Does anyone own a condo in Orlando?/Need advice please.

wenabre

DIS Veteran
Joined
Apr 6, 2001
Messages
532
Hello,
I am very seriously thinking of buying a condo in Orlando near Disney, to use for the winter months, but not to rent out.
Are there any Canadians who could help me with advice, real estate agents, suggestions etc. All and any info would be greatly appreciated.
Thanks...Wenabre
 
I am going to bump this so someone might see it and be able to help with some advice.
 
We've been toying with the idea of getting a condo/townhouse as well. We would want to rent it out though. My hubby wanted to look in the Myrtle Beach area but I told him it's Disney or nothing!
 
I certainly agree with the Disney area...we are Disney nuts.
I just have enough friends and family that could use it in the summer and I hate packing everything away. Also I would use if for as much of the winter as I am allowed by both OHIP and the US government...:rotfl: I also don't want to get involved with the US tax system re income tax, I have friends who do and they say it can be a real :scared1: time.
Thanks for writing.:goodvibes
 

You should know that property taxes for out-of-state landowners are roughly 10 times what state resident property holders pay.. and you should also know that rental properties have their own set of rules.. especially those that rent by the night.

Lots to learn for sure.

Knox
 
Thanks Canadian Guy for answering this post.....
I checked with my friend who owns a house in Fort Myers and they said that the rates maybe slightly higher but X 10 is no-where near, unless you meant 10 or 15 % and not times.
Also I would not be planning to rent on the side or under the table but let my Daughters who have kids and can only travel after school is out i.e. summer time, when I would be back in Canada. I already checked with a few places re condo rules and they assured me that family is allowed.
 
Thanks Canadian Guy for answering this post.....
I checked with my friend who owns a house in Fort Myers and they said that the rates maybe slightly higher but X 10 is no-where near, unless you meant 10 or 15 % and not times.
Also I would not be planning to rent on the side or under the table but let my Daughters who have kids and can only travel after school is out i.e. summer time, when I would be back in Canada. I already checked with a few places re condo rules and they assured me that family is allowed.

I believe that each county set it's own taxes, not the state. I've also heard that property taxes on a home in the Orlando area are around $20,000 for non-residents of the US. That's one of the reasons there are alot of rental homes in the area.

Shayne
 
No, I meant up to 10 x what a Florida resident could pay.. There are exemptions and deductions for which residents of Florida are eligible that a non-resident owner - is not.

From this article here:

http://www.sptimes.com/2006/12/15/Opinion/Obvious_injustice_cou.shtml

Nonresidents are not entitled, under law, to the homestead exemption. From this it follows they are also not entitled to the Save Our Homes tax cap. The consequence is that such property owners are paying, in some instances, up to 10 times as much in taxes. And yes, for essentially similar property.

I'm not saying that there aren't solutions to this - but certainly the correct course of action is to speak the appropriate advisors before rushing into a purchase and finding all this out down the road at tax time.
 
No, I meant up to 10 x what a Florida resident could pay.. There are exemptions and deductions for which residents of Florida are eligible that a non-resident owner - is not.

From this article here:

http://www.sptimes.com/2006/12/15/Opinion/Obvious_injustice_cou.shtml

Your link isn't to a newspaper article, but a letter to the editor.... (not really a fact)

The issue in Florida is on the assessment of property values. Property of non-residents get their property assessed at market value. The assessment value for residents is capped at a 3% increase per year (Florida Homestead Act). Over time, this will cause non-resident's to pay a greater amount of property tax.
 
Thanks for writing OntFamily...do you own in Florida?
I really appreciate getting factual information that is going to help me with my decision to buy or not. I have a disability with my ankle (surgery this July) and I really don't want to face too many more winters here if I can help it, especially after the last one:scared1: I certainly won't be rushing into any purchasing of a property without any and all proper info.
 
Try looking at the Canadian Snowbird Association website @ snowbirds.org. I researched this site and others for my mother while she was looking for a vacation home in FL. I found the following 2 articles on property tax you may find interesting.

Florida Property Tax Reform
As any property owner in the state of Florida is aware, non-full-time residents pay a disproportionate rate of property taxes versus their full-time resident neighbours due to Florida's Homestead Act and the "save our homes" constitutional amendment.

As Florida does not have a state income tax, there is considerably more pressure put on property taxes to raise revenue for key government services which are primarily the responsibility of county governments.

Florida does permit municipalities to set the taxable value of properties at different levels for permanent and seasonal residents. Increasingly, those counties are passing along the costs to the snowbirds that are ineligible to vote.
There have been cases of snowbirds paying property taxes 10 times as high as those of permanent residents living nearby.

Florida's two-tier system is rooted partly in a "homestead" exemption that dates back many years. The exemption gives permanent residents of the state an automatic $25,000 reduction in the assessed value of their principal residence.

In addition, an amendment to the state constitution that went into effect in 1995 – "Save Our Homes" – caps the annual increase in assessed property values and taxes at 3 percent or the rate of inflation, whichever is lower. That too applies only to the principal residences of permanent Florida residents.

The CSA has been lobbying Governor Jeb Bush to look into this situation for some time now and we are pleased to report things are starting to happen. One month ago, CSA president Gerry Brissenden, contacted the governor once again asking him to revisit this matter.

On Thursday June 22, 2006 Governor Bush signed an Executive Order creating a committee to examine how property taxes are assessed and later used throughout Florida.

The committee will consist of 15 members, all of whom will be appointed by the governor, and will be charged with looking at:

the consequences of current property tax exemptions and assessment differentials
the appropriateness, affordability and economic consequences of property taxation levels in the state
alternative means of taxation
Governor Bush has strongly stressed that the committee take into consideration the principle of EQUITY – the system should treat similarly situated taxpayers similarly.

Governor Bush has said he wants the committee to meet as early as August 15, 2006 and file its first report by December. He then said he expects a final report to be issued a year later, at the end of 2007.

It is encouraging to see that the association's lobbying efforts south of the border are starting to pay off.

Contact:

Michael MacKenzie
Research and Communications Officer
Canadian Snowbird Association
(416) 441-7005
www.snowbirds.org


Canadian Snowbird
Association


Florida Property Tax Update
On Monday October 29th, Florida lawmakers passed a ballot measure that would, if approved by voters on Jan. 29th :

Double the $25,000 homestead exemption, but only on the non-schools portion of homeowners' bills, providing on average a $240 break;


Let homeowners take as much as $500,000 of their accrued Save Our Homes benefit with them to a new homestead, providing as much as an $8,500 break;


Giving business owners a $25,000 exemption on their ``tangible personal property" bills, giving them about $425;


Cap assessment increases on non-homesteaded properties(snowbirds) at 10 percent annually, but only for the non-schools portion of tax bills.


I know that these are just articles (not really a fact), but you said you wanted proper info from Canadians in FL. I think the Canadian Snowbird Association might qualify.
 
Thanks for the info....I just wish I could get someone to answer a simple question like... if I buy a condo in ( lets say) Celebration for $180,000 and the taxes are marked are $2800, what would I (as a non US citizen) pay in taxes. All I get, from different articles and realtors, is a bunch of quotes from different pieces of legislation, homestead regulations etc. I just want a figure, an amount of $$$ that I can then plan around. Please don't tell me that this also affects condo fees and HOA's as well. So does anyone know who I turn to for this info...Thanks again.....:confused:
 
We have owned in Florida but I cannot recall the taxes being astronimical because we were 'Foreign Investors'. NOW that was years ago, almost 18, and it was on the Beach so the taxes were already hefty! Then we owned a lot, Golf Course Community, Sarasota. Again, no house on it, and we sold before there was. Taxes were pretty minimal that I recollect.

We real estate shopped whilst in Florida this past Feb. I asked the Realtor..she said you WILL pay approx 3% of the purchase price in annual taxes but had no idea what the surcharge might be for us on top of that. What if you were to call RBC Centura (1-800-Centura)? Perhaps they might be of help and if not...might know where to refer you? I did have a brochure I picked up there for 'Foreign Investors' purchasing Real Estate in Florida and cannot lay my hands on it right now..but maybe they might send to you at least?

Good Luck...I think it can be pretty tricky these days. My friend just called that had been perusing Florida properties and told me it was not the wisest move at the moment so they bought in Corpus Cristi-Texas. Go figure?:confused3
 
Non-residents do NOT pay property taxes X10 what we pay. Residents get a $25,000 homestead exemption off the assessed value; I believe elderly get another $25,000. If my home is assessed at $250,000 then I will pay property taxes on $225,000 (or $200,000 if over 65). That's the difference between Florida residents and non-residents. So my actual tax might be $2800 and you'd pay $3000 on the same house. There is no ten times the difference on taxes. I believe voters raised our exemption beginning in 2008 so we may see a bigger break but everyone's taxes are falling because property values have been falling. Now is a buyers market for real estate down here.

Both counties and cities tax property as do school districts, library districts and a few other entities. It all gets added into one property tax bill. All things being equal, property taxes are cheaper in unincorporated areas (areas that are not in any city limit) than in cities.

BobK/Orlando
 















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