Buyer Resources - Articles

            

How do property taxes work?
Property taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, on average 2.0 percent of the property's current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.   

 You can apply for HOMESTEAD EXEMPTION in Florida if you live in the home as your primary residence .

For instance if you bought in 2017 you need that address to be on your license by Dec 31 of 2017 and you have until March 1 of 2018 to apply for any exemptions you qualify for, Martin County  https://www.pa.martin.fl.us/         St Lucie County  www.paslc.org 

Are taxes on second homes deductible?
Mortgage interest and property taxes may be deductible on a second home if you itemize. Check with your accountant or tax adviser for specifics.

Do all loans require impound accounts aka Escrows
If you are taking out a FHA or VA loan, the lender can require an impound account to pay real estate taxes and hazard insurance premiums, as with a standard loan. This depends on the amount of the down payment on a conventional loan.


Are property taxes deductible?
Property taxes on all real estate, including those levied by state and local governments and school districts, are deductible against current income taxes as of 2017;  please consult your Accountant for on-going changes to the Tax Laws.

Where can I learn more about appealing my property taxes?
Contact your local tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally.  Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board

 

 

Janine Kowalski
Janine Kowalski
Associate