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Taxes in Plaza Resort & Spa, a Premier Daytona Beach Condo-Hotel
Below is the e-mail that I have received from a gentleman buying an oceanview unit for $45,000 in Plaza Resort & Spa in Daytona Beach. I thought the question could be of interest to anyone buying a condo-hotel (and not only a condo-hotel) in Daytona Beach area.
What is the tax rate. Are the units at the Plaza taxed on what you pay for them ...or a higher amount. What do you think unit xxxx will be taxed at if it sells. What is it currently taxed at?
Though what you paid for a property in Florida significantly affects your tax, it is not simply a percentage of the purchase price. The tax is a percentage of the taxable value set by Taxing authority. In Florida to determine the amount of the tax you need to know two things (besides the address of your property - LOL): it is taxable value and millage rate.
Taxable value is not necessarily the same as just value (the closest parameter to Fair Market Value). Because of the Homestead, and Save Our Homes Cap, which cap the annual increase in property tax, taxable value could be less, but for condo-hotels it is irrelevant as you can only homestead your ... more
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