Morris Williams Realty
Morris Williams Realty
Lynn Ganster, PA, Morris Williams RealtyPhone: (772) 577-1225
Email: [email protected]

What to Know About Florida Property Tax

by Lynn Ganster, PA 07/01/2019

Florida is different from most states in the USA in that there is no state income tax. If you are a homeowner who is making money from renting out your property, or you recently sold your home, you have to pay taxes to the US government (federal taxes). There is also a yearly tax issued on the value of the property you own. 

If you are a non-resident buyer, it will be wise to invest some money to meet with a professional Florida Accountant who is experienced in working with non-resident buyers so that you have a better understanding of the tax situation before making a real estate investment decision.

Types of Florida Real Estate taxes

Florida has three kinds of taxes related to real estate holdings. First, every property in Florida are estimated a taxable value and owner pay a yearly Florid property tax depending on this value (except schools, government entities, churches) The local municipality is in charge of the taxes paid by these bodies. Secondly, when you sell your home, there might be a capital gains tax on the profit generated from the sale. The third tax only concerns rental properties. In a situation there is net profit o the rental income, there might be Federal tax on the profit realized from renting a property. Also, there is a sales tax for short term rentals which is payable to the local government. 

Florida Property Tax 

In Florida, property tax goes towards public schools and infrastructure, including libraries, medical services, roads, etc. In recent times, there seems to be some misunderstanding concerning Florida property tax. The tax rate is decided by the local municipality and is similar for a property in spite of who the owner may be. However, there are chances to reduce the property value but not the tax rate. Florida Property tax becomes due from the 1st of March. However, you can go ahead to pay from the 1st of November of the tax year. For every month you pay in advance, you get a 1% discount on your total tax bill. 

What Happens If You Don’t Pay Your Property Tax 

In Florida, when you don’t keep up with your property tax, you may lose your home. Firstly, the tax collector will put your tax lien for sale, and if you don’t still pay the claim, the tax collector has all rights to sell your home. But before he does that, you will receive several warning notices. If you lose your house, there is a slim chance you can get it back when you pay off the delinquent taxes. 

Speak to a real estate accountant and realtor to explain your options to you before buying a home in Florida.

About the Author
Author

Lynn Ganster, PA

It all began when I was 18 years old and my soon to be husband and I were searching for our first home. I loved the idea that I could be part of someones life experience but I had a life to live before acting on that idea! I never knew much about the industry, but after seeing the process firsthand of a difficult transaction my husband and I were involved in and how important each part of the ordeal was for both my husband, myself, and the owner, I knew it was something that I wanted to be a part of. Of course, I didn’t pursue real estate until I was finally able to dive in back in 2004, but it’s been a passion for as long as I can remember.

I can sit here and tell you that I have strong negotiating skills, local market knowledge, and so forth – and of course, I do – but one thing I want to share with you, the thing that is the most important tool I can provide you in your home sale or purchase is my passion. I didn’t get into the industry to make money. I got into the industry because I fell in love with it. I fell in love with homes, the character each one had, and the beautiful people I got to help transition from one home to another. I fell in love with hearing people's stories, really getting to know their needs for their futures, and focusing on ensuring that they found a home that actually met those future goals.

Real estate can be a stressful thing, moving out of a home you’ve known for years can be hard, and it can be harder if you don’t have someone to partner with who doesn’t take the time to understand that. My business goes beyond the professionalism I can bring to the table, my years of knowledge about our local market and communities, and past the number of sales I’ve made thus far. Instead, it prioritizes you. How much can you afford? What motivates your move? What do you HAVE to have to make this big transition in your life?

You need a real estate agent who understands that, and seeks to know the answer to those questions, and all of the other important ones that make buying and selling a reality for you. Let’s grab coffee or lunch, on me, and we’ll talk about your real estate goals. I’ll get to know your needs, I’ll share the amazing experience I can provide, and we’ll make sure your next move is in the right direction. You need more than a computer to find your dream home, you need a professional partner who has your best interest at heart from the moment you call to even after we close. I’m doing more than just selling houses in Florida, I’m helping you bring your dream home to life. ~Lynn