I have been a non-resident Florida homeowner since 2002. Homesteaded Florida residents have had the increases in their property assessments capped at 3% or less since 1996. That means that the identical home or condo next door to you owned by a long time Florida resident may have a tax bill that is 75% less than the one you will be paying.
During the recent real estate bubble in Florida homesteaded resident's assessments only increased around 10 - 12% while non-resident assessments increased, in many cases, more than 100%. Mine went up 135%. Since the bubble burst assessments have been very slow to come back down ... Florida counties are almost totally dependent on property taxes. They will charge you from 1.2% to 2% of your property value every year in taxes. About half the millage rate goes to public schools. Therefore, as a non-resident, you can end up paying way more for Florida public education than the homesteaded residents pay. Florida is the #1 non-resident property tax "hell" in the USA!!!
What I'd like to address is the misinformation recently added here. It is absolutely not true that assessments have been very slow to come back down. If I look only at the investment properties I own I see decreases in the county tax apprasial of between 27 and 50% in just the last 2 years. (Quick math lesson -- If some value goes up 100% and then down 50% it's back where it started.)
The interesting thing that is happening in Florida now, is that long time Homesteaders are still seeing their property taxes go up by 3 to 5% a year, while investors are seeing their payments fall by 12 to 25%.
I am a non-resident Florida homeowner and a realtor in another state. I love our Florida home which has been our family for 60 years. The recent real estate bubble in Florida was brutal for us from a property tax standpoint. We won't survive another one. I wish that Florida treated non-residents more fairly, but I don't see it happening any time soon.
When looking at property taxes it can be a bit confusing, 3 identical homes side by side could have different taxes listed.
The reason is Florida residents have the Homestead exemption and Save Our Homes, each has a different affect on the property tax rate.
See how property taxes are estimated, http://brokerdave.topproducerwebsite.com/buying-a-home.asp look for the 'Property Taxes' tab on the left side.
Now as for the mortgage if that is your direction it will cost more down, up to 50% as oppose to the 3.5% we see on FHA loans and 20% on conventional loans available in the U.S. citizens, this could be what they meant.
Donâ€™t forget currency exchange rates and other possible rates.
Visit my website for more information and I can send you information on FIRPTA and other provisions for foreign buyers.
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The property taxes are the same,however if you are not a permanent resident you will not be able to claim Homestead Exemption( $50,0000) .
Also you need to be aware of FIRPTA,Foreign Investment in Real Estate Tax Act
see this link for more on this.
I hope this helps.
You will not pay a higher property tax simply by virtue of being Canadian. The base millage rate upon which a property is charged tax at is a fixed number set each year by the government.
You will, however, pay higher taxes if your home is not your primary residence because you won't qualify for the Homestead Exemption or Save our Homes program. I am a Canadian citizen and my family and I live and work in Orlando. We still qualify for the homestead exemption because we can declare our home as our permanent residence, because it is.
Now, how the Canadian GOVERNMENT taxes a US property is going to be interesting to learn; we haven't crossed that bridge yet.
In fact, you will.
What you are referring to here (that the others are not picking up on) is Florida's "Homestead Exemption". If you have your primary residence in FL, you may qualify for this which will place a cap your property taxes. If you are not a FL resident, you will not qualify for this. It's nothing to do with being Canadian since it applies to all foreign nationals - and also Americans who do not live in FL.
There are other considerations for those outside the U.S. (like mortgages and currency conversion), and you might find our "international page" (link below) helpful. We work with a lot of Canadians - in fact I toured a couple from Toronto just this weekend.
If you are not already working with another Realtor, feel free to contact us and we'll be happy to lead you through the Orlando real estate maze.
Marcus Burke PhD, GRI
Broker: Orlando Real Estate Pros
Condo Metropolis LLC
Licensed Real Estate Brokerage
Condo Website: http://www.CondoMetropolis.com
Homes Website & blog: http://www.OrlandoRealEstatePros.com
Telephone / Fax: 407-290-3408.