Florida Real Estate Disclosure Series: Property Tax Disclosure

By
Real Estate Agent with Florida Luxury Realty SL2337465

The buyer of Residential Property in the State of Florida must be given a Property Tax Disclosure regarding ad valorem taxes before or at the time of the execution of contract for sale.  The purpose of the disclosure is to caution buyers that they cannot rely on the amount of the seller's property taxes as an indication of the taxes the purchaser will be required to pay in the year following the purchase of the property.

The wording of the actual disclosure may be directly inserted into the contract for sale or it may be presented as a separate document.  This would depend on the contract that your agent is using and who the "writer" of the contract is.  The wording of the disclosure must read as follows:

"BUYER SHOULD NOT RELY ON THE SELLER’S CURRENT PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER’S OFFICE FOR INFORMATION"

In Short.  The taxes you will pay as the new owner of the residential property may be different than the taxes the person you are buying the home from paid.  For information regarding the Florida Homestead Exemption and the tax benefits of homestead please read my blog Florida's Homestead Exemption

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Rainmaker
584,500
Fred Hernden, CMI
Superior Home Inspections - Greater Albuquerque Area - Albuquerque, NM
Albuquerque area Master Inspector

Good info Mike! I'm sure there are lots of people who don't realize this and are sticker shocked when they get their first tax bill...

When I first saw your picture on your posting I thought you were Gary DePury. You guys look alot alike! Has anybody ever told you that? Do you know Gary? Sorry if that is an insult, lol... Gary is a good guy.

Aug 11, 2011 02:51 AM #1
Rainmaker
150,196
Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

Fred, I dont know Gary and no one has told me that.  I will have to pop over and look at his profile.  Every buyer askes "What are the taxes?"  My Response is ALWAYS "the sellers taxes are _ and the home is/isn't homesteaded but your taxes may vary from theirs upon re-assesment after the sale"   I would think they most likely wil pay a little more but in County's like Pasco our taxes have gone down in some areas due to the Low Low Market Values.

Aug 11, 2011 03:00 AM #2
Rainer
478,183
Not a real person
San Diego, CA

Happy Monday!

Aug 14, 2011 08:53 PM #3
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Rainmaker
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Michael J. Gallo

Florida Luxury Realty - Gulf Home Sales Team
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