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Local Fort Lauderdale Realtor Discusses Why Florida Real Estate Listings Should Not Quote Taxes?

July 1, 2021 by

Fort Lauderdale Realtor Explains Real Estate Taxes

 

As a Fort Lauderdale Realtor, I often hear clients say things like “but look at the difference in taxes on these two homes”, or the “the taxes on this unit are lower than the one downstairs”, or “that’s odd the taxes on this unit with a better view are 50% lower”. Each time the answer is the same, and as a #FortLauderdaleRealtor for over 20 years it is part of mission of excellent Fort Lauderdale Real Estate service to help buyers of  #FortLauderdaleReal Estate understand how real estate taxes work in South Florida.

In Florida we pay our real estate taxes in arrears. This means we pay our #FloridaReal Estate taxes at the end of the year for the year that just past. If you purchase and close of a property prior to the tax being due the buyer will receive a credit from the seller for the portion of the taxes that occurred while the seller owned the property. The buyer will get the entire tax bill at the end of the year. Eric Miller of eXp Realty LLC in Fort Lauderdale makes your search for Ft Lauderdale Real Estate easy with access to all Fort Lauderdale Area Real Estate Listings and their availability to answer questions.

Ft. Lauderdale Real Estate Tax Assessments

The most important sentence in this post, Florida law calls for every property which is sold to be reassessed at full market value in the year following the sale. There are some adjustments for closings costs but….to be as close as possible and have no surprises use your purchase price and the tax rate you receive from your local Florida Real Estate broker or from the county in which you are purchasing South Florida Real Estate. When purchasing real estate in Fort Lauderdale which is Broward County you can count on 2% as a fairly accurate number or you can visit the county tax estimator at https://bcpa.net/TaxCalc.asp

As a reminder, every property will be reassessed so please ignore the current number indicating in the Fort Lauderdale MLS it is not an indication of your future taxes.

Homestead and Your Ft Lauderdale Real Estate

Two more subjects related to local real estate taxes in Fort Lauderdale. In you do not have a homesteaded property anywhere else in the country you may be eligible to homestead your South Florida home. This will provide you two benefits a) a $50,000 reduction on the valuation creating about a $1000 savings (exclusive of school tax) so reality a bit less is reality and b) a 3% cap on any assessment increase. The 3% cap is a huge deal.

Subject #2 – If you are unable to homestead your Fort Lauderdale area property, there will be a 10% assessment cap on the valuation of your property. This law went to effect in 2009. The 10% cap applies to all taxing authority millage rates except local school boards. Having this cap in place is a benefit to anyone who purchases in market with rising prices.

In a future post we will discuss Portability, and how it helps Fort Lauderdale Real Estate owners when they move to another property. Any additional questions about real estate taxes as you prepare to purchase a Home or Condo for sale in the Fort Lauderdale area feel free to call Eric Miller, Your Fort Lauderdale Realtor at eXp Realty LLC, 50,000 Realtors strong worldwide.

Filed Under: Ft Lauderdale Homes for Sale, Ft Lauderdale News and Articles, Ft Lauderdale Real Estate Updates Tagged With: , , , , , ,

Woodlands Country Club, Tamarac Florida

December 27, 2016 by

Great Value in South Florida Real Estate

One of the best kept secrets in Fort Lauderdale Real Estate today is actually just a few miles West of Fort Lauderdale at the Woodlands Country Club of Tamarac. a4m3e4_still_drFort Lauderdale realtor, Eric Miller often takes clients there when they start speaking about an architectural, space, and price that today’s Fort Lauderdale Real estate market does not offer. Looking for resort amenities, large homes and incredible pricing, take a drive through the Woodland Country Club off Commercial Boulevard just west of the turnpike. Now is a great time to do so as the area represents some on the best home values in Broward County. Just minutes from the Fort Lauderdale Real Estate market the Woodlands Country Club offers larger homes that often can be found for just over  $100 a square foot.

Tamarac Homes Reminiscent of Palm Springs

From the moment you enter the community you can see that the developers clearly had a Palm Springs influence. Conceived in 1968 by Fort Lauderdale real Estate developer, Ken Behring the goal was to build a golf community in the Fort Lauderdale area that remindeWoodlands Country Clubd people of Palm Springs California. The community was started with the purchase of 640 acres just west of what is today the Florida Turnpike.  Demand was so strong for the first part of the community that the community grew to over 5000 acres. The planned community was to attract purchasers from all over the country who visited south Florida seeking to purchase their dream home in the Fort Lauderdale Real Estate market only to find an area a little bit more built out than they expected. Just west, off Commercial Boulevard in the City of Tamarac, the Woodlands Country Club offered exactly the South Florida Golf lifestyle they were looking for. Winding waterways, wooded areas, fairways and numerous amenities in addition to the country club itself made the Woodlands an immediate success.1_nefssz_front

South Florida Golf Communities

The Woodlands Country Club today is open for residents to enjoy the bar and restaurant with no membership required and offers all different types of memberships to support the diverse community of the Woodland today. With over 800 homes Tamarac’s Woodlands features everything from elegant estate homes on huge oversized lots, to homes ranging from 1500 to over 4000 square feet on smaller lots. The lack of fencing, and winding roads always makes you enjoy the feeling of open space from any home in the Woodlands community.  In addition to the two 18-hole championship golf courses and a clubhouse, most sections of the Woodlands feature their own amenities including clubhouses and swimming pools.

Best Value in South Florida Homes

Today as you drive through the beautiful streets of the Woodlands Country 4_nefssz_still_drClub of Tamarac it is easy to see that many home are being recognized for their contemporary architecture and being embraced for renovations that will bring them back to their original grandeur. Many homes offered for sale have been part-time residents or beautifully cared for by their owners and are ready to move right in and personalize over time. Many home buyers are immediately amazed by the huge floor plans and soaring ceilings available in some of the well know Woodlands Country Club models. Some homes feature amazing views of the golf courses, others feature oversized garages, and atriums along with walls of glass that allow you to bring the incredible South Florida lifestyle into your home. Today at just over $100 a square foot the Woodland Country Club represents one of the best housing deals in Broward County and visually the Woodlands looks like a community of much more expensive homes. Ready to take a look at the Woodlands reach out to the real estate team at Eric Miller and Associates, Keller Williams Realty professionals to set up your private tour of the best homes available today in the Woodlands Country Club of Tamarac.

Filed Under: Ft Lauderdale Homes for Sale, Ft Lauderdale News and Articles Tagged With: , , , , , , ,

Trump Fort Lauderdale – Now Conrad !

April 28, 2016 by

Trump Fort Lauderdale Opens – Not Really !

The long limousine stretch came down ocean drive in Fort Lauderdale this morning to crown the jewel of Fort Lauderdale Real-estate the new Trump Fort Lauderdale as it opens with much

From the Original Sale Brochure

From the Original Sale Brochure

anticipated fanfare. Fort Lauderdale Condo Buyers eagerly lined up to buy in the Trump Fort Lauderdale and placed large deposits a long time ago as they waiting the opportunity to own part of a Trump Property facing incredible Fort Lauderdale Beach. The Trump Fort Lauderdale is complete and open, Cheers to another real estate success story. Well…not so fast… that was just the paragraph that most people expected to see in approximately 2009 on the planned opening day of the Trump Fort Lauderdale. In truth that day never came, and in 2016 with a much brighter future ahead, most of the investor lawsuits are settled, the building still sits vacant as it awaits to become the Conrad of Fort Lauderdale now named after Conrad Hilton, and now with his name no longer licensed to this property Mr. Trump has tried to move on from Fort Lauderdale Beach Condos to a run for President of the United States.

Fort Lauderdale Condominium the Trump – Now the Conrad !

The very white, 24-story tower is soon to become a mix of a luxury hotel and Fort Lauderdale Condominiums. After “the building” as we will refer to it, being his name is no longer

No longer the Trump Fort Lauderdale !

No longer the Trump Fort Lauderdale !

associated with it, sat empty for all these years, having never opened, was sold to a new group of investors, a major renovation was planned. Some estimates have placed the renovation in excess of $100 million dollars. Many residents of Fort Lauderdale Beach were happy just to see work begin on this monument to the South Florida real estate crash that sat empty, with no name, for many years. Having received few rave reviews for its architecture, which was supposed to look like a cruise ship, in a city that already had the famous Sheraton Yankee Clipper, changes to the exterior were welcome. Soon it will open as the luxury Hilton brand and be known as the Conrad.

Opening Day Approaches for A Fort Lauderdale Condominium Landmark

As the property get closer to its long awaited grand opening, it was reported that two to of the final court cases against the person whose name was licensed to help sell the project. And whose name is no longer associated with the building, were settled in an appeals court decision, that basically said Mr. Trump has no liability in this project as he was not the developer and clearly indicated this in numerous sales documents. Simply, the people who lost their deposits and attempted to get their money back from the Trump organization, were not going to be able to do so, because if they had read the sales documents clearly they would have known that he was not the developer.
With all this behind the future Conrad Hilton, many in Fort Lauderdale, look forward to the grand opening of this major property on Fort Lauderdale Beach, and hopefully someday people will simply forget and not call this well remembered eyesore of Fort Lauderdale Condos the, T….P Fort Lauderdale!

Filed Under: Archived Ft Lauderdale News and Articles, Uncategorized Tagged With: , , , ,

Fort Lauderdale Rental Property Owners Beware

December 1, 2013 by

Fort Lauderdale Real Estate is a market that has seen the worst over the last five years since its peak in approximately 2006. Notice I say “approximately 2006” as even this, the time frame at which the Fort Lauderdale Real Estate market peaked, remains not a fact and often a subject of debate. Everyone appears to claim to have a crystal ball about the Fort Lauderdale Real Estate market and as far as this Fort Lauderdale Realtor sees it, every one of the crystal ball owners would have sold their property sometime years back, been living in a rental, and purchased a home sometime about a year ago. The reality is that anyone who did was much luckier than they were skillful at timing the real estate market.

The best methods of timing the real estate market is what I refer to as, momentum plays. Simply, this means you have waited for the bottom, missed it, and are investing in the market as it goes up. Likewise, if you see a peak coming you are prepared to react and sell accordingly even though you know as we discussed prior your crystal ball will never select the absolute peak of any market. As with any market the best thing to react to is information. For the owners of Fort   Lauderdale rental properties the information is out that could be generating concern about valuations.

Concern about the value of Fort Lauderdale rental properties comes from a simple fact the true value of an investment is a product of the cash flow it generates. Once we accept this fact it is easy to see that the massive numbers of people who lost homes to foreclosures or short sale over the last few years generated a massive amount of renters, and therefore rents increased throughout Fort Lauderdale and BrowardCounty. This was good news for owners such as myself who held on to a severely upside down property.

Extremely low interest rates called for investors to seek higher returns anywhere they could. The quantity of investors clamoring for the returns that they could get on rental properties drove up the price of these properties. The higher the price, the lower percentage returns. Today rental property prices are very high and unless your rental property is totally unique for some reason, many owners may start thinking of heading for the door, as the supply equation is about to shift.

Armed with facts it is easy to see why rental prices could start falling especially for smaller individually owned properties. First, the cranes are everywhere from State Road 84 to Sunrise Blvd, there are thousands of rentals being built and more to come. Supply and demand is a long proven science. As the supply increases rentals prices will falter. Large rental owners are being very aggressive about ease of entry. No longer asking for first, last and security, tenants with responsible credit can often move in for less than $500. All these events plus the addition of the return of mortgage credit for the people who became renters just two years ago does not bode well for  Fort Lauderdale rental property owners.

If you have a great tenant today, treat them well.  Keep them happy and in place, and this may be the time to not consider rent increases on new leases.

Filed Under: Archived Ft Lauderdale News and Articles Tagged With: , , , ,