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The Costs of Owning a Miami Condo
Miami Condos
 
Owning a Miami Condo has different ongoing costs than in many other states due to a variety of factors including higher insurance rates, typically more amenities provided in Miami condos and property tax rates. Below is a brief explanation of each:
Property Tax. Florida residents have the advantage of not having to pay any income tax at all. But in the end the governments need to collect their taxes from somewhere, and property taxes is where they get it from in the form of approximately 2% of the assessed value of the condo per year. The county assesses the value once per year. The easiest way for you to estimate yearly taxes on your future Miami condo is to simply take your purchase price and multiply by 2%.If you are a U.S. Resident or Citizen and also a Florida resident, you can get $50,000 or more in Homestead tax savings as well as a cap of 3% per year on any property tax increase due to either higher millage rates or higher property values.
Association Fees. There is always a price to pay for being in paradise, and part of this cost comes in the form of association fees. After ... more

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