what is going to be the property tax?
I am interested in purchasing a property in Miami south beach at a foreclosure or bank owned price (significant lower than market value). Will the property tax based on sale price or market value? I got conflict info on this. Anyone can clarify it to me? Thank you.
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December 24th, 2009 at 11:36 pm
Im gonna tax you huge time for asking this question
December 25th, 2009 at 12:33 am
neither property tax is not based on your homes value or assumed value for that matter. i can tell you it will probally be high, in south beach. it depends on the size of your property and the value of all the homes there just because you may buy the home for 200,000 it is still worth 500,000. so you may pay 200,000 for your house and the house next door (identical to yours) goes for 500,000 but you pay the same amount in property tax.
December 25th, 2009 at 12:52 am
Taxes are a predetermined percentage of the appraised value which is provided yearly by the County Appraisal Department. If the appraisal of the property goes down, your taxes go down.
Upon any sell or transfer of the property, a supplemental tax bill is typically assessed. You should look at the county website in which you want to buy.