Home Buying in Tampa>Question Details

Mona, Home Buyer in Toronto, Canada

I am a canadian and want to buy a house in florida, Do I pay extra taxes on the house, as I dont live in it,

Asked by Mona, Toronto, Canada Thu Jan 22, 2009

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Dear Mona,
If you are looking for assistance with financing you may need to put additional money down I believe it is currently 20% down it maybe 25% currently and the bank will loan you 75%. The lender will require verification documents, since Canadian residents do not have a F.I.C.O. score. Additionally when you go to sell your property there maybe additional taxes you will need to pay. I believe this is 10% of the sales price. You may want to consult with a lender who does international loans, and a real estate attorney.
0 votes Thank Flag Link Sat Jan 31, 2009
No , you do not pay extra . you pay what any investor would pay . In my state of Florida If your primary resident is this new purchase them you might be able to exemp up to $50,000.00 dollars of value paying only on the remainder some senior with limited income may qualify for up to and additional $25,000.00 of value exempt. As all ways seek legal council for advise when in dout.

Joe Roman
1(813) 908- 8788 ext 6285
0 votes Thank Flag Link Thu Jan 22, 2009
Mona,

Feel free to contact us directly for additional information about Florida home ownership.

Best regards,
Susan & Bill Eckler
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Thu Jan 22, 2009
As a 2nd home and not a primary residence you would not have to pay extra taxes but you do not get the homestead exemption. It comes to about 700-1000 off your taxe bill each year depending on the millage rate in the area. The second thing is your property is reassessed each year, unlike homestead property, which during the upswing in the market caused taxes to jump significantly with the higher prices. With the market more normal or on a decline - you won't have that issue. You will be subject to income tax on any gains upon the sale of the property as covered by the Foreign Investment in Real Property Tax Act. There are some ways to work with this tax i.e. 1031 exchange and trusts. So talk with a tax attorney before you buy and sell real estate in Florida and then find a good realtor!
0 votes Thank Flag Link Thu Jan 22, 2009
Mona,

Since you will be buying it as an investment or 2nd home, you will not get the real estate tax break that Floridians receive as their primary residence, which is called the Homestead exemption. Also, should you desire to sell it at some time in the future, you may pay some extra taxes because you are from out of the country. As relocation experts, please let us know if we can help in your search for a home in the TampaBay area. See our webstie referenced below.
Bill Szydlowski
The Szydlowski Team
813-323-4443
Web Reference: http://www.tampamyhome.com
0 votes Thank Flag Link Thu Jan 22, 2009
In Florida we do have Homestead if you live in it for anybody but as I know when you sell you will pay extra taxes
0 votes Thank Flag Link Thu Jan 22, 2009
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