"Flipped In Florida" - For Sale Sign On Almost Every Other Home

I have been here since the 80's and have been through 2 of the worst hurricanes to date including miami's worst Andrew...and I have lost 26 tiles and one avocado tree....knock on wood someone....peace

 

Where's the discrepancy between full-timers and seasonals?

 

It is such waste..as bad a building on a floodplain. There are just some places where it is stupid to build ...greed overcomes common sense...

 

http://en.wikipedia.org/wiki/Homestead_exemption_in_Florida

 

thats the thing...you dont build where it is smart..you build where people will buy... peace

 

selling people property built in stupid places pays better ??

 

specially when its on the ocean....

 

Must be braindead...can you cut and paste where you see the CAP on Property tax for non-state-residents?

 

Regarding the Homestead exemption:

Say two buyers (a non resident and resident) purchase at the same time. The assessed value is $500k. The millage is 2% (it actually varies from county to county)

The non-resident who CANNOT take the exemption will pay $10k in taxes on a TAXABLE value of $500k versus $9,500 for the resident who CAN take the $25.000 (current) exemption, making his taxable value $475000. Thus the present years savings would be $500.

The big issue WAS going forward, If the assessed value rose by 20%, next years assessed value would come in at $600k, the non-resident's TAXABLE value would also be $600k, giving him a $12k tax bill. Under Florida law however, the homesteaded property can only be increased at a cap of 3% per year , in this case to $515k. Throw in the $25k exemption and the resident's taxable value is $490k thus giving him a tax bill of only $9800.

Obviously in this runaway market after several years the difference can be substantial. Many a home have a Assessed value of $1mill but were bought for substantially less and with the 3%cap have Taxable values of $100-$300k.

 

Thank you kind sir.