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Wednesday, June 09, 2010

Property Taxes Never Stay the Same….Never!

Price is the primary consideration when purchasing a house or condo. There are other items that impact total housing costs including property taxes, insurance and homeowner association fees.

When considering a real estate purchase buyers always want to know what the current taxes are for the property.   

In Florida, property taxes are based on the property status as of January 1st (although taxes are not paid until the end of the year).

As a new owner you will either get the benefit (or pay the price) of the current year property status. Also, the tax basis for a property will be adjusted upon the new sale price.

A couple of factors include the Homestead Exemption and the Save Our Homes Amendment.

Homestead Exemption  provides Florida residents a special property tax exemption on their homesteaded property which is used as a permanent residence.  If granted, an exemption can reduce the taxable value of your property by up to $50,000 (also Amendment One).

The Save Our Homes amendment limits increases to property taxes. But once it sells, it is no longer protected.  Follow this link to estimate your property taxes in Brevard County Florida.

This information is provided as a service by Gary L. Waters, PLLC, Realtor, Century 21 Baytree Realty, Rockledge, Florida, serving home buyers and sellers in Brevard County, Florida.

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