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The Property Taxes

The Property Taxes

The property tax is the same for both residences in Florida and Canadians. Property taxes in Florida are based upon the appraisal of the fair market value of property in the state. The responsibility of performing appraisals rests on the shoulders of local property appraisers, who work at a county level. Appraisals are conducted annually. Once an appraisal has been performed, exemptions are deducted from the appraised value of the property to reach the taxable value of the property.
The property tax will be calculated as the taxable assessed value of the property multiplied by the millage rate. For example, if the millage rate is about 1.75%. For example, if the property assessed value is about 100000 dollars, then the property tax will be $100000*1.75%= $1750.

 

If you are Canadian and purchasing property in Florida, this property is called a “non-homestead property.” There will be a 10% cap that applies to most non-homestead residential property such as apartments and houses, and commercial properties for non-residential property. Property that is not protected by the 10% cap includes agricultural property and conservation land. Moreover, it also does not apply to homestead property (If you want to apply for homestead property, you have to be a full time resident of Florida, a registered voter, with a Florida driver’s license, and reside at their Florida address for more than 6 months of the year) because homestead property is protected by the 3% cap of the Save Our Homes Amendment

The protection of the 10% cap will be lost when there is a change of ownership or control. This includes the transfer of the property by sale, foreclosure, or other means (excluding the transfers to correct an error, transfers between spouses, and transfers between legal and equitable title).  If the property is owned by a corporation, LLC, or a partnership, the cap will also be lost upon a transfer of more than 50% of the ownership in that entity.  Thus, a stock transfer will trigger loss of the cap and re-assessment of the property at fair market value.  However, in 2010, the legislature amended the statute to create an exception for publicly-traded companies if the transfer of the shares occurs through the buying and selling of shares on a public exchange.