Often, I’m asked questions similar to: “What’s the typical amount to be paid for Property Taxes for a Ft. Lauderdale Condo or a Ft. Lauderdale Waterfront Home?” The answer is that Property Taxes aren’t based on whether you own a Condo or a Single Family Home and aren’t based on whether the property is Waterfront or not. Regardless of Property type, when you’re purchasing Residential Property in South Florida, the amount of Property Taxes you will pay are estimated at approximately 2% of your purchase price.
How much you will pay for Property Taxes IS NOT based on what the current Owner is paying. Interested Buyers often ask how much the current Owner is paying for Property Taxes, but that amount is rather irrelevant and it can be confusing and dangerous to use that information as a guide for 3 reasons:
- Property Owners who have owned Properties for many years as their primary residence pay Tax amounts that are significantly lower than a new Buyer in the current Market will pay. This is not only because of the basic Homestead Exemption discount, but primarily because of the Save Our Homes Amendment which equals more and more Tax savings for Homestead property Owners the longer they own their property.
- In relation to the item above, the current Property Owner could be receiving various Tax discounts that you might or might not qualify for (examples: Homestead/Primary Residence Exemption, Save Our Homes, Veterans, Active Military, Disabled Persons, etc.)
- The current Owner might not own the property as their primary Residence, in which case, your Property Taxes will be lower than theirs if you plan to occupy the property as your Primary Residence
A significant advantage of property Ownership in Florida as related to Property Taxes is that Property Taxes are much lower than the significantly higher average amount that’s paid in States such as California, New York, New Jersey, Connecticut, and others. This Article on Money Central on MSN includes a Table of Tax data provided by the Tax Foundation that shows average amounts of Property Taxes for all 50 States.
For additional details about local Property Taxes in Ft. Lauderdale and Broward County, view this page of my website.