How does property taxes work for Canadians buying in Florida? What if its rented out as a vacation home?
November 28th, 2009 | by admin |
Property tax is charged against the property. It does not matter much who owns it or where they live. A bill will be sent to you each year for however much the taxes are that year. The tax bill will become a lien against the house if it becomes unpaid and could eventually cause a foreclosure.
Some locations do reduce the property tax a little if it is your homestead and such. If it is a rent house you will of course pay the full amount.
2 Responses to “How does property taxes work for Canadians buying in Florida? What if its rented out as a vacation home?”
By glenn on Nov 29, 2009 | Reply
Property tax is charged against the property. It does not matter much who owns it or where they live. A bill will be sent to you each year for however much the taxes are that year. The tax bill will become a lien against the house if it becomes unpaid and could eventually cause a foreclosure.
Some locations do reduce the property tax a little if it is your homestead and such. If it is a rent house you will of course pay the full amount.
References :
By SmartA$$ on Nov 29, 2009 | Reply
It doesn’t matter who you are or where you live, the property taxes are charged against the property. If you have a mortgage on the property, your bank will pay the taxes and add the amount to your monthly payments. They do this to protect their interest since they lose their collateral for the loan if the county takes the house.
If you own the house outright with no mortgage, then the county will send a bill for the property taxes. You should have no problem getting this bill sent to your home address instead of the property, since rental properties are nothing unusual, but you still owe the tax, in US dollars regardless of where you live. If the taxes go unpaid, the county can, and will, foreclose which means they formally and legally take ownership of the house away from you. They would kick out any tenants who lived there, and auction the house off to get the money from the unpaid taxes and you would loose everything that you had invested into the property.
References :