Broward County Property Taxes | Real Estate
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One of the most asked questions I get when working with a new home or condo buyer in the Broward County area is “How much will my property taxes be?” I wanted to take some time to explain how real estate taxes work here in Broward County.
As you are looking at property, the MLS listing information sheet will tell you what the current real estate taxes are on the home or condo. These are the real estate taxes for the current owner and will NOT be what the property taxes will end up being. Property taxes in Broward County get reassessed when the property changes ownership. The taxes will end up being about 2% – 2.3% of the purchase price. I always suggest to budget 2% when looking at property in Broward County.
Example: If you purchase the property at $300,000, then the taxes would be approximately $6000.00 per year, it might be a little lower depending on the deductions (homestead, disabilities, etc… ) that you’re entitled to. It could also be a little higher depending on the milage rate for the area. Milage rates are set for the area and depends on the amount of growth for that specific area. If new roads and infrastructure are needed , then the milage rate would be higher and the property taxes would probably be over the 2% mark.
Example 2: Purchase price of 1 million. 2% of this purchase price would be about $20,000 per year.
Broward County property taxes get paid in arrears. The tax bill comes out in November of each year and is for the previous year taxes, so November of 2012 tax bill would be for 2012. You receive discounts if you pay for it right away, each month you get closer to February of 2013 you get less of a discount. If you closed on the property in 2012 then you would have received a credit at closing for the taxes from the seller. It would be stated on your HUD (or closing) statement. This credit would have been for the time you did NOT own the property in 2012, since as the new owner you would be responsible for paying all of 2012 in November. I would be happy to answer any questions you might have on Broward County property taxes.
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