I am interested in buying in Florida. I am a US citizen living in Canada. Are real estate taxes in South?

Asked by Andrew Vitch, ontario, canada Sun Feb 24, 2008

Florida higher for non residents? For income property? Is there a formula generally used? What unique expenses are attributed to property ownership in florida vs Canada? Insurance? Bug spraying?

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Mark LeMenag…, Agent, Lake Nona Orlando, FL
Wed Oct 10, 2012
Always great to see new answers to 5 year old questions.

To any Canadians who happen upon this question, I have written a guide to the buying process for Canadians. If you would like a copy just click on my picture and contact me. No obligation.

One quick comment. You don't have bugs in Canada?
1 vote
Selda Kirkan, Agent, Miami, FL
Wed Oct 10, 2012
Hello Andrew,
It is a little less than 2% on the county's appraised value. You can also take advantage of homestead exemption. For more info http://dor.myflorida.com/dor/property/taxpayers/exemptions.html
1 vote
Jose Castillo…, Agent, Hollywood, FL
Mon Feb 25, 2008
Hi Andrew
general rule on property taxes in south florida is around 2% of purchase price or assed value. for second homes and or vacation/income properties the new state tax rule of caping increases at 10% anually are in place approved by the voters in January.
general expenses on single family homes would need to add hazard/flood insurance and if a homeowners association is mandated then also the HOA dues.
on condo's you may not be required to have hazard insurance if the building has a master policy and is included in your monthly condo dues. you would need content insurance if you so desire.
you can view my web site for a host of further information
Web Reference:  http://www.JoseSellsFl.com
1 vote
Antonio Vega…, Agent, Saint Cloud, FL
Sun Feb 24, 2008
Recently I have seen an increase in Canadians considering buying here. I work the Disney areas of...Kissimmee, Davenport, Clermont, S. Orlando (the four corners). Many communities here were developed with the idea of Short Term Rental in mind. Investors own SFH and Townhouses and rent them for a week or a month at a time. Besides the regular charges explained by other agents below, those doing a Short Term Rental must register with the county/city and pay a tax similar to the hotel tax.
Priced have droped drastically, you can find a 4/3 with pool in gated community less than 10 minutes from Disney for under $250 easily. Or 4/3 with pool/gated/golf for $220 about 25 minutes from Disney, and yes it can also be short term rented. If interested, I can sent you listings to preview.
Web Reference:  http://www.TonyInFlorida.com
1 vote
Mott Marvin…, Agent, Sunny Isles Beach, FL
Sun Feb 24, 2008
The general rule of thumb is 2% of purchase price and/or assessed value whichever is lower. Condominiums, also have a periodic maintenance fee; usually monthly and of course homeowners insurance.
1 vote
Myke Atwater, Agent, Santa Rosa Beach, FL
Sun Feb 24, 2008
your real estate taxes are based on the county property tax appraiser's value put on your property. There will be differences in loan interest rates from your lending institution. There is a homestead exemption offered to individuals whose primary residence is here, but no penalty to those who choose to have investment property here in Floridea. Insurance is a much bigger issue to the news media than reality. I checked with insurance agent yesterday, and rates have actually dropped in the past few years from a peak after Katrina. Insurance premium will be based on type of construction, age of construction, and location to water/flood plain. If it is not in a flood plan as indicated by a flood map drawn in the past few years, again it is no problem. The communities generally spray for mosquitos and most homeowners carry a termite/bug plan to have their home inspected and sprayed, which is not very expensive. Because of the intensity of the sun and humidity, you may want to pressure wash exteriors regularly (once a year) to keep it pristine looking.
Web Reference:  http://www.MykeTriebold.com
1 vote
Md, Home Buyer, Miami Beach, FL
Sat Oct 12, 2013
Real estate taxes are the same for US citizens and non citizen. In the Miami Beach area, they are around 2% of the sale price per year.

If you live full time in the property, then you can use the homestead exemptions and pay less tax.
0 votes
Luis Iglesias, Agent, Coral Gables, FL
Fri Oct 5, 2012

The general rule of thumb is 2% of the purchase price and or assessed value. Whichever is the lower of the two.

Luis Iglesias
D & I International Realty
Principal Broker
(786) 395-0341
0 votes
Fort Lauderd…, , Fort Lauderdale, FL
Wed Aug 8, 2012
Contact us if you are looking for information specific to Fort Lauderdale!
0 votes
Miami Beach…, , Miami Beach, FL
Wed Aug 8, 2012
Hi Andrew, Jose offered excellent advice. Currently, home owners insurance in Florida is experiencing hikes, so we recommend you follow the news coverage of this issue.
0 votes
Charryl Youm…, , Venice, FL
Fri Apr 4, 2008
In Florida, we specialize in non residents owning property! I think that real estate taxes are LOCALIZED, and depend on whether you are paying both City and County taxes. 2% of the sales price could be very high for some areas. For example, in Venice, Florida, on the Gulf of Mexico, 1 hour north of Naples, and 15 minutes south of Sarasota, a conservative estimate of taxes within City limits might only be 1.5%. Outside City limits would be even less.

And, yes, we have a 10% cap on that, Statewide, for nonhomesteaded (non resident) owners.

If you own a condo, pest control. lawn service,pool service, insurance for the exterior of the building, will be included in your association fees, and taken care of for you.

In a single family home, you will need to hire these services individually and pay for our own total insurance package.

Homeowner's insurance will depend on condo vs. single family home, and whether your home is on the waterfront, in a flood zone, or inland.

Here are some examples for a single family home in Venice:

Built in 2000, Purchased in 2007 for $250,000, 1700 square feet UA, 3 beds, 2 baths, 2 car garage, no pool, not in a flood zone, not in City limits:
- Lawn service $80 per month
- Pest Control $75 twice a year
- Homeowners Insurance $1600 a year
- Real Estate Taxes $2900 for 2007 (paid in arrears)

So, pick your location and contact a local Realtor for exact details for that County and City.

Good luck and best wishes!
0 votes
David Vitch, Home Buyer, London, Ontario
Wed Apr 2, 2008
only a king hossier would ask such a silly question. Where are your ear muffs you Northern Eskimo??
The laugh is on you, little Vitchie
0 votes
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