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| Saturday, May 17, 2008 7:57:05 PM EDT | Search Homes | Featured Agent | Featured Properties | Contact Us |
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Ft. Lauderdale Realtor Dave Stump Broker Associate Ocean View Int'l Realty |
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Estimating Your Broward County Property TaxesOne of the first questions that a prospective home buyer asks when looking at a property is "what are the property taxes on this particular property?". An appropriate question should be "what will the property taxes be on this property?". It really makes no difference what the current property taxes are on a particular piece of property. Your property taxes will be based upon the purchase price of the property, not what the current owner is paying. For example, a homeowner that has a homesteaded property that he/she bought 20 years ago for $40,000 may only be paying $1,500 a year in property taxes. Now, they are selling their house and asking $350,000. Assuming that you are willing to pay their asking price, your new tax liability will be approximately $8,000. In Broward County, property tax is estimated at about 2.3% of the purchase price. 
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Before you begin your new home search, it may be wise to visit the Broward County Property Appraiser's website and perform some "what if" scenarios with
the New Home Buyer's Tax Estimator. This handy tool will help you determine your new
property tax based upon the purchase price of your new home. It will help you determine how much of a home that you can really afford. You can now take your proposed purchase price, your new taxes and the interest rate you will be paying on your mortgage loan and plug the values into our mortgage calculator to come up with an estimate of your new monthly payment. Keep in mind that the estimated tax is just that, an estimated value based upon the average county-wide Millage Rate. Your Taxes may be higher or lower.  |