December 5, 2021

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

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.

Wilton Manors Home for Sale – 2732 NE 16th Ave Wilton Manors Florida

Back of House DuskWilton Manors Real Estate inventory  is at historical lows and when it comes to truly special property, finding a Wilton Manors Homes for Sale is extremely difficult. Ready for something special in Wilton Manors that’s just what you are about to find at 2732 NE 16th Ave in Wilton Manors FL.  Once a bit of a quick moving cut through street, construction on 16th Avenue in Wilton Manors will be adding a slowing of traffic on the street and making this perfect location even a bit more private. Quick easy access to both Wilton Drive and Oakland Park Boulevard make this the perfect location for people who want the feel of tropical privacy along with the convenience of downtown living.

An interior courtyard with a fountain is truly what many people dream of when they thing of South Florida living and their perfect Wilton Manors Home. A large master suite was added in 1995 and simply was done right making it feel like it was always part of this incredible Wilton Manors home. The stunning courtyard creates separate space between the main house and the master bedroom suite. The fully equipped master bath will not disappoint.

A tropical oasis makes for a beautifully private pool area. Featuring a heated salt water pool this is the perfect spot for entertaining, Ready to open your home to friends and family, the beautifully renovated kitchen with stainless steel appliances, granite counters,  ice maker, and  wine storage just add to this perfect home designed for entertaining. Recent updates include beautiful wood flooring, custom closets and more. Looking for a special, stylish home in Wilton Manors, make sure to ask your Wilton Manors Realtor to call Eric Miller and Associates and show you the incredible home at 2732 NE 16th Avenue in Wilton Manors. You can reach Eric Miller and Associates directly at http://www.FortLauderdaleGroup.com or by calling (954) 383-8170

 

 

Oakland Park Community Redevelopment Area

The Oakland Park Community Redevelopment Area (CRA) has recently completed many infrastructures and landscaping projects near N.E. 12 Av and N. Dixie Hwy! These improvements affect the surrounding Oakland Park Real Estate market and adjacent Ft Lauderdale Real Estate market.
For those of us who live here in South East Florida, this CRA is good news as Oakland Park’s “Main Street” turns into “Wilton Drive” and continues south via 4th Ave into downtown Ft Lauderdale. By improving the infrastructures on this route and accomplishing visual improvements along this heavily traveled South East Corridor, the Oakland Park Real Estate market, the Wilton Manors Real Estate market, and Ft Lauderdale Real Estate can only benefit.
The progress of this CRA is a welcome sight and yet just another example of exciting things happening in both Oakland Park and Wiltons. For all your local realstate needs contact Eric Miller and Associates, ask us  “Why it’s a great time to buy Ft Lauderdale Real Estate?”

Shifting Markets in Fort Lauderdale Real Estate

When the real estate market shifts to a more balanced market, a market where neither buyers nor sellers have a huge advantage in a real estate transaction does anyone truly expect it to happen to the “national real estate market”? Does anyone truly expect to able to mark their calendars on the exact day the real estate crisis ended and the market stabilized?

The answer is simply, the real estate conversation is going to shift from one of the “national real estate market to those words much more associated with real estate, location, location, location? The shift to a more balance market is going to happen neighborhood by neighborhood, city by city, with the areas with a better economic foundation moving forward first.

Recently we have seen a shift in certain neighborhoods within the Fort Lauderdale Real Estate market that indicates the shift is coming. One such area is the City of Wilton Manors, where Wilton Manors Real Estate saw the supply of homes for sale drop to less than 5 months supply based on current sales trends. Many condominium buildings are seeing Fort Lauderdale Condos for Sale at their properties drop below 10% of the number of units at the property. We once saw this 10% number as a balanced market.

There will be bumps in the road. No recovery is ever a straight line out of the woods, and we don’t expect prices to be immune to the things that place pressure on our economy as a whole. However we do see inventory shrinking, multiple offers on well prices properties, and there is major activity in the Fort Lauderdale Real Estate market, check out our market statistics tab regularly for markets.