, if you buy a million dollar condo the difference in tax will be tiny, but it you buy a $100,000 condo then you will pay double the tax on everything but schools. On schools you would pay 50% more tax.

Nothing to do with your being a Canadian. Same rules for everybody
0 votes Thank Flag Link Tue Mar 9, 2010
Hi, Steve. Property taxes are approximately 2% of the sales price. Here is a link you can click on to give you more information: http://www.bcpa.net/. Hope that helps.

Nicole Mason, Realtor
Web Reference: http://www.buysellboca.com
0 votes Thank Flag Link Tue Mar 9, 2010
I live 10 houses fr Hollywood, in Hallandale Beach, and I'm glad I do....much less in property tax than Hollywood, albeit the same stretch of beach, and you can go to same cultural events. Hollywood is also taking competing bids fr Planet Hollywood and Margaritaville on the beach for major development w gambling...which will mean lots of more traffic....and it's already too crowded to park. However, you'll have a lot of fellow French Canadians there:)

As a 2nd home buyer, which is what I'm guessing, right? you will not be eligible for homestead, which means that your taxes won't be capped at 3% increase / yr. However, due to the mkt values declining for the past two years, the property taxes have been more reasonable, and this is the best time to buy!

I am a realtor, mortgage broker, and LCAM property mgr. click on our website, and you can check out the market in both cities. How many bedrooms do you need? Do you have to be on the beach? I'm getting ready to list an excellent, renovated 1 bdrm in Hallandale for @$150k. Let me know if I can help.

Catherine Kim Owens PA
954-536-0648
cjkowens@aol.com
0 votes Thank Flag Link Tue Mar 9, 2010
Welcome to Florida!

The best way to estimate what your property taxes on Hollywood, Florida real estate will be is by going to the Broward County Property Appraiser's website. There is a property tax estimator tool. Also, the people over at Lori Parish's office are extremely helpful if you have specific questions. Joe Z has been extremely helpful in answering some of my questions. Generally speaking, property taxes in Broward County are approximately 2% of assessed value per year.

Here is the link:
http://www.bcpa.net/

Click on the link on the top that says, Home Buyer's Tax Estimator and you can enter in the approximate value of the property you are thinking about purchasing.

The main difference between being a resident and a non-resident is that you will not be eligible for the FL resident homestead exemption. . . approx. $50,000 deducted from the taxable value of the property.

Good Luck. Now is a great time to buy!

Diana Tonova
Realtor Associate
Express Florida Realty, Inc.
diana@expressfloridarealty.com
0 votes Thank Flag Link Tue Mar 9, 2010
None.

You would need to pay real estate taxes just like us!

Some state, like Florida, you can get a homestead discount because it is your primary residence.

Wrong Hollywood!

Good luck
Web Reference: http://fredglick.com
0 votes Thank Flag Link Tue Mar 9, 2010
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