Real Estate News, Real Estate Market Updates & Trends for Naples, Bonita Springs, Estero and South Fort Myers, Florida. New Construction, Waterfront Properties, Golf Communities – Dominick Tascher Group with MVP Realty.
The study, which looked only at taxes, praised Fla.’s lack of income tax, “reasonable” property tax, homestead exemption and “average” state and local tax rates.
State income tax: None
Average state and local sales tax: 7.05%
Average property tax: $1,041 per $100,000 in home value
Estate tax/Inheritance tax: No/No
The Sunshine State is very popular with retirees, not just because of its forgiving climate but also because it has no state income tax. Sales taxes, though, can go as high as 8.5%, depending on where you live. The average combined state and local tax rate is 7.05%, which is about average.
Property taxes are reasonable in Florida. The average annual property tax on a $400,000 home in the state is $4,166, which is also average. Florida residents ages 65 and older who meet certain income limits can also receive an extra homestead exemption of up to $50,000 from some city and county governments and/or an exemption equal to the assessed value of the property, as long as the real estate has a fair market value of less than $250,000, the homeowner has maintained permanent residence at the location for at least 25 years, and household income does not exceed $30,174 in 2019. Any widow or widower who is a Florida resident may claim an additional $500 exemption as well.
WASHINGTON (AP) – Feb. 21, 2019 – U.S. long-term mortgage rates dipped this week to the lowest average in more than a year, providing a possible boost to the start of the spring homebuying season in March.
Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year, fixed-rate mortgage declined to 4.35 percent from 4.37 percent last week. The key 30-year home borrowing rate averaged 4.40 percent a year ago.
This week was the lowest average since the week of February 8, 2018.
The average rate this week for 15-year, fixed-rate loans declined to 3.78 percent from 3.81 percent.
Mortgage rates hew closely to changes in the interest charged on 10-year U.S. Treasury notes. Lower borrowing costs should help boost home sales, as rising mortgage rates in 2018 caused homebuying to tumble last year.
Copyright 2019 The Associated Press, Josh Boak. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
NEW YORK – Oct. 17, 2018 – The economy is booming, with the unemployment rate at the lowest level in nearly 50 years. Wages have remained relatively stagnant, though, and for many workers, the only way to get a raise is by changing jobs, which sometimes means moving to another city or state.
But before you start packing, check out the cost of living in your prospective employer’s city. You’ll want to look at the cost of housing, of course, and don’t overlook the impact of state and local taxes on your bottom line. Our annual guide to state taxes shows that tax rates are literally all over the map – and the difference between living in a high-tax or a low-tax state can be thousands of dollars each year, depending on your tax situation.
Updated for 2018, here is our list of the 10 most tax-friendly states in the U.S. The top five states on our list have no state income tax at all. Take a look. View Full Article… Find your dream home in SW Florida…
Floridians will soon be considering a number of constitutional amendments that could drastically impact the state and its approximately 21 million residents. Chief among those ballot considerations is Amendment 2, which seeks to preserve the 10 percent cap on annual increases of non-homestead property taxes that has been in place for the last 10 years.
Non-homestead properties are properties that don’t serve as a person’s primary residence – and rental homes are one of the largest segments of non-homestead properties in Florida. According to the most recent Census estimates, rental homes house more than one-third of the state’s population currently – the highest amount since the 1980s.
“The really scary thing about Amendment 2 failing is the domino effect that will start to ripple through our communities, starting with our renters,” says Zach Sanchez, a broker for THINK Real Estate in Panama City Beach. “Many renters live on fixed incomes and don’t have much room in their budget to absorb a rent increase that is sure to come if property owners start seeing tax increases in excess of 10 percent a year.”
Florida voters approved the current 10 percent cap in 2008 as a way to solve an ongoing property tax crisis that was punishing non-homestead property owners and renters. According to data contained in a Revenue Estimating Conference analysis conducted in 2011, 30 percent of all non-homestead Florida properties were hit with an 80 percent tax increase in just one year – from 2005 to 2006. This meant a property valued at $300,000 in one year could be taxed at $540,000 or more the next. That same year, nearly 75 percent of all non-homestead properties in the state suffered an increase of more than 10 percent in value.
WASHINGTON (AP) – Sept. 27, 2018 – Long-term U.S. mortgage rates are up for the fifth straight week, with the key 30-year rate reaching its highest level in more than seven years.
Costs for would-be homebuyers continue to climb. Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages jumped to 4.72 percent from 4.65 percent last week. The average benchmark rate has risen from 3.83 percent a year ago.
WASHINGTON (AP) – Aug. 23, 2018 – Long-term U.S. mortgage rates fell this week for the third consecutive week, yet they remain significantly higher than a year ago.
Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages ticked down to 4.51 percent from 4.53 percent last week. A year ago, the average was 3.86 percent. The interest charged on home loans have been running at their highest levels in seven years, although they remain below the long-term historic average.
WASHINGTON (AP) – Aug. 2, 2018 – Long-term U.S. mortgage rates rose for the second straight week, continuing to dampen prospects for potential homebuyers.
Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages jumped to 4.60 percent this week from 4.54 percent last week. Long-term loan rates have been running at their highest levels in seven years. The average benchmark 30-year rate reached a high this year of 4.66 percent on May 24. By contrast, the rate stood at 3.93 percent a year ago. Read Full Article… Do not wait to purchase your dream home in SW Florida!
McLEAN, Va. – June 28, 2018 – Mortgage rates declined over the past week and have now retreated in four of the past five weeks, according to Freddie Mac’s weekly Primary Mortgage Market Survey. The 30-year fixed-rate mortgage dropped to an average 4.55 percent compared to last week’s 4.57 percent. Read Full Article… View Featured Listings… View All Homes For Sale in Naples…
WASHINGTON (AP) – June 21, 2018 – Long-term U.S. mortgage rates fell this week, marking their third decline in the past four weeks after increasing last week.
Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages was 4.57 percent, down from 4.62 percent last week. By contrast, the 30-year rate averaged 3.90 percent a year ago.