If you purchase your home this year, you will inherit the seller's exemption status for the current tax year. Please review your closing statement, as the seller likely gave you a deduction for the seller's pro rata share of the current year taxes. Because of that, you will be responsible for payment of the entire tax when it arrives in November. Next year, your home will be reassessed based upon your purchase price (and the sale prices this year of other qualified market sales in your neighborhood). Finally, if you qualify for homestead exemption, remember that you will need to file for a homestead exemption on the property for next year as the seller's exemptions will automatically be removed at the end of this year.
Homestead Exemption- Low Income Senior Exemption in Broward County
From the Broward County Property Appraiser's (BCPA) office: To qualify for the 2023 Low-Income Senior Exemption, an applicant must be 65 years or older as of January 1, 2023 with a combined household adjusted gross income not exceeding $35,167 for 2022. Many seniors believe they do not qualify for this exemption because their social security payments exceed this amount; however, applicants who file income taxes should look at their adjusted gross income amount (line 11 on the IRS 1040 form) to see if they do qualify for this additional exemption. If you are not required to file an income tax return based on your age and income, you would qualify for this exemption. To apply for the
The Broward County Property Appraiser's Office (BCPA) is excited to announce the implementation of text notifications for property owners who are registered for Owner Alert. Over 185,000 property owners have registered for the Owner Alert early notification system. Owner Alert notifies registered property owners if a change of ownership has been processed by our office. This same day alert allows property owners to review the document recorded to ensure they authorized the change.
This is a great way to help prevent fraud and keep tabs on your real estate. As you may be aware, fraud has become a big problem for property owners in the recent past.
To register for Owner Alert or to subscribe for text notifications, please visit BCPA's website
While condominium associations are not required to meet Fannie Mae and Freddie Mac’s requirements, the consequence will likely be a decrease in property values as the potential pool of purchasers that utilize traditional financing would be eliminated. Some smaller banks and credit unions will provide non-warrantable loans, which are not sold to Fannie Mae or Freddie Mac if traditional financing cannot be obtained. However, it remains to be seen whether these lenders will provide loans in condominiums that have significant building conditions. Given that the board of directors already has a responsibility to maintain the common elements in a condominium, it is wise of the board of directors to appropriately plan for repairs and keep good records to
With mortgage rates climbing dramatically over the last year, many buyers are weighing the pros and cons of an adjustable-rate mortgage (ARM) for their future home purchase. While fixed-rate mortgages provide homeowners with the same interest rate for the duration of their loan, interest rates for adjustable-rate mortgages can change over time. These loans are more complex than their fixed-rate counterparts, which is why this guide may be helpful as you're considering all your options.
What are ARM Loans? Adjustable-rate mortgages (ARMs) are loans that come with a fixed interest rate for a short period of time before changing to an adjustable interest rate. For the first 3-10 years, you'll pay a fixed interest rate that's lower than what you would
Selling your Condo during a declining market can be tricky & sometimes a little discouraging.
If you are in a position where you want to sell, I’m here to help ensure you still have a successful sale, as quickly as possible and for the highest price. As an experienced real estate professional, I know a thing or two about how to sell in a declining market. Here are some of my rules for success when selling in a declining market:
Be realistic about the list price. Sellers can get stuck on the idea of getting a price they remember before the market began its decline. You want to get the best price you can, which is not likely to be the price you would’ve gotten when the market was hot. In a falling market, selling your home quickly is important
After your initial application for Homestead Exemption has been approved, it automatically renews each year unless there is a change of ownership or eligible use of your homesteaded property. Each January, our office mails a Homestead Renewal Notice and “Change Card” to all Homesteaded properties. Florida law requires the property owner to notify the Property Appraiser of any change which may affect homestead eligibility. This Change Order Card provides an efficient way to communicate these important changes to our office.
If there are NO changes to the use and/or ownership of your property, simply keep the card as your receipt verifying that your Homestead Exemption has automatically renewed for another year. However, if there are changes, please mark the
Owners of Condo Units in Florida may be forced to sell their Condos in the near Future (Milestone Inspections).
New legislation in Florida may disrupt the condo industry as we know it today. The new post-Surfside rules will force some owners to weigh the cost of needed repairs against the benefit of moving and selling. It could become an unpleasant choice for many South Florida condominium owners, ahead of a new state building inspection law driven by last year’s catastrophic collapse of the Champlain Towers South building in Surfside. By the time Florida’s updated condo safety law goes into effect in 2025, many owners may have decided that it’s too costly to stay in their decades-old, high-rise condominiums.
Renting a Condo as a Short Term Rental may not be as easy as it sounds
Regulations, HOA rules, insurance and taxes need to be considered before you buy a condo to use as a Short Term Rental.
Online condo rentals via Airbnb and VRBO, has become increasingly popular especially in Florida. A lot of owners rent for a few months to help defray the costs of ownership and allowing the owner to still use their condo for part of the time.
While it can be very rewarding financially to rent out your condo on a short time basis, there are several risks and drawbacks associated with renting out your condo, especially to complete strangers. Considering these risks before deciding to rent can save condo owners many headaches and possible future expenses. Most
