florida property
- Thread starter pacerman
- Start date
Yes, it is true. It is "Resident" versus "Non-resident". I think you can be from another state and still be non-resident. And you don't get to vote there, so it is classic taxation without representation. They have some motivation not to squeeze too hard, because they want the sun-bird dollars, but it is still a risk to take.
Don't rush in, read and learn as much as you can:
http://www.theglobeandmail.com/servlet/story/LAC.20090211.GLOBALREAL11/TPStory/?query=florida+estate
http://www.theglobeandmail.com/servlet/story/LAC.20090211.GLOBALREAL11/TPStory/?query=florida+estate
The stories I have heard from friends who own condos down there is that a Canadian or other non-resident, in some jurisdictions, can expect to pay 8-20 times the tax rate of resident Floridians. There is no shortage of people who want to live in Florida, and the various towns/counties etc would rather have people who live there 12 months a year, work and pay taxes and spend money etc, than part-timers. So, they either discourage part-timers, or soak money from people who are paying into a second home, which can be considered a luxury.
Don't have a property anymore, sold about 8 years ago and did pretty well on the condo that I had. Bought when the dollar was decent and sold when the cdn $$ was in the crapper.
The property tax is higher for a non resident, but comparatively to this market it is cheap or at least it was then. The rate was about 1/3 of the rate being paid for comparable property in this area.
I think if memory serves me it was under a grand a year for the condo that I had. The unit was in a complex of mostly residents which meant it was being maintained and was always populated, not a snowbird location. Better from a security point of view. Also I got to know the neighbours and they kept an eye on the place for me. They had contact info for me, but the only time it was used was when a hurricane had gone through and they called to report that all was well.
Given the current state of the housing market in the US, I might wait a bit before jumping in. Also be prepared to have difficulty getting insurance. The people who handle the paper there are not really interested in covering all that we need up here and you have to chase it sometimes. I had one broker for a few years then he got out of the area and it was a bitch finding a replacement, especially from up here.
The property tax is higher for a non resident, but comparatively to this market it is cheap or at least it was then. The rate was about 1/3 of the rate being paid for comparable property in this area.
I think if memory serves me it was under a grand a year for the condo that I had. The unit was in a complex of mostly residents which meant it was being maintained and was always populated, not a snowbird location. Better from a security point of view. Also I got to know the neighbours and they kept an eye on the place for me. They had contact info for me, but the only time it was used was when a hurricane had gone through and they called to report that all was well.
Given the current state of the housing market in the US, I might wait a bit before jumping in. Also be prepared to have difficulty getting insurance. The people who handle the paper there are not really interested in covering all that we need up here and you have to chase it sometimes. I had one broker for a few years then he got out of the area and it was a bitch finding a replacement, especially from up here.
