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Taxes to keep in mind when buying a real estate property

Taxes to keep in mind when buying a real estate property

When buying a property in the United States, it is important to take into account the taxes that the property entails.

As a legal obligation, you will have to pay property taxes periodically. In addition to the state tax on real estate, you will also have to pay state income tax.

Property tax is a system of taxation that requires property owners to pay an amount of money based on the value of their property.

State real estate taxes vary from state to state.

Today from Globalwide Realty, we want to tell you a bit more about the taxes to consider when buying a property.

What are property taxes?

Property tax in the United States is an economic contribution that citizens make to their states for the purpose of funding infrastructure and public services.

The money collected by Florida is used for a variety of public services across the state, including: City infrastructure and land improvement, municipal employee salaries, and garbage collection.

This tax is based on the fair market value of a property and considers real estate such as land, houses, apartments, docks, buildings and factories, offices, condominiums and others.

Property taxes are paid by all citizens or permanent residents who own real estate, as we have already seen, commercial or residential.

Even if the property was gifted to you through an estate or if you own rental property, you must still pay Florida property taxes.

The property tax is cancelled on an annual basis. This corresponds to the month of November or the last quarter of the current year. Each state establishes a calendar for taxpayers to participate in the different phases of the process.

It is very important to keep in mind that if the property tax is not paid on time, the property may be seized.

How is Florida property tax calculated?

Property tax rates vary from state to state. Local governments use several methods to calculate the property tax base.

Property value is determined by a local tax assessor. County assessors establish the value of your property each year, review and apply exemptions, assessment limitations and classifications that may reduce the taxable value of your property.

On the Florida Department of Revenue’s website, you can find your county property appraiser’s website.

The average Florida real estate tax rate is 0.98%. The average Florida homeowner pays $1,752 each year in real estate taxes, although that amount varies between counties.

Our real estate agents will be able to give you more detailed advice about Florida real estate taxes – get in touch!

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