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Contents provided by Galleon Realty, 1227 S Hwy US1, Vero Beach, FL 32962
Existing Home Prices Up for 5th Consecutive Month
Existing home prices rose in October for the fifth straight month. Economists contribute much of this to a rush by homebuyers to take advantage of the $8000 tax credit before the original schedule deadling of November 30
On a local basis that is reflected in the Lakewood Park neighborhood in rural northern St. Lucie County. Lakewood Park is best described as a blue collar middle class neighborhood with the majority of homes being over 10 years old.
Early in 2009 over 25 homes were listed in the MLS for under $50,000. On December 31, 2009 only eight homes are below the $50,000 mark. An additional 21 homes are listed between $50,000 and $100,000.
Now, this is what is important. A total of 27 homes in Lakewood Park are under contract. That means that there are almost as many homes under contract as there are for sale below the $100,000 mark.
Florida Property Tax Information
In Florida properties are assessed every year as of January 1. The tax assessor's office uses property resales during the last tax year as one of the primary basis for computing taxes. For the past two years property taxes have gone down.
In 2008 the Florida State Legislatured passed a home owners protection bill that limits the amount that property taxes can be raised in any given year to five percent for non-homestead property. For homestead property the cap remained at three percent.
This legislation was designed to keep residential property owners from experiencing the huge tax increases that occured several years ago because of the rapid unstable rise in property values.
This makes buying a residential property at this time even more attractive as a second home or investment. Not only are prices down but so are property taxes--and the amount property taxes can rise is capped.
If the property is your primary residence, then you are also eligible to receive an additional homestead deduction of up to $50,000. The first $25,000 of assessed value is 100 percent deductible. The second $25,000 is taxed at full value. For the third $25,000 you receive the full deduction on everything but school taxes.
Foreclosures, Pre-foreclosures and Short Sales
All three can be a great opportunity but they also require planning and patienced by the buyers and some serious due diligence by your realtor. Let's face it. You are dealing with attorneys and lenders . . .
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