Canadian Misconception - "I Will Pay More Taxes To Buy Property In Florida"

It makes sense to clarify this misconception since we are asked the question frequently. In Florida, the question arises because of ad valorem property taxes and the existence of the Homestead Exemption Amendment. This "discount" on property tax applies to individuals who live in homes as their primary residence. The term for this type of property ownership is Homestead. A property may ONLY be homesteaded if that property is the owner's primary residence.

Florida property tax homestead exemption reduces the value of a home for assessment of property taxes by $50,000 (as of 2008), so a home that is actually worth $200,000 would be taxed as though it was worth only $150,000. Depending on the millage rate of the community in which the property is located, the savings can be worth up to several hundred dollars in taxes owed.

So, to answer the question, an individual who owns property in Florida that is NOT his primary residence may not apply for this exemption. Therefore, whether that owner is from another country, another state... or even another area of Florida, he will pay the property tax based on the actual assessed value without the discount. There is NO additional tax for property owned by Canadians. As a mater of fact, the United States is one country that is very fair about property ownership by foreign nationals!

Canadians - Buying Florida Property In This Market!

Canadians are taking advantage of this market with the combination of a strong currency and devalued property value in Florida! We added an article published On August 6th by The Canadian Press... http://www.floridagulfproperty.com/canadian-snowbirds.html

“It’s a once in a lifetime opportunity for Canadians,” says Mark Dziedzic, a Canadian Realtor with Cross Border Realty and a snowbird himself.

Canadian realtors looking for a realtor who specializes in waterfront property along the beaches of Tampa Bay need look no further. The PURTEE Team will help your clients find the special opportunities! Prices at a fraction of original purchase price are attracting cash buyers ready to snag these deals up and those are gone in a matter of days. That is why you need to be aware of where those special properties are!!!

Canadians Buying Property In Florida

Living full time here on the beach in Tampa Bay gives us an interesting perspective on living the "Florida Lifestyle". Being realtors, we have ridden the roller coaster of the market highs and lows to see first hand what values are to be had! So why is it that 4 of our deals during the last 30 days were with Canadian Buyers?

With cash to spend, a favorable currency exchange and a hunger for a warm weather winter retreat... Canadians are quickly realizing this is the time to buy in Florida. With Americans caught in consumer uncertainty, a crisis with the gulf oil spill, and difficult financing options... it has been interesting to watch Canadians pick up on this weakness and take advantage of tremendous purchase opportunities!

We have seen our Manitoba buyer strategically plan when to convert his Canadian dollars into US funds for closing in order to further enhance his purchase! The PURTEE Team encourages our northern friends to act now. Inventory is definitely shrinking and the great values are very evident to us a professionals in the field. The deal we closed earlier this week was for a 3 bedroom waterfront condo that was originally purchased by the owner for $924,000. Our buyer from Newfoundland got it for $350,000!!!

Our buyers love that they can search distressed properties in Tampa Bay right from our website: http://www.floridagulfproperty.com/distressedsearch.html This is a great start in determining some of the outstanding deals available. We are diligent in working hard to ensure all of our clients get first class service! Give us an opportunity to show you... you won't be disappointed.